Company News and Press Releases From Other Sources:Mooney Aerospace Group Ltd. Announces Over $23 Million Judgment Entered by California Superior Court
KERRVILLE, Texas, Jun 1, 2004 (BUSINESS WIRE) -- Mooney Aerospace Group Ltd. (OTCBB:MASG) announced today that on May 28, 2004 the Superior Court of Los Angeles County entered judgment in favor of MASG's former landlord AP Long Beach Airport LLC. affirming a prior arbitrator's award of $23,901,617.90 against MASG.
J. Nelson Happy, MASG's President and Vice-Chairman, stated: "We were very disappointed at the outcome of this case, but we must abide by the court's decision. We fought the landlord's claim with all of our legal resources, but in the end the landlord prevailed. The board is inclined to appeal the decision, however."
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 (the "Act"). In particular, when used in the preceding discussion, the words "plan," "confidant that," "believe," "scheduled," "expect," or "intend to," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, the availability of components and successful production of the Company's products, general acceptance of the Company's products and technologies, competitive factors, timing, and other risks described in the Company's SEC reports and filings
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