posted
ICTS moving: their subsidiary just wont a court case which will apparently help them get back their share of the aviation security market. Hopefully, this will return the stock from its current level of $2.00 to regular trading level of $8.00 and up. Either way, there's buying (I honestly dont know if its instituitional or investors ) but the stock is moving up.
CORRECTING AND REPLACING ICTS Subsidiary Huntleigh USA Wins Key Battle against United States in United States Federal Court of Claims Monday January 10, 2:37 pm ET
AMSTELVEEN, Netherlands--(BUSINESS WIRE)--Jan. 10, 2005--In BW5854 issued Jan. 10, 2005: Third graph, last sentence should be deleted. The corrected release reads:
ICTS SUBSIDIARY HUNTLEIGH USA WINS KEY BATTLE AGAINST UNITED STATES IN UNITED STATES FEDERAL COURT OF CLAIMS
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Airport Security Firm Asking Federal Court to Order Compensation for Lost Business; Constitution Requires "Just Compensation" for Taking of Property
ICTS International N.V. (NASDAQ: ICTS - News), today reported that The United States Court of Federal Claims, in a decision filed on Friday, January 7, denied the U.S. Government motion to dismiss claims brought by Huntleigh USA Inc., a wholly owned subsidiary of ICTS USA Inc.
The lawsuit, initiated by Huntleigh through its attorneys Skadden, Arps, Slate, Meagher and Flom, LLP, complained that the United States violated the Takings Clause of the Fifth Amendment to the United States Constitution when it federalized airport security at all domestic commercial airports thereby displacing Huntleigh, who had previously provided these services to various air carriers. The suit also claims that the U.S. violated sections of the Aviation Transport and Security Act when it did not pay adequate compensation for the loss of its private screening contracts.
This decision clears the way for Huntleigh to pursue its legal remedies through this court to seek to recover the value of its screening business nationalized by the government.
To learn more about the lawsuit and to read Judge Margolis's full opinion, please visit our website at http://www.bork.com/huntleigh.
About ICTS:
ICTS has interests in a variety of businesses and ventures. Its current principal activity consists of providing manpower based aviation security services in the Netherlands and non-security related manpower based general aviation services in the USA. Its other activities consist primarily of the development of integrated technological solutions designed for enhancing processing time of passengers at airports and other gateways and the establishment and operation of motion-based entertainment theaters in the USA.
St. Louis-based Huntleigh USA was founded in 1970 and was a leading provider of passenger and baggage screening services. It had contracts with eight major airlines and a number of smaller carriers to perform a variety of services at 47 US airports, including Los Angeles International Airport, LaGuardia Airport, Salt Lake City International Airport, Cleveland Hopkins International Airport, Pittsburgh International Airport, Seattle Tacoma International Airport, Ted Stevens Anchorage International Airport, Oakland International Airport, and George Bush Intercontinental Airport. Its relationships with airlines had been ongoing for as long as 14 years.
The services provided by Huntleigh USA included passenger screening at security checkpoints, security agents, skycap and wheelchair services, ramp agents, baggage x-ray, CTX operations (supervisors, operators, and guards), domestic sequencing operation, aircraft search, drug searches, baggage carousel guards, FAA guards, international arrivals guards, and more. The company's business was destroyed when the Transportation Security Administration (TSA) took over the task of screening passengers and baggage at U.S. airports in 2002. Huntleigh USA filed it lawsuit against the United States in November 2003. Huntleigh's attorneys Skadden, Arps, Slate, Meagher and Flom LLP, complained that the United States violated the Takings Clause of the Fifth Amendment to the Constitution. The suit also claims that the United States violated sections of the Aviation Transport and Security Act when it did not pay adequate compensations for the loss of its private screening contracts.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, regarding the Company's business strategy and future plans of operations. Forward-looking statements involve known and unknown risks and uncertainties, both general and specific to the matters discussed in this press release. These and other important factors, including those mentioned in various Securities and Exchange Commission filings made periodically by the Company, may cause the Company's actual results and performance to differ materially from the future results and performance expressed in or implied by such forward-looking statements. The forward-looking statements contained in this press release speak only as of the date hereof and the Company expressly disclaims any obligation to provide public updates, revisions or amendments to any forward-looking statements made herein to reflect changes in the Company's expectations or future events.
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