(COMTEX) B: Mooney Aerospace Group Ltd. Announces Over $23 Million Judgmen
Entered by California Superior Court
B: Mooney Aerospace Group Ltd. Announces Over $23 Million Judgment Entered by Ca
ifornia 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.
SOURCE: Mooney Aerospace Group Ltd.
CONTACT: Mooney Aerospace Group Ltd., Kerrville
J. Nelson Happy, 830-792-2917
AI
