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Re: sugarpea29 post# 7395

Sunday, 03/27/2005 12:04:14 PM

Sunday, March 27, 2005 12:04:14 PM

Post# of 60937
Sugarpea - looks like teh company has covered mendoza in its last 10Q under note 4:

"NOTE 4 - LEGAL PROCEEDINGS

The company is party to certain legal proceedings arising in the ordinary course of business. In the opinion of management, the outcome of such legal matters is not expected to have a material adverse effect on the company's results of operations or financial position. In addition the Company has recently learned that the civil complaint recently introduced in Costa Rica against Carlos Hermoso Mendoza, the Company and the Company's wholly-owned subsidiary Industria de Telecomunicaciones Americanas ATEL, S.A. as well as the prior litigation involving a criminal complaint against Mr. Hermoso Mendoza, have entered a phase of conciliation and discussion of a potential settlement. While the Company has not been served with regard to this civil complaint in Costa Rica and has not reviewed a copy of the allegations, the Company has decided to retain counsel in Costa Rica to be represented at any proceedings associated with these matters.


7

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The Company has learned it has been named as a defendant in a civil suit recently introduced in Texas by Drago Daic against Carlos Hermoso Mendoza, former Chairman of the Company, and J. David Davila, former President of the Company. While the Company has not been served process relative to this civil suit it has designated the law firm of Sears & Crawford LLP, Houston, Texas to represent its interests in all proceedings relative to this case."



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