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LMTI - - Laser Master Int'l Inc. Quick Quote:
LMTI
Laser Master International, Inc. Announces Settlement Of Legal Action Against Certain Underwriters of Lloyds 4/8/03
HARRISON, N.J., Apr 8, 2003 (BUSINESS WIRE) --
Laser Master International, Inc. (OTCBB: LTMI) announced that it settled a legal action commenced against certain underwriters of Lloyds as a result of damages sustained by LMTI and one of its customers, Amazon.com, which had a policy of insurance covered by certain underwriters of Lloyds.
The gross settlement of the claims was the sum of $3,250,000 of which the Company, in conjunction with Amazon.com, divided the settlement proceeds. The Company received the sum of $1,865,000 and Amazon.com received the balance of $1,375,000.
The Company, after payment of all its legal fees and expenses, realized proceeds of approximately $800,000 net of fees and expenses incurred in prior periods. The proceeds will be used by the Company to retire outstanding debt obligations and for working capital purposes.
Laser Master International, Inc. and its subsidiaries provide a comprehensive array of computerized design, pre-press and flexographic printing services and products for the packaging, apparel and home furnishings markets. For more than a decade, the Company has been a leader in environmentally safe, water-based printing processes and has developed laser precision technology for use in commercial and industrial applications.
Laser Master International, Inc. Hershel Klein, 973/482-7200
http://www.businesswire.com