SAN DIEGO, April 2, 2003 (PRIMEZONE) -- ABCI Holdings Inc. (OTCBB:ABCI) Chairman and CEO Mark L. Baum confirmed that the Schuelke v. American Boardsports Company, Inc., et al. lawsuit (San Diego Superior Court Case No. GIC 764337) has been settled. The settlement involved a small cash payment by the former ABCI management regime, along with the issuance of 1,250,000 restricted ABCI common shares by the Company.
ABCI Chairman and CEO Mark L. Baum commented, "We are pleased to confirm that all existing lawsuits against ABCI have now been settled. I am hopeful that the settlement of the Schuelke Matter will pave the way for further settlements with other creditors."
Baum added, "Ultimately, in the coming weeks, I hope to devote more of my attention to restructuring the Company, reviewing opportunities within the Action Sports arena, as well as pursuing ventures outside of the Company's traditional domain."
Contact Information:
Mark L. Baum, Chairman and CEO
Telephone: (858) 523-1112
Facsimile: (858) 523-9619
Email: mark@tblf.com
Mailing Address: Post Office Box 1688
Solana Beach, California 92075
Except for the historical information contained herein, this press release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from the results predicted and reported results should not be considered an indication of future performance. In addition to the factors discussed in the filings with the Securities and Exchange Commission, among the other factors that could cause actual results to differ materially are the following: adverse changes in the business conditions and the general economy; competitive factors, such as rival companies' pricing and marketing efforts; availability of third-party material products at reasonable prices; the financial condition of the customer; risks of obsolescence due to shifts in market demand; and litigation involving product liabilities and consumer issues. ABCI cautions readers not to place undue reliance upon any such forward looking statements, which speak only as of the date made. ABCI expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any such statements to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which any such statement is based.