OCEANSIDE, N.Y., Jan. 28, 2004 (PRIMEZONE) -- APO Health, Inc. (OTCBB:APOA), a multi-faceted distributor of medical, dental and veterinary supplies, announced today that it has reached an out of court settlement in an unsolicited customer broadcast fax class action lawsuit by Kenro, Inc. Details of the settlement agreement will be reviewed by the court, which must approve the settlement before it becomes final. Mediation in this matter was court ordered.
After extensive negotiations, APO Health's attorneys agreed to settle the litigation for up to $4.5 million, which will be placed in a Settlement Fund created and completely covered by insurance from APO Health's insurer. Once approved by the court, notice of the settlement will be sent to the class action plaintiffs. As a result of this settlement, if approved, APO Health will have no out of pocket expenses related to the creation or management of this Settlement Fund.
APO Health's attorneys agreed to settle the case to avoid further expensive litigation and uncertainty and to put the issue behind the Company. The Company emphasized the settlement is not an admission of liability.
About APO Health, Inc.
APO Health is a multi-faceted distributor of medical, dental and veterinary supplies. These supplies include protective garments, surgical devices, instruments, pharmaceuticals, needles, syringes and health and beauty aids.
The statements made by APO Health, Inc. may be forward-looking in nature and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe the Company's future plans, projections, strategies and expectations, and are based on assumptions and involve a number of risks and uncertainties, many of which are beyond the control of APO Health, Inc. Actual results could differ materially from those projected due to changes in interest rates, market competition, changes in the local and national economies, and various other factors. The Company undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date hereof to reflect the occurrence of unanticipated events.