NEW YORK, May 2, 2006 (PRIMEZONE) -- SecureLogic (OTCBB:SLGI) (the "Company") announced today that it has completed a settlement in its lawsuit against Vinci Airports US, Inc. ("Vinci"). The lawsuit was originally filed by the Company's SpaceLogic, Ltd. subsidiary in 2002 in the Federal District Court for the Southern District of New York.
Pursuant to the settlement, Vinci has paid to the Company a settlement in the amount of $250,000. In addition, Vinci has waived its claim for repayment of a $418,000 loan previously made to SpaceLogic in connection with a joint venture between the parties.
The Company, in the first quarter of 2006, will realize a one-time other income of $570,000 representing the settlement amount plus the waiver of the loan obligation less legal fees and expenses.
"I am very pleased to have been able to reach this settlement with Vinci on terms that are economically favorable to SecureLogic," said Gary Koren, CEO of SecureLogic.
About SecureLogic
SecureLogic develops and markets software products for the command, control and monitoring of complex security screening operations. SecureLogic's systems utilize proprietary methodologies to manage and direct passenger, baggage and cargo security screening systems. The company's iScreen security screening solutions are integrated with screening equipment, passenger handling, baggage handling and other material handling systems, and information systems at various terminals. SecureLogic's comprehensive baggage screening and passenger screening solutions are designed for airports, seaports, border-crossings and other complex transfer points.
For more information, visit the SecureLogic website at: www.secure-logic.net
Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the actual results of the Company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms "believes," "belief," "expects," "intends," "anticipates," "will," or "plans" to be uncertain and forward-looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company's reports and registration statements filed with the Securities and Exchange Commission.