TORONTO, Canada, March 25, 2002 (PRIMEZONE) -- On March 13, 2002, Mr. Justice Cumming of the Ontario Superior Court of Justice issued an order declaring that a settlement of the Class Actions relating to YBM Magnex International, Inc. was made, subject to court approval.
He ordered that a hearing take place on May 2, 2002 at the Court House, 361 University Avenue, Toronto, Ontario, Canada to decide whether the proposed settlement of the Class Actions was fair, adequate, reasonable and in the best interests of the class members, as recommended by the class representatives and by class counsel.
The publicly disclosed terms of the draft settlement, including the proposed payment by some of the defendants and third parties of the sum of approximately CDN $85,000,000 in full and final settlement of all claims against them, are posted at the YBM Class Action web site http://www.ybmclassaction.com.
All shareholders and all former shareholders of YBM Magnex International, Inc., and its predecessor Pratecs Technologies, Inc., wherever resident, and all investment dealers, whose clients traded in these shares, should review the Settlement Notice and the draft settlement information at the YBM Class Action web site prior to the May 2 Hearing.
This press release can also be viewed at the Press Release Network site at http://www.pressreleasenetwork.com.