Mercury Air Group, Inc. Announces Settlement of Litigation
15 Dezembro 2003 - 11:01AM
PR Newswire (US)
Mercury Air Group, Inc. Announces Settlement of Litigation LOS
ANGELES, Dec. 15 /PRNewswire-FirstCall/ -- Mercury Air Group, Inc.
announced that it entered into a settlement agreement relating to
litigation with J O Hambro Capital Management Group Limited and
certain of its affiliates and private clients. In connection with
such settlement Mercury agreed to repurchase 343,600 shares of its
common stock and pay certain costs for the mutual release of
claims. The settlement terms provided for Mercury to issue notes to
J O Hambro and its affiliates in the aggregate amount of
$3,586,000. Both the Company's senior and subordinated lenders
consented to the terms and conditions of the settlement agreement.
Mercury also has dismissed a complaint against J O Hambro
Management Group, among others, previously filed in the United
States District Court for the Central District of California. In
dismissing the action against J O Hambro Management Group and its
affiliates, Mercury determined that it was in the best interest of
Mercury to dismiss such claims. Mercury's Chief Executive Officer,
Joseph A. Czyzyk, said, "Mercury has no intention of pursuing
claims asserted against J O Hambro and its affiliates and dismissal
of the claims was the appropriate step to take, as upon further
investigation of such claims we found them to be unworthy of
pursuing. The estimated legal expenses in connection with our claim
and additional anticipated protracted litigation necessitated this
decision." About Mercury Air Group Los Angeles-based Mercury Air
Group (AMEX:MAX)(PCX:MAX) provides aviation petroleum products, air
cargo services and transportation, and support services for
international and domestic commercial airlines, general and
government aircraft and specialized contract services for the
United States government. Mercury Air Group operates four business
segments worldwide: Mercury Air Centers, MercFuel, Inc., Maytag
Aircraft Corporation and Mercury Air Cargo, Inc. For more
information, please visit http://www.mercuryairgroup.com/ .
Forward-looking Statements Certain statements contained in this
news release which are not historical facts are forward-looking
statements as that item is defined in the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements are
subject to risks and uncertainties that could cause actual results
to differ materially from estimated results. Such risks and
uncertainties are detailed in the Company's filings with the
Securities and Exchange Commission. The Company intends these
forward-looking statements to speak only as of the time of the news
release and does not undertake to update or revise the, as more
information become available. For further information please
contact Joseph Czyzyk of Mercury Air Group, Inc. at (310) 827-2737.
For further information, please contact: David Herbst of The MWW
Group, +1-213-486-6560, for Mercury Air Group, Inc.; or Joseph
Czyzyk of Mercury Air Group, Inc., +1-310-827-2737. DATASOURCE:
Mercury Air Group, Inc. CONTACT: David Herbst of The MWW Group,
+1-213-486-6560, for Mercury Air Group, Inc.; or Joseph Czyzyk of
Mercury Air Group, Inc., +1-310-827-2737 Web site:
http://www.mercuryairgroup.com/
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