Tel-Instrument Electronics Corp. Announces Dismissal of Summary Judgement Motion
December 23 2016 - 3:50PM
Business Wire
Tel-Instrument Electronics Corp. (“Tel” or “Company”) (NYSE
MKT:TIK) announced today that it was informed that the Kansas Judge
has rejected the Company’s summary judgment motion. The court has
not issued a written order explaining the decision and, as such, we
are unable to provide any details on why the judge denied our
motion.
Mr. Jeff O’Hara, President and CEO of Tel, stated, “We continue
to believe that Aeroflex’s case lacks merit and plan to file
another summary judgement motion on the merits in early January
2017. The trial is currently scheduled for February 2017, although
this date might be later given delays in depositions and the volume
of motions being introduced. This lawsuit has been a significant
drag on profitability for many years, and we look forward to a
successful resolution in court.”
About Tel-Instrument Electronics Corp.
Tel-Instrument is a leading designer and manufacturer of
avionics test and measurement solutions for the global commercial
air transport, general aviation, and government/military aerospace
and defence markets. Tel-Instrument provides instruments to test,
measure, calibrate, and repair a wide range of airborne navigation
and communication equipment. For further information please visit
our website at www.telinstrument.com.
This press release includes statements that are not historical
in nature and may be characterized as “forward-looking statements,”
including those related to future financial and operating results,
benefits, and synergies of the combined companies, statements
concerning the Company’s outlook, pricing trends, and forces within
the industry, the completion dates of capital projects, expected
sales growth, cost reduction strategies, and their results,
long-term goals of the Company and other statements of
expectations, beliefs, future plans and strategies, anticipated
events or trends, and similar expressions concerning matters that
are not historical facts. All predictions as to future results
contain a measure of uncertainty and, accordingly, actual results
could differ materially. Among the factors which could cause a
difference are: changes in the general economy; changes in demand
for the Company’s products or in the cost and availability of its
raw materials; the actions of its competitors; the success of our
customers; technological change; changes in employee relations;
government regulations; litigation, including its inherent
uncertainty; difficulties in plant operations and materials;
transportation, environmental matters; and other unforeseen
circumstances. A number of these factors are discussed in the
Company’s previous filings with the U.S. Securities and Exchange
Commission. The Company disclaims any intention or obligation to
update any forward-looking statements as a result of developments
occurring after the date of this press release. The safe harbour
for forward-looking statements contained in the Securities
Litigation Reform Act of 1995 (the “Act”) protects companies from
liability for their forward-looking statements if they comply with
the requirements of the Act.
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version on businesswire.com: http://www.businesswire.com/news/home/20161223005353/en/
Tel-Instrument Electronics Corp.Joseph P. Macaluso,
201-933-1600orInstitutional Marketing Services (IMS)John Nesbett or
Jennifer Belodeau, 203-972-9200jnesbett@institutionalms.com
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