Jury Awards Verdict Against Ballistic Recovery Systems
July 01 2005 - 4:00PM
PR Newswire (US)
Jury Awards Verdict Against Ballistic Recovery Systems SOUTH ST.
PAUL, Minn., July 1 /PRNewswire-FirstCall/ -- In a lawsuit filed by
Charles F. Parsons and Aerospace Marketing, Inc., a Florida jury
found that Ballistic Recovery Systems, Inc. (OTC:BRSI) (BULLETIN
BOARD: BRSI) ( http://brsparachutes.com/ ), committed a breach of a
contract related to the GARD-150 product and failed to perform its
obligations under a contract related to the GARD-172 and awarded
the plaintiffs approximately $3.4 million in damages. "This is very
disappointing for us as we felt and still feel certain that we
acted reasonably and within our rights under the contract," said
Larry E. Williams, CEO and president/COO of BRS, Inc. "This
litigation is not over and we plan to pursue another stage in our
defense whether it be through appeal, a new trial, or motions to
the court to remit the damages. The first course of action for BRS
is to ask the Judge to overturn the verdict." BRS is a South St.
Paul, Minn., based company that designs, manufactures and
distributes whole-plane emergency parachute systems for use on
general aviation and recreational aircraft. Since the early 1980's,
BRS has delivered nearly 20,000 parachute systems to aircraft
owners around the world. The forward looking matters discussed here
should be considered subject to risks and uncertainties, including
the results of litigation, and other risks that could cause the
actual results to differ materially from those projected. For more
information, review the company's filings with the Securities and
Exchange Commission, particularly the Company's annual report on
Form 10-KSB. For more information on BRS contact: Larry E.
Williams; BRS, Inc: Fleming Field, 300 Airport Road; South St.
Paul, MN 55075; USA ( ) TEL 651.457.7491 ; FAX 651.457.8651 or Robb
Leer, media liaison at 952-842-8133 ( ) DATASOURCE: Ballistic
Recovery Systems, Inc. CONTACT: Robb Leer, +1-612-701-0608, or
Larry E. Williams, +1-651-457-7491, or , both for Ballistic
Recovery Systems, Inc. (BRS) Web site: http://brsparachutes.com/
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