Lawsuit Settled??? Armtec Infrastructure Inc. Announces Agreement in Principle Related to the Settlement of Proposed Class Actions Concord, Ontario, September 26, 2013 - Armtec Infrastructure Inc. ("Armtec" or the "Corporation") (TSX: ARF; ARF.DB) announced today that an agreement in principle has been reached to fully and finally settle all previously disclosed proposed class action proceedings against the Corporation and others commenced by investors who purchased shares of the Corporation during the period of March 24, 2011 through June 8, 2011.
This agreement in principle provides for a payment in the amount of approximately Cdn. $12.9 million (all-inclusive of all taxes, fees, interest and costs) by Armtec's insurers and as such the settlement will not impact the Corporation's cash resources.
The proposed settlement is subject to the fulfillment of customary conditions including, among other things, the parties entering into a definitive settlement agreement, court-approvals, approval of parties other than the Corporation and the fulfillment of conditions relating to the number of opt-outs from the proposed settlement. There is no assurance that these conditions will be fulfilled. If the parties enter into a definitive settlement agreement, a court-approved notice will be issued regarding the settlement approval process and the terms of the settlement.