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Settlement of Litigation
NEWMARKET - February 11, 2002
Automodular Corporation ("Automodular") announces that it has settled without further costs to either party a $1.5 million claim against it by AADA Automotive Assemblies Development Associates Corp. ("AADA") and its own counterclaim against AADA arising from a 2000 dispute over proposed construction of a new facility. AADA is a developer who asserted that Automodular breached a contract with them for construction of a facility in Whitby, Ontario, while Automodular alleged AADA breached that contract causing damages and delay to Automodular.
With the assistance of a different developer, Automodular completed construction and commenced operations in its new 183,000 square foot facility in Whitby, Ontario on January 2, 2002.
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