Science & Technology
Science and Technology
Science and Technology
Mon, November 30, 2009
Fri, November 27, 2009 Unico, Inc. Posts Notice on Proposed Settlement of Derivative Action on Corporate Website
SAN DIEGO, CA--(Marketwire - November 27, 2009) - Unico, Incorporated (
SUMMARY NOTICE OF PENDENCY AND SETTLEMENT OF DERIVATIVE ACTION Sullivan, et al v. Brown, et al Re: Unico, Inc. Case No.: 37-2008-00089801-CU-PN-CTL San Diego Superior Court, Central Division TO: ALL CURRENT SHAREHOLDERS OF UNICO, INC. ("UNICO") COMMON STOCK PLEASE TAKE NOTICE that the above shareholder derivative litigation filed on August 14, 2008 is being settled. In the derivative action, certain shareholders allege that defendants engaged in wrongdoing which resulted in the issuance of shares of Unico common stock for inadequate consideration. The defendants deny the allegations. The directors and officers of Unico maintain they have always acted in the best interests of the corporation and its shareholders. To avoid the expense, inconvenience, and uncertainty of further litigation, the parties have agreed to settle the shareholder derivative action.
Under the Settlement, Unico has adopted a variety of corporate governance measures relating to the allegations in the litigation. Defendants have agreed to pay a maximum amount of $850,000 to Unico, less attorneys' fees, expenses and incentive award to the extent ordered by the Court in accordance with the settlement. Defendants, including certain Unico officers and directors are being released from liability.
On February 5, 2010, at 10:30 a.m., a Settlement Hearing will be held before Honorable Yuri Hofmann at the following location:
San Diego Superior Court, Central Division Hall of Justice, Department 60 330 West Broadway, San Diego, California 92101
At the hearing the Court will determine: (1) whether the Settlement should be approved as fair, just, reasonable and adequate; (2) whether Plaintiffs' Counsel's attorneys' fees, costs and expenses should be approved; and (3) whether the above-captioned action should be dismissed on the merits and with prejudice.
IF YOU ARE A CURRENT OWNER OF UNICO COMMON STOCK YOUR RIGHTS MAY BE AFFECTED BY PROCEEDINGS IN THE LITIGATION. A more detailed form of notice describing the Settlement may have already been mailed to you. If you have not received the detailed notice, you may obtain a copy of it on Unico's website at [ www.unicomining.com ], or by identifying yourself as a current owner of Unico common stock and writing to:
Kenneth C. Wiedrich, CFO Unico, Incorporated 8880 Rio San Diego Drive, 8th Floor San Diego, California 92108 Inquiries, other than requests for the detailed form of notice, may be made to Plaintiffs' Counsel: Vincent D. Slavens Krause Kalfayan Benink & Slavens, LLP 625 Broadway, Suite 635 San Diego, CA 92101 PLEASE DO NOT CONTACT THE COURT OR THE CLERK OF THE COURT REGARDING THIS NOTICE
About Unico, Inc.
Unico, Inc. (
Forward-Looking Statements: This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and such Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward-looking statements. The company may experience significant fluctuations in operating results due to a number of economic, competitive and other factors. These factors could cause operation results to vary significantly from those in prior periods, and those projected in forward-looking statements. Information with respect to these factors, which could materially affect the company and its operations, are included on certain forms the company files with the Securities and Exchange Commission.
