Impreso Reports Settlement of Lawsuit Filed Against Asia Pulp & Paper Trading (USA), Inc.
October 10 2008 - 1:00PM
Marketwired
Impreso, Inc. (PINKSHEETS: ZCOM), which through its subsidiaries is
involved in the manufacture and distribution of paper and imaging
products for commercial and home office applications, the
development of eCommerce initiatives, and natural spring water
bottling and distribution, today announced it settled a lawsuit
filed with Asia Pulp & Paper Trading (USA), Inc. ("APPT").
On September 18, 2002, Impreso, Inc. filed a lawsuit against
APPT in the United States District Court for the Northern District
of Texas - Dallas Division. APPT asserted counterclaims seeking
recovery of disputed accounts receivable. The trial was set for
October 6, 2008, in the 95th Judicial District Court, Dallas
County, Dallas, Texas.
The settlement of the lawsuit with APPT disposes all parties and
all claims. Impreso, Inc. will pay APPT $1.5 million over the
period of one year. Impreso, Inc. has approximately $5.4 million in
liabilities associated with APPT. As a result of the settlement,
Impreso, Inc. expects to recognize a gain of $3.2 million in the
current quarter. Impreso, Inc. has approximately $4.2 million in
loss carry forwards, to offset the gain.
"Resolving the case, allows the Company to focus on our
business," said Marshall Sorokwasz, President and Chief Executive
Officer of Impreso, Inc.
About Impreso, Inc.
Impreso, Inc. is a holding company for TST/Impreso, Inc., Alexa
Springs, Inc., and HotSheet.com, Inc. TST/Impreso, Inc. is a
manufacturer and distributor of hard copy imaging products for
commercial and home use in domestic and international markets.
HotSheet.com, Inc. primarily owns HotSheet.com, a single-page,
online Internet directory with categorized links to premier web
destinations. Alexa Springs, Inc. is a natural spring water
bottling operation. The Company's website domains are
www.impreso.com, www.tstimpreso.com, www.alexasprings.com, and
www.hotsheet.com.
Impreso, Inc. is headquartered in Coppell, Texas, and its common
stock trades on the PinkSheets under the symbol "ZCOM."
This press release may include statements that constitute
"forward-looking" statements, usually containing the words
"believe," "estimate," "project," "expect" or similar expressions.
These statements are made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995.
Forward-looking statements inherently involve risks and
uncertainties that could cause actual results to differ materially
from the forward-looking statements. Factors that would cause or
contribute to such differences include, but are not limited to,
continued acceptance of the Company's products in the marketplace,
competitive factors, new products and technological changes, paper
prices and raw material costs, dependence upon third-party vendors,
and other risks. By making these forward-looking statements, the
Company undertakes no obligation to update these statements for
revisions or changes after the date of this release.
For further information, please contact: Marshall Sorokwasz at
(972) 462- 0100 (ext. 1103) or Tammy Yahiel, General Counsel at
(972) 462-0100 (ext. 1117) or via e-mail at
yahiel@tstimpreso.com
Contact: Marshall Sorokwasz (972) 462-0100 (ext. 1103) Tammy
Yahiel General Counsel (972) 462-0100 (ext. 1117) Email Contact
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