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Southwall Technologies Wins Judgment in Product Liability Case
PALO ALTO, Calif., Jan 7, 2004 (BUSINESS WIRE) -- Southwall Technologies Inc.
(Nasdaq: SWTX), a global developer, manufacturer and marketer of thin-film
coatings for the electronic display, automotive glass, and architectural
markets, today announced that the United States District Court for the Northern
District of California has rendered a final judgment in Southwall's favor in a
product liability case filed by Wasco Products, Inc., a manufacturer and
assembler of skylight systems. The judgment resolved a dispute over insulated
glass units (IGU's) manufactured by third parties, which utilized the company's
Heat Mirror(R) solar control film together with a polyurethane sealant
manufactured by Bostik, Inc.
In the matter of Wasco Products, Inc. v. Southwall Technologies Inc., et al.,
(Civil Action No. 02-2926, pending in the U.S. District Court for the Northern
District of California), Judge Saundra Brown Armstrong granted Southwall's
motion for summary judgment on all remaining claims and ruled in favor of
Southwall on all of Wasco's claims for relief. The court also entered final
judgment in favor of Bostik. The court denied Wasco's motion for summary
judgment and also dismissed the motion for class certification as moot in light
of its final judgment in favor of both defendants. The judgment is subject to
appeal by Wasco until January 22, 2004.
"Southwall is very pleased with Judge Armstrong's ruling on this matter," said
Thomas G. Hood, president and chief executive officer. "We have believed from
the beginning that the suit was without merit, and the court's dismissal
supports this belief."
About Southwall Technologies Inc.
Southwall Technologies Inc, designs and produces thin film coatings that
selectively absorb, reflect or transmit light. Southwall products are used in a
number of automotive, electronic display and architectural glass products to
enhance optical and thermal performance characteristics, improve user comfort
and reduce energy costs. Southwall is an ISO 9001:2000-certified manufacturer
and exports advanced thin film coatings to over 25 countries around the world.
Southwall's customers include Audi, BMW, DaimlerChrysler, Hewlett-Packard,
Mitsubishi Electric, Mitsui Chemicals, Peugeot-Citroen, Pilkington, Renault,
Saint-Gobain SEKURIT, and Volvo.
This press release may contain forward-looking statements as that term is
defined in the Private Securities Litigation Reform Act of 1995, including,
without limitation, statements regarding the company's expectations, beliefs,
intentions, or strategies regarding the future. All forward-looking statements
in this press release are based on information available to the company on the
date hereof, and the company assumes no obligation to update any such
forward-looking statements. These statements are subject to certain risks and
uncertainties that could cause actual results to differ materially from those
presented. Such risks include without limitation the possibility that the
plaintiff may prevail upon appeal or that future plaintiffs making similar or
other claims will prevail in lawsuits against Southwall. Further risks are
detailed in the company's filings with the Securities and Exchange Commission,
including those set forth in the company's most recent Annual Report on Form
10-K for the year ended December 31, 2002, filed on March 31, 2003; its
Quarterly Report on Form 10-Q for the quarter ended September 28, 2003, filed on
November 17, 2003, as amended by its Quarterly Report Form 10-Q/A, filed on
November 19, 2003; its Current Reports on Form 8-K, to be filed on or about
January 8, 2004.
SOURCE: Southwall Technologies Inc.
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