NewsBlaze logo
Newsletter logo   Search News     Daily News   
web2.0 logo   win logo
Published:

Motion for Summary Judgment in the Amount of $1,524,420 Awarded by Federal Court in Favor of DAC Technologies

DAC Technologies (OTCBB: DAAT) today announced that on June 6, 2006, a Federal Judge granted DAC Technologies' Motion for Summary Judgment in the amount of $1,524,420 against Skit International, Ltd. Below is a recap of the legal proceedings leading up to this ruling.

On August 15, 2000, DAC Technologies filed a Complaint in the Circuit Court of Pulaski County, Arkansas, against Skit International, Ltd. and Uni-Skit Technologies, Inc. On August 13, 2003, a jury in the Circuit Court of Pulaski County, Arkansas, found in favor of DAC Technologies in this action on their Complaint and a Judgment was entered in the amount of $1,524,420.

Thereafter, Skit International, Ltd. filed a Notice of Appeal and on April 12, 2004, Skit International, Ltd. filed a Motion to Dismiss its appeal. On April 13, 2004, the Arkansas Court of Appeals issued a mandate dismissing Skit International, Ltd.'s appeal.

On January 6, 2005, Skit International, Ltd. filed a Motion to Set Aside Judgment. On March 23, 2005, the trial judge in the Circuit Court of Pulaski County, Arkansas denied the Motion to Set Aside Judgment.

On April 4, 2005, Skit International, Ltd. filed a Notice of Appeal. On June 28, 2005, the Clerk of the Arkansas Supreme Court called counsel for Skit International, Ltd. to state that the tender of its Notice of Appeal would be declined because the Motion to Set Aside Judgment shown in the transcript to be filed in the Circuit Clerk's office on January 6, 2005, appeared to be untimely as the Judgment was entered on November 10, 2003. On June 29, 2005, Skit International, Ltd. filed a Motion for Rule on the Clerk. On September 8, 2005, the Arkansas Supreme Court denied Skit International, Ltd.'s Motion for Rule on the Clerk.

On November 9, 2005, Skit International, Ltd. filed a lawsuit in Federal Court in Little Rock attempting once again to set aside the Judgment that had been previously entered. DAC filed a Motion for Summary Judgment and on June 6, 2006, the Federal Judge entered a Judgment in favor of DAC.

On June 16, 2006, Skit International, Ltd. filed a Motion for Reconsideration which DAC fully expects will be denied in the immediate future.

Thereafter, the only other option for Skit International, Ltd. prior to DAC being able to register its Judgment in California and execute on assets of Skit International, Ltd. and potentially others, is an appeal to the Eighth Circuit Court of Appeals. Counsel for DAC has told the Company that it is extremely remote that Skit International, Ltd. would be able to prevail on any such appeal.

David A. Collins, Chairman and CEO, stated, "There is an obvious reason that Skit International keeps appealing and incurring expensive legal fees. We feel it is because of the high degree of collectibility. As soon as practicable, based upon the resolution of the Motion for Reconsideration, DAC will use all available means to aggressively collect the judgment against Skit International, Ltd. and potentially individuals that were associated with this entity."

About DAC:

DAC Technologies Group International, Inc. is an outsource manufacturer of high quality, reasonably priced security safes, gunlocks, gun cleaning kits and security products, as well as accessory items for the sporting goods market. DAC distributes its products through mass merchandisers such as Wal-Mart and Kmart, and sporting goods retailers and distributors such as Dick's, Big Five, Cabela's, Acusport, Jerry's, RSR and others. DAC also provides gunlocks to OEM gun manufacturers such as Glock, SigArms, Savage, Marlin and Taurus, as well as others. Also, DAC's products are distributed through catalog companies.

The Private Securities Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release (as well as information included in written statements to be made) contain statements that are forward-looking, such as those relating to consummation of the transaction, anticipated future revenue of the Company's and success of current public offerings. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ materially from those expressed in any forward-looking statements.


Tags: ,Aerospace and Defense:Weapons, ManufacturingandProduction:MachineryandTools, ,OTCBULLB,OTCBULLB,AR,LITTLE ROCK, AR
   _   _

  care2 logo   digg logo   newsfeeder logo   netscape logo  
Is your favorite bookmark site missing? Ask for it.
marker


Sponsor Links:
Writers Wanted
Help NewsBlaze provide daily news, including top stories, Home and Garden, Technology, The Environment and more. NewsBlaze Writer
Relevant Sites:

NewsBlaze 

Copyright © 2004-2008 NewsBlaze LLC
Use of this website is subject to our Terms of Service and Privacy Policy       Support    Press Room