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