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Favorable Decision for Littlefield29 July 2003AUSTIN, Texas--(Press Release)-- Littlefield Corporation (Nasdaq:LTFD) announced today that the litigation matter entitled Brigham Ltd. Partnership v. Littlefield Corporation f/k/a American Bingo & Gaming Corp. et al was decided in the Company's favor late last week. The lawsuit was related to the provisions of a sublease at a shopping center. The landlord had entered into a lease with Michael Mims, a former Director of the Company, who subsequently subleased the premises to the Company. The Company believed it had an absolute right to terminate the lease under certain conditions negotiated in the sublease and which it felt had been met. The Company terminated the lease in accordance with the sublease. The landlord sued Mr. Mims and the Company; and, Mr. Mims sued the Company. During the trial, Mr. Mims settled with the landlord. The Company prevailed at trial against both the landlord and Mr. Mims. Jeffrey L Minch, President and Chief Executive Officer of Littlefield Corporation offered the following comment: "The outcome of this case was predictable and in exact accordance with the sublease as clearly written on its face. It is unfortunate that the Company had to expend funds to defend itself against such an obvious ruling." |