SEARCH NEWS:

 

Littlefield Corporation Discusses Litigation Status

The exact terms and conditions of the settlements are confidential but Littlefield does not anticipate any financial impact beyond reserves previously set up to anticipate such matters.

Littlefield has also tentatively settled two other lawsuits subject only to the execution of definitive settlement documents -- all terms of settlement being agreed. The exact terms and conditions of these settlements are also to be held confidential.

The Company has set two other litigation matters for trial as soon as possible and anticipates that the outcome of both trials will be favorable to the Company. The Company anticipates initiating another litigation matter, as Plaintiff, that may be resolved by binding arbitration. In this second matter, the Company seeks to recover funds owed to it by the Defendant and the Company is well secured with liquid collateral in its possession owned by the Defendant.

The Company continues to litigate with the State of Florida in regard to the Company's right to conduct business in Florida. This matter will be pursued at the appropriate State appellate court.

Jeffrey L. Minch, the President of Littlefield Corporation, offered the following:

``When I first became President of Littlefield Corporation, I was troubled by the extent of litigation and the accompanying legal expenses incurred by the Company. At the time, I believed these matters to be the Company's largest unmeasured liability. We were able to control the general legal expenses quickly but long-standing litigation matters are more difficult to resolve expeditiously.

``It is always difficult to assess how such matters originated but I am convinced that such a level of litigation is avoidable in the future and that the Company's recent past experience is not indicative of the future.

``We expect to conclude all these matters in an expeditious and cost effective matter. We will aggressively protect the Company's interests in all such matters.

``In the future, we expect to conduct our affairs in a manner that does not give rise to costly and time consuming litigation; and, to resolve disputes through binding arbitration whenever possible.''

Littlefield Corporation, through its business unit Littlefield Entertainment, is engaged in the development and operation of charitable bingo halls. Qualified charities are able to fund their worthy causes by offering consumers entertainment in the form of bingo games -- subject to strict regulatory oversight -- for which the charities pay rent to Littlefield Entertainment for the use of the facility subject to long-standing leases. Littlefield Entertainment has relationships with over 60 such charities.

Charities playing in Littlefield Entertainment halls received approximately $3,200,000 in 1999 to fund their noble causes.

Littlefield Entertainment is the only public company attempting to strategically consolidate this $12,000,000,000 arcane, niche industry and is currently the largest public company operating charitable bingo halls in the United States. Littlefield Entertainment operates twenty (20) bingo halls in Texas, Alabama and South Carolina and is currently developing two (2) new bingo halls in Alabama that will commence operations in 2000.

< Gaming News