LOS ANGELES, June 22, 2004 (PRIMEZONE) -- MB Tech, Inc. (OTCBB:MBTT) today addressed claims by Maricopa Equity Management (Maricopa) and Mr. Troy Johnson that Maricopa has received a summary judgment against the company requiring it to pay damages in both stock and cash.
The suit was apparently based on the alleged default of a note issued by a company called Gatlin Holdings, Inc. (Gatlin). Gatlin's debt had been disclosed in regulatory filings issued by MB Tech in 2003. Gatlin is no longer operating and the shell from which it operated is now doing business as MB Tech, Inc.
Hanwook Bae, President of MB Tech commented, "The press release issued by Maricopa appears to be an effort by short sellers to drive down the company's share price and deflate investor expectations for this company." He added, "Mr. Johnson's claims that MB Tech is a 'shell company with no U.S. presence and no real products' is not only false, but highly defamatory. We intend to seek restitution and damages against Maricopa, Troy Johnson, David Bradley Olsen and the Minneapolis law firm of Henson & Efron, P.A."
MB Tech has successfully tested a next-generation Flat Antenna in Japan and is currently working to build orders. The company has also been the provider of choice by many leading DBS satellite manufacturers with its state-of-the-art LNB products.
About MB Tech, Inc.
MB Tech is a global manufacturer and distributor of electronic components. MB Tech and its subsidiaries produce products for the DBS satellite industry and state of the art RF microwave and communications technologies with consumer and military applications.
MB Tech serves the satellite television market as a provider of hardware and bundled solutions, and is expanding to serve the satellite radio and military hardware and solutions sectors. MB Tech manufactures several proprietary solutions that differentiate it from competitors, including active and non-active auto-tracking (portable and stationary) flat antennas.
MB Tech pioneered advancements like the dual-horn LNB, which allows multiple set-top boxes to be connected to a single satellite dish, enabling viewing of multiple channels simultaneously on different television monitors, and a tri-horn LNB, which provides the ability to download signals from multiple satellites over a single dish.
For more information refer to the company's website at: http://www.mbtech.us
Safe Harbor Act Disclaimer
The statements contained in this release and statements that the Company(s) may make orally in connection with this release are not historical fact and are forward-looking statements within the meaning of the private securities Litigation Reform Act of 1995. Actual results may differ materially from those forward-looking statements, as such statements involve risks and uncertainties that could significantly impact the company's business and the actual outcome and results may differ materially.