This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Pro-Dex, Inc. Announces Settlement With Orange County Water District

Stocks in this article: PDEX

IRVINE, Calif., April 11, 2011 /PRNewswire/ -- On April 6, 2011, Pro-Dex, Inc. (NasdaqCM: PDEX) entered into a settlement agreement with the Orange County Water District ("OCWD") ending the litigation between the two entities and removing Pro-Dex as a defendant in the lawsuit Orange County Water District v. Sabic Innovative Plastics US, LLC, et al.  

Under the terms of the settlement agreement, the parties agreed to the following: (i) Pro-Dex shall pay to OCWD a total lump sum of  $250,000; (ii) the complaint filed by OCWD against Pro-Dex will be dismissed, with prejudice; and (iii) OCWD shall release and discharge Pro-Dex and certain related parties of any and all claims related to the litigation and of any other claims that are connected with any contamination of groundwater or any other aspect of the environment in the area that is the subject of the of the litigation that has been caused by contaminants released at or are migrating from Pro-Dex's former site in Santa Ana, California.  The Company is also providing a release to OCWD concerning the litigation.  The Company's insurance carrier has indicated that it will pay the settlement amount within the time period required by the agreement, and therefore the settlement agreement is not expected to have any material adverse impact on the Company's cash flow or financial statements.

The lawsuit was filed by OCWD in June 2008 and now includes more than 30 defendants associated with past or current operations in a three-mile diameter area covering parts of Santa Ana and Irvine, California that OCWD calls the "South Basin."  Before filing the lawsuit, OCWD reviewed soil and groundwater contamination data previously collected by water companies, landowners, and many businesses, including Pro-Dex, at dozens of properties throughout the South Basin.  Since filing the lawsuit, OCWD has conducted groundwater investigations, taking water quality samples from more than 150 points in the South Basin, including three close to the Company's former Santa Ana site.

"I am pleased that, after reviewing all the data, OCWD came to the conclusion that the risk of groundwater contamination from Pro-Dex's site was minimal, and that it made sense to enter into what we consider a de minimis settlement agreement," commented Pro-Dex CEO Mark Murphy. "This is OCWD's first and only settlement with any defendant in the lawsuit, and Pro-Dex is delighted to have concluded its dispute with OCWD in a cooperative, expeditious and fair manner.  We also appreciate the support that our insurer has provided in defending our interests, backing our settlement efforts, and indicating it will timely pay the entire settlement amount."

Statements herein concerning the Company's expectations may include 'forward-looking statements' within the context of the federal securities laws. Statements regarding the Company's future events and developments, as well as management's expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. The Company's actual results may differ materially from those suggested as a result of various factors. Interested parties should refer to the disclosure concerning the operational and business concerns of the Company set forth in the Company's filings with the Securities and Exchange Commission.

SOURCE Pro-Dex, Inc.

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs