TORONTO, June 28, 2011 /CNW/ - Redline Communications Group Inc. (TSX:
RDL) ("Redline" or the "Company"), announced today that it has reached
an agreement in principle to settle the proposed class action lawsuit
commenced in Ontario in September of 2010 against the Company, certain
of its current and former directors and officers, and its former
auditors. These claims remain unproven and the action has not received
The agreement in principle provides for the settlement, release and
dismissal of all claims asserted against the Company, its former
auditors and the individual proposed defendants.
Substantially all of the anticipated contribution to the settlement
amount from Redline and the individual proposed defendants is to be
funded through their insurance coverage, the remaining nominal amount
being funded by the Company. The agreement in principle remains subject
to final settlement documents and receipt of court approval. The
settlement does not constitute any admission of liability by Redline or
its officers, directors and employees.
About Redline Communications
Redline Communications (www.rdlcom.com), founded in 1999, is a publicly traded company on the Toronto stock
exchange that manufactures powerful and versatile wireless broadband
systems used to cost‐effectively deploy distributed applications and
services and to power 4G networks. Telecom Service Providers across
the globe use Redline products to power their 4G networks;
municipalities to quickly and easily deploy or extend their video
surveillance networks; oil and gas companies to monitor the operation
of their oil wells; enterprises to bring business grade access to
buildings; and military organizations to create secure networks in any
location. For over 10 years Redline has been delivering reliable
wireless solutions to thousands of customers in over 100
countries, with the strong combination of high capacity, speed, and
range. Redline products are marketed and supported through an
exclusive network of value added resellers in the Americas, Mexico, the
Middle East and Africa.
NOTE: All registered and unregistered trademarks mentioned in this
release are the property of their respective owners.
Forward Looking Statements
Certain statements in this release may constitute forward‐looking
statements or forward‐looking information within the meaning of
applicable securities laws and are made pursuant to the "safe harbour"
provisions of such laws. Readers are cautioned not to place undue
reliance on such statement. Unless otherwise required by applicable
securities laws, Redline assumes no obligation to update or revise any
forward‐looking statements, whether as a result of new information,
future events or otherwise.
SOURCE Redline Communications Group Inc.
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