Warrantech Settles With AIG and Resolves Dispute With Service Guard
EULESS, Texas--Aug. 29, 2001--Warrantech Corporation (OTCBB:WTEC) announced today that after almost two years of litigation, it has settled all pending disputes with American International Group, Inc. ("AIG") and Service Guard Insurance Agency, Inc.Joel San Antonio, Chairman and CEO of Warrantech, stated, "While the agreement stipulates that the specific terms of the settlement remain confidential, we are extremely pleased that the parties were able to resolve their differences in a mutually satisfactory manner with no adverse financial impact to the Company. The resolution of this litigation will allow Warrantech's management to redeploy resources and devote its full energies toward the continuing growth of the Company's business."