Norton Motorcycles Announces Commencement of Litigation
24 December 1999
Norton Motorcycles Announces Commencement of LitigationMINNEAPOLIS, Dec. 23 -- Norton Motorcycles, Inc. (Norton or the Company) (OTC Bulletin Board: NRTN) announced that Angel Motorcycles, Inc. has filed suit in Hennepin Count District Court asserting that certain secured Norton debt is in default and demanding that the underlying security be delivered to the plaintiff in the event that the debt is not repaid. Angel Motorcycles, Inc. (Angel), headquartered in Minnesota, represented that it had recently acquired certain Norton debt from NMI Investments, LLC and from an individual. Angel asserts that the debt is in default and that the debt is secured by substantially all of Norton's property, including Norton's brand name and trademarks. Angel demands that Norton pay the sum of $895 thousand or that Angel be awarded said property. Norton intends to contest Angel's assertions regarding debt default and the existence of a security interest in Norton's property. Statements used in this Press Release that relate to future plans, events, financial results or performance are all forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those anticipated as a result of various risks and uncertainties, including, but not limited to: the Company's ability to raise short-term and long-term capital; the Company's ability to create product and brand name awareness; the level of consumer acceptance of the Company's products; the Company's ability to design, develop and market its products on a cost-effective basis; economic trends; industry competition; the outcome of existing litigation with the Company's former engineering firm; as well as various other risks and uncertainties, including all risks associated with the Company being a development-stage company with limited assets and no existing revenues. The Company has no obligation to publicly update or revise any of the forward-looking statements that may be in this release.