Meadow Valley Announces Arbitration Settlement; $2.2 Million in Cash Released From Escrow
07 August 2006 - 9:30PM
Business Wire
MEADOW VALLEY CORPORATION (NASDAQ:MVCO) announced today that as a
result of a settlement agreement reached with one of its former
subcontractors, Innovative Construction Services ("ICS"), it has
received $2.2 million in cash that had previously been held in
escrow. "Because ICS has agreed to dismiss its claims against
Meadow Valley without any payment to ICS, the settlement
effectively terminates the ongoing ICS arbitration and puts an end
to our costs of defending against the current claims," said Bradley
Larson, CEO of Meadow Valley. Under the terms of the settlement
agreement, Meadow Valley will receive approximately $2.1 million
from the Clark County settlement reported in the Company's June 21,
2006 press release, and $0.1 million from other funds that had
previously been placed in escrow pending the outcome of the ICS
arbitration. About Meadow Valley Meadow Valley Corporation, based
in Phoenix, Arizona, is engaged in the construction industry as
both a contractor and a supplier of construction materials. The
Company's construction services segment specializes in structural
concrete construction of highway bridges and overpasses, and the
paving of highways and airport runways, primarily in southern
Nevada and Arizona. The Company's construction materials operations
provide concrete and gravel products primarily to other
contractors. The Company's materials operations are concentrated in
the Las Vegas and Phoenix metropolitan areas. Forward-Looking
Statements Certain statements in this release are forward-looking
statements within the meaning of the Securities Litigation Reform
Act of 1995. Such statements are based on current expectations,
estimates and projections about the Company's business based, in
part, on assumptions made by management. These statements are not
guarantees of future performance and involve risks and
uncertainties that are difficult to predict. Therefore, actual
outcomes and results may differ materially from what is expressed
or forecasted in such forward-looking statements due to numerous
factors, including the following: changes in demand for the
Company's products and services, product mix, the timing of new
orders and contract awards, the impact of competitive products and
pricing, excess or shortage of production capacity, and other risks
discussed from time to time in the Company's Securities and
Exchange Commission filings and reports, including the Company's
Annual Report on Form 10-K for the year ended December 31, 2005. In
addition, such statements could be affected by general industry and
market conditions and growth rates, and general domestic economic
conditions. Such forward-looking statements speak only as of the
date on which they are made and the company does not undertake any
obligation to update any forward-looking statement to reflect
events or circumstances after the date of this release.
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