PRESS RELEASE Source: New Century Equity Holdings Corp.
NEW CENTURY EQUITY HOLDINGS CORP. ANNOUNCES THAT SETTLEMENT OF SHAREHOLDER
LITIGATION IS FINAL AND NON-APPEALABLE
Tuesday July 25, 12:26 pm ET
BOARD OF DIRECTORS SETS RECORD DATE FOR SETTLEMENT DISTRIBUTION
DALLAS--(BUSINESS WIRE)--July 25, 2006--New Century Equity Holdings Corp.
(OTCBB:NCEH - NEWS; "NCEH") announced today that the Delaware Chancery Court's
order approving the agreement with all of the parties to the lawsuit filed by
Craig Davis (the "Lawsuit"), which agreement settled the Lawsuit and all claims
relating thereto, became final and non-appealable as of today, July 25, 2006.
The time for appeal of the court's order expired on Monday, July 24, 2006.
In addition, the board of directors of NCEH has set July 28, 2006 as the record
date for determining which shareholders will be entitled to participate in a
distribution of the settlement fund (after payment of certain legal fees and
expenses) established in accordance with the terms of the settlement of the
Lawsuit. NCEH shareholders of record as of July 28 will receive the
distribution. The payment date and per share amount of the distribution will be
finalized following the actual funding of the settlement fund. Payment of the
distribution is expected to be made on August 11, 2006 or a date as soon
thereafter as practicable.
Some statements in this press release may constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results, performance
or achievements of New Century Equity Holdings Corp. to be materially different
from any future results, performance or achievements expressed or implied by
forward-looking statements. Refer to New Century Equity Holdings Corp.'s filings
with the Securities and Exchange Commission for further discussion of such
factors. The forward-looking statements are made as of the date of this press
release and New Century Equity Holdings Corp. assumes no obligation to update
such statements.
CONTACT:
New Century Equity Holdings Corp.
Steven J. Pully, 214-661-7488
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Source: New Century Equity Holdings Corp.