Teletouch Subsidiary Progressive Concepts, Inc. (dba Hawk Electronics) and AT&T Mutually Agree to Reschedule July 22, 2011 Arbitration Hearing Start
FORT WORTH, Texas--(BUSINESS WIRE)--Teletouch Communications, Inc. (OTCBB: TLLE), a leading U.S. wireless services, cellular, consumer electronics and public safety equipment provider today announced that its wholly-owned subsidiary, Progressive Concepts, Inc. dba Hawk Electronics (“PCI”) and AT&T (NYSE: T) are continuing to work toward completing documentation on the terms of a final settlement agreement between the parties. If the parties are unable to agree upon the final terms of the settlement within approximately the next three to four weeks, settlement discussions will halt and the parties will start preparing for the final arbitration hearing. New hearing dates are to be scheduled and announced in the near future, with an expected start date to be in early September. As previously announced, pursuant to a joint protective order and agreement, no detailed information about the settlement discussions are being made publicly available until the completed settlement is fully and finally documented by the parties.
“Since our mediated settlement framework was agreed to a little over six weeks ago, the parties have been working well together to complete the more detailed settlement documentation,” stated T. A. "Kip" Hyde, Jr., President, Chief Operating Officer and Director of Teletouch. “We remain focused on completing these negotiations in the near future, as the parties remain in basic agreement as to the broader terms of the settlement. However, if we are unable to finish detailing the settlement arrangements, we will make our final case preparations and present our case as soon as practical, which we roughly expect to be shortly after the Labor Day holiday weekend.”
As initially reported on September 30, 2009, Teletouch’s subsidiary, PCI dba Hawk Electronics, the largest remaining Master Distributor and Authorized Services Provider for AT&T cellular products and services in the U.S., initiated legal action against AT&T seeking damages incurred when AT&T prevented the Company from selling Apple, Inc.’s (NASDAQ: AAPL) popular iPhone and other "AT&T exclusive" products and services that PCI contends it is entitled by contract to provide to its customers.
For a more detailed description of the Company’s legal action Notice and detailed Initial Statement of Claim, please refer to the related Form 8-K, filed October 1, 2009 (also available at the Company’s website: www.teletouch.com and on EDGAR at www.sec.gov).
About Teletouch Communications
For over 46 years, Teletouch has offered a comprehensive suite of wireless telecommunications solutions, including cellular, two-way radio, GPS-telemetry and wireless messaging. Teletouch is a leading direct Authorized Service Provider and billing agent of AT&T (NYSE: T) products and services to consumers, businesses and government agencies, as well as an operator of its own two-way radio network and LTR systems in Texas. Teletouch also maintains a distribution agreement with Clearwire (Nasdaq: CLWR), as a provider of advanced 4G and WiMax wireless network services. Teletouch operates a chain of 20 retail and authorized agent stores under the "Teletouch" and "Hawk Electronics" brands, in conjunction with its direct sales force, call center operations, and various retail eCommerce websites including: www.hawkelectronics.com, www.hawkwireless.com and www.hawkexpress.com. Through its wholly owned subsidiary, Progressive Concepts, Inc., Teletouch operates a national distribution business, PCI Wholesale, primarily serving large cellular carrier agents and rural carriers, as well as auto dealers and smaller consumer electronics retailers, with product sales and support available through www.pciwholesale.com and www.pcidropship.com, among other B2B oriented websites.
Teletouch's common stock is traded Over-The-Counter under stock symbol: TLLE. Additional information about the Teletouch family of companies can be found at www.teletouch.com.
All statements from Teletouch Communications, Inc. in this news release that are not based on historical fact are "forward-looking statements" within the meaning of the PSLRA of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. While the Company's management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of our control, that could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include, but are not necessarily limited to, those set forth under the caption "Risk Factors" in the Company’s most recent Form 10-K and 10-Q filings, and amendments thereto, as well as other public filings with the SEC since such date. The Company operates in a rapidly changing and competitive environment, and new risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. The Company disclaims any intention to, and undertakes no obligation to, update or revise any forward-looking statement.