Note: A dangerous polluter, Metalcad, has been successful in an NAFTA Arbitration over its bankruptcy. Metalclad's battery smelting plant along the Rio Grande served as the poster child of sick industries using low wage workers to handle dangerous material and spew tons of toxic materials into the atmosphere.)
Metalclad Announces the Result of Its Arbitration Under The North American Free Trade Agreement
PR Newswire - August 30, 2000 17:18
NEWPORT BEACH, Calif., Aug. 30 /PRNewswire/ -- Metalclad Corporation (Nasdaq: MTLC) (Metalclad Corporation's common stock trades on the Nasdaq Stock Market under the symbol: MTLC), announced today the result of its arbitration with The United Mexican States.
The NAFTA Tribunal, in an opinion filed in Washington, DC with the International Center for the Settlement of Investment Disputes (ICSID) ruled as follows: That the Government of Mexico committed acts like unto expropriation which in effect took the Company's property. The value of the property was determined to be $16,685,000. If the Government of Mexico fails to pay said sum within 45 days, interest at 6% per annum compounded monthly will accrue.
The ruling, which cannot be appealed, follows by almost four years the Company's initial filing October 4, 1996.
The ruling was issued by a three-judge panel consisting of Professor Sir Elihu Lauterpacht, Q.C., Cambridge, England; Mr. Benjamin R. Civiletti, Esq., former United States Attorney General of Baltimore, Maryland; and Mr. Jose Luis Siqueiros, Esq., an international jurist of Mexico City, Mexico. Metalclad's legal team included Clyde C. Pearce, Esq., former General Counsel to the General Services Administration; Pepperdine International Law Professor, Dr. Jack J. Coe, Jr.; and litigation expert, Peter L. Cling of San Francisco.
The Company is presently preparing a Form 8-K to be filed with the Securities and Exchange Commission, at which time further details of this comprehensive decision will be released.
The impact of today's announcement will have a significant impact on Board decisions relating to the future of the Company. The Board will be meeting soon to discuss the future direction of the Company and will make further announcements as decisions are made.
For additional information contact: Grant S. Kesler, President Anthony C. Dabbene, CFO Metalclad Corporation (949) 719-1234
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995.
Certain statements in this press release 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 which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
SOURCE Metalclad Corporation
CONTACT: Grant S. Kesler, President, or Anthony C. Dabbene, CFO, both of Metalclad Corporation, 949-719-1234:
