Press Release
Park Electrochemical Corp.
(516) 354-4100
PARK ELECTROCHEMICAL CORP. ANNOUNCED THAT U.S. COURT OF APPEALS AFFIRMED JURY VERDICT IN ITS LAWSUIT AGAINST DELCO ELECTRONICS
LAKE SUCCESS, New York, May 13, 2003…Park Electrochemical Corp. (NYSE-PKE) announced that the United States Court of Appeals for the Ninth Circuit in San Francisco has affirmed the jury verdict in favor of Park’s subsidiary, Nelco Technology, Inc., in its lawsuit filed against Delco Electronics Corporation in the United States District Court for the District of Arizona. Delco is a subsidiary of Delphi Automotive Systems Corporation. In the lawsuit, Nelco claimed, among other things, that Delco breached its contract to purchase semi-finished multilayer printed circuit boards from Nelco, that Delco breached the covenant of good faith and fair dealing implied in the contract, that Delco engaged in negligent misrepresentation and that Delco fraudulently induced Nelco to enter into the contract. Nelco sought substantial compensatory and punitive damages.
As previously reported, on November 29, 2000, after a five day trial in Phoenix, Arizona, a jury awarded damages to Nelco in the amount of $32,280,000, and on December 12, 2000 the judge in the United States District Court entered judgment for Nelco on its claim of breach of the implied covenant of good faith and fair dealing with damages in that amount. Both parties filed motions for post-judgment relief and a new trial, all of which the judge denied, and both parties appealed the decision to the United States Court of Appeals for the Ninth Circuit in San Francisco. On May 7, 2003, a panel of three judges in the Court of Appeals for the Ninth Circuit rendered a unanimous decision affirming the jury verdict. Both parties have rights to file petitions for rehearing by the United States Court of Appeals for the Ninth Circuit or petitions to the United States Supreme Court.
Certain portions of this press release may be deemed to constitute forward looking statements that are subject to various factors which could cause actual results to differ materially from Park’s expectations. Such factors include, but are not limited to, general conditions in the electronics industry, Park’s competitive position, the status of Park’s relationships with its customers, economic conditions in international markets, the cost and availability of utilities, and the various factors set forth under the caption “Factors That May Affect Future Results” after Item 7 of Park’s Annual Report on Form 10-K for the fiscal year ended March 3, 2002.
Park Electrochemical Corp. is a leading global designer and producer of electronic materials used to fabricate complex multilayer printed circuit boards and interconnection systems. Park specializes in advanced materials for high layer count circuit boards and high speed digital broadband telecommunications, internet and networking applications. Park’s electronic materials business operates through fully integrated business units in Asia, Europe and North America. The Company’s manufacturing facilities are located in Singapore, China, Germany, France, Connecticut, New York, Arizona and California. Park’s electronic materials business operates under the “Nelco” name.
Additional corporate information is available on the World Wide Web at http://www.parkelectro.com.
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Park Electrochemical Corporation48 So. Service Road, Suite 300
(631) 465-3600
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