BLUE BELL, Pa., July 16, 2003 (PRIMEZONE) -- Tasty Fries(r), Inc. (OTCBB:TFRY) announced today that on July 14, 2003, Chief Judge John Bissell of the United States District Court of New Jersey heard Tasty Fries' Motion for Summary Judgment against Silver Leaf in the lawsuit Silver Leaf filed against Tasty Fries arising from the termination of the Master Sales and Marketing Agreement.
Tasty Fries argued that the Lawsuit should be dismissed because USIS International Capital Corporation, holding one half of Silver Leaf's voting interests, wants the Lawsuit dismissed. In a declaration filed with the Court in support of the Motion, USIS's president stated: "(i) I do not believe that such a lawsuit is in Silver Leaf's best interest; and (ii) Silver Leaf does not have the financial ability to be involved in a protracted litigation with Tasty Fries nor is Silver Leaf able to perform its financial obligations as required under the Agreement. I do not approve of Silver Leaf's lawsuit against Tasty Fries and I want it dismissed." The two individuals representing the other half of Silver Leaf's voting members disagreed with USIS and argued that they want the Lawsuit to proceed. In light of the deadlock among Silver Leaf's members, Judge Bissell ruled from the bench that all proceedings in the lawsuit are temporarily stayed stating that Silver Leaf needs to resolve its own internal deadlock.
"This ruling is another setback for Silver Leaf and does not impair Tasty Fries from aggressively pursuing the marketing, production and placement of our patented Tasty Fries vending machines," stated Edward C. Kelly, President and CEO of Tasty Fries, Inc.
About Tasty Fries, Inc.:
Tasty Fries has developed a patent-protected vending machine that prepares, cooks, and dispenses freshly made fries with superior dietary attributes, flavor, aroma, and texture. Total cooking time is approximately 90 seconds for each order, then under 60 seconds for subsequent orders. The fries are made from top-quality potatoes and are cooked in cholesterol-free oil, utilizing state-of-the-art robotics and technology.
Safe Harbor Statement:
Except for the historical information herein, the statements in this press release are "forward-looking" statements that are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause a company's actual results in the future to differ materially from forecasted results. These risks and uncertainties include, among other things, product price volatility, product demand, market competition and risk inherent in the operations of a company.