Agreement reached in the lawsuit related to World Trade Center project
TERREBONNE, QC, Oct. 23, 2012 /CNW Telbec/ – ADF GROUP INC. (TSX: DRX) announced today that its subsidiary, ADF Steel Corp., The Port Authority of New York and New Jersey, and WTC 1 LLC have reached an agreement on a resolution of their dispute relating to the delivery of and payment for the structural steel and antenna for One World Trade Center. This agreement includes the resolution of litigation commenced by WTC 1 LLC against ADF Steel Corp. in the Supreme Court of the State of New York, New York County and enables the delivery and erection of the spire to proceed as scheduled.
About ADF Group Inc.
ADF Group Inc. is a North American leader in the design and engineering of connections, fabrication and installation of complex steel structures, heavy steel built-ups, as well as in miscellaneous and architectural metals for the non residential construction industry. ADF Group Inc. is one of the few players in the industry capable of handling highly technically complex mega projects on fast-track schedules in the commercial, institutional, industrial and public sectors.
This press release contains forward-looking statements reflecting ADF objectives and expectations. These statements are identified by the use of verbs such as “expect” as well as by the use of future or conditional tenses. By their very nature these types of statements involve risks and uncertainty. Consequently, reality may differ from ADF’s expectations.
SOURCE: ADF GROUP INC.
Source: ADF Group Inc.
Jean Paschini, Chairman of the Board of Directors and Chief Executive Officer
Jean-François Boursier, CPA, CA, Chief Financial Officer
Telephone: (450) 965-1911 / 1 (800) 263-7560
Web Site: www.adfgroup.com