New York-based PubliCARD, Inc. has entered into an additional binding settlement with an insurance group that resolves certain claims (including certain future claims) under policies of insurance issued to the Company by that insurance group. The terms of the settlement are reportedly confidential.
As a result of the settlement, after allowance for associated expenses and offsetting adjustments, the company will receive net proceeds of approximately $650,000 within 30 days. Earlier in February 2003, the company announced a $1 million settlement with another historic insurer. As a result of the two settlements, the company expects to recognize a non-recurring gain of approximately $1.7 million in the first quarter of 2003.
The company reportedly is also in discussions with other insurance markets regarding the status of certain historic policies of insurance.
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