FEDERAL COURT RULES IN FAVOR OF TYLER TECHNOLOGIES
Tyler Remains the Largest Shareholder of H.T.E., Inc.
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Dallas, Texas, September 24, 2002 —Tyler Technologies, Inc. (NYSE: TYL) announced today that the United States District Court for the Middle District of Florida, Orlando Division, has ruled that H.T.E., Inc.’s (NASDAQ: HTEI) purported redemption of the shares of H.T.E. common stock owned by Tyler was invalid. Accordingly, Tyler continues to own 5,618,952 shares of H.T.E. common stock, representing an ownership interest of approximately 34%.
John M. Yeaman, President and CEO of Tyler, stated, “We are very pleased with the ruling by the Court to affirm Tyler’s continued ownership of H.T.E. stock. The local government software and services market is robust and growing, and we are pleased to be a significant shareholder in another strong company in our marketplace. Tyler has always considered its investment in H.T.E. to have significant present and future value, and we look forward to continued participation in H.T.E.’s success as a major shareholder.”
In addition, Tyler announced that both companies have agreed to dismiss and release the remaining tort claims asserted by each of them in the litigation. “We look forward to putting this litigation behind us and to building on Tyler’s recent successes in the marketplace,” added Mr. Yeaman.
Based in Dallas, Tyler Technologies is a leading provider of end-to-end information management solutions and services for local governments. Tyler partners with clients to make local government more accessible to the public, more responsive to needs of citizens, and more efficient in its operations. Tyler's client base includes nearly 6,000 local government offices in 49 states, Canada and Puerto Rico. More information about Tyler Technologies can be found on the World Wide Web at www.tylertechnologies.com.
Tyler Technologies, Inc. has included in this press release "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 concerning its business and operations. Tyler Technologies expressly disclaims any obligation to release publicly any updates or revisions to these forward-looking statements to reflect any change in its expectations. These expectations and the related statements are inherently subject to risks and uncertainties that could cause actual results to differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to, changes in competition, changes in general economic conditions, changes in the budgets and regulatory environments of the Company's customers, risks associated with the development of new products and the enhancement of existing products, the ability to attract and retain qualified personnel, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.
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Sep 24, 2002 |
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