 |
» |
|
|
|
HP Resolves Dispute with Government of Canada
PALO ALTO, Calif., May 14, 2004
HP today announced it has resolved a dispute with the Government of Canada, stemming from a complex scheme designed to exploit both parties through contracts inherited through HP's merger with Compaq Computer Corp. HP Canada has agreed to reimburse the Government of Canada the sum of CDN$146 million (approximately US$105 million) – an amount determined by both parties to be appropriate upon investigation.
HP determined that it was important for the company to honor its contractual obligations, rather than engage in protracted litigation with the Government of Canada, despite the lack of evidence that HP employees derived any improper benefit from the scheme. HP now intends to take appropriate steps, including legal action, to recover these funds from the individuals and companies responsible.
About HP
HP is a technology solutions provider to consumers, businesses and institutions globally. The company's offerings span IT infrastructure, personal computing and access devices, global services and imaging and printing. For the four fiscal quarters ended Jan. 31, 2004, HP revenue totaled $74.7 billion. More information about HP (NYSE, Nasdaq: HPQ) is available at www.hp.com.
This news release contains forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they ever materialize or prove incorrect, could cause the results of HP and its consolidated subsidiaries to differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including any projections of earnings, revenues, or other financial items; any statements of the plans, strategies, and objectives of management for future operations; any statements concerning proposed new services or developments; any statements regarding future economic conditions or performance; statements of belief and any statement of assumptions underlying any of the foregoing. Risks, uncertainties and assumptions include the possibility that HP may not be successful in taking appropriate steps, including legal action, to recover these funds from the individuals and companies responsible in the scheme referred to above; and other risks that are described from time to time in HP's Quarterly Report on Form 10-Q for the period ended Jan. 31, 2004, and HP's other Securities and Exchange Commission reports filed after HP's Annual Report on Form 10-K for the fiscal year ended Oct. 31, 2003. HP assumes no obligation and does not intend to update these forward-looking statements.
|
Printable version
