FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 11, 2005
LITTLEFIELD CORPORATION.
(exact name of registrant as specified in its charter)
| Delaware | 0-24805 | 74-2723809 |
| (State or other jurisdiction of incorporation) | (Commissions File Number) | I.R.S. Employer Identification Number) |
|
2501 North Lamar Blvd., Austin, Texas
|
78705
|
| (Address of principal executive offices) |
(Zip Code) |
| Registrant's telephone number, including area code: (512) 476-5141 |
| (Former name or former address, if changed since last report.) NA |
The following information is furnished pursuant to Item 8.01, "Other Events."
On Janaury 11, 2005, Littlefield Corporation issued a press release announcing the result of a lawsuit which was tried in Bradenton County, Florida.. A copy of that press release is attached as exhibit 99 to this report, and is included below.
Exhibit 99:
Press Release dated Janaury 11, 2005.
Littlefield Corporation announced today the Pondella Hall for
Hire, Inc. case was tried in Bradenton County, Florida last week.
The case involved an acquisition transaction which occurred in July
1995. Please see the Company’s Securities and Exchange Commission
filings for a more complete description of the case.
After a week long jury trial, a verdict was rendered in favor of Pondella
and against American Bingo & Gaming [predecessor name to Littlefield
Corporation] in an amount of approximately $1,280,000. In addition,
Pondella will likely be awarded attorney’s fees. These expenses
will be accrued in the 2004 financial statements.
The events that were at issue occurred almost a decade ago and no
member of the current management or the Board of Directors was involved.
The Company is considering its further actions and it is anticipated
that this is the opening round in what will be a lengthy legal process.
Jeffrey L. Minch, President and Chief Executive Officer of Littlefield
Corporation, offered the following comments:
|
"I attended the entire trial and in preparation
for the trial I was as fully informed as is possible as to the
facts and circumstances that transpired ten years ago. The Company
was well represented legally and vigorously presented its case.
I was convinced that the jury would see the merits
of our claims and that the decision would be rendered in favor
of American Bingo.
The Company has a number of legal options in dealing
with this matter and will carefully weigh its alternatives.
The resolution of this matter does provide some closure,
albeit expensive, to a lingering legal matter that has consumed
the Company’s energy for a protracted period of time;
and, though the outcome is not what the Company would have desired,
the resolution is necessary and welcome."
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