SIOUX CITY, Iowa, Jan. 29 /PRNewswire-FirstCall/ --
Terra Industries Inc. (NYSE: TRA) announced today that on January 29, 2003, a
jury in Phoenix, Arizona awarded Jerry Workman $10.1 million in damages in a
lawsuit against Terra International, Inc., a Terra Industries Inc. subsidiary.
Mr. Workman's lawsuit, brought in the Superior Court of Arizona, Maricopa
County, sought damages in connection with Terra's 1997 contract to purchase
his business, Workman Ag Consultants, which included a crop production
software program developed by Mr. Workman. Mr. Workman alleged against Terra
a breach of the implied covenant of good faith and fair dealing, and fraud.
Terra divested its distribution business in 1999. Terra plans to appeal the
verdict.
Terra will record the effects of this verdict in its December 31, 2002,
financial statements. Consequently, its earnings release scheduled for
January 30, 2003, will be postponed until January 31, 2003.
Terra Industries Inc., with 2001 revenues of $1 billion, is a leading
international producer of nitrogen products and methanol.
Information contained in this news release, other than historical
information, may be considered forward looking. Forward-looking information
reflects management's current views of future events and financial performance
that involve a number of risks and uncertainties. The factors that could
cause actual results to differ materially include, but are not limited to, the
following: changes in financial markets, general economic conditions within
the agricultural industry, competitive factors and price changes (principally
selling prices of nitrogen and methanol products and natural gas costs),
changes in product mix, changes in the seasonality of demand patterns, changes
in weather conditions, changes in governmental regulations and other risks
described in the "Factors That Affect Operating Results" section of Terra's
current annual report.
Note: Terra Industries' news announcements are also available on its web
site, http://www.terraindustries.com .
SOURCE Terra Industries Inc.
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