WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--BKF Capital Group, Inc. (OTCPink: BKFG), a closely-held holding company that provides capital primarily in the form of share ownership, today announced that the United States Department of Justice (DOJ) has filed two civil complaints asserting that BKF Capital Group is liable for remediation costs under the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA). The parallel lawsuits are identical except for the location of the cleanup sites, which are in separate district court jurisdictions in Florida. Both sites are located on tracts of land now known as the Avon Park Air Force Range. Predecessors to BKF Capital Group owned the land until 1942 when it was transferred to the United States Government pursuant to a Judgement on Declaration of Taking.
“We believe that the Company has valid factual and legal defenses to this claim and we are vigorously defending the claim,” stated Steven N. Bronson, CEO of BKF Capital Group, Inc. The claim is a remediation of certain pesticides and other chemicals used by ranchers in cattle dipping vats. Cattle dipping was a widely used method to eradicate tick-borne diseases from Florida’s otherwise prosperous cattle industry. The Florida Legislature passed a law in 1923 requiring every cattleman in the state to comply with a full tick eradication program, which included dipping cattle every two weeks. “Not only is the US Government ignoring liabilities it should have assumed through condemnation, any chemical use was mandated by state law,” Mr. Bronson continued. “Ninety-five years after following orders from the State Livestock Sanitation Board, the DOJ is punishing the ranchers, looking for deep pockets to pay the remediation costs.”
BKF Capital Group has determined that no specific reserve for this action is required as the matter contains a reasonable degree of uncertainty and the Company believes it will prevail on the merits of the case.
About BKF Capital Group, Inc.
BKF Capital Group, Inc. is a holding company that invests in innovative and high-growth technology companies. We make capital investments through our wholly owned subsidiary, BKF Asset Holdings, Inc. Our most prominent assets are Interlink Electronics, Inc. (NASDAQ:LINK), a global leader in human-machine interface and sensor technologies, and Qualstar Corporation (NASDAQ:QBAK), a leading manufacturer of data storage solutions and high-efficiency power supplies.
Our principal executive office is located at 31248 Oak Crest Drive, Suite 110, Westlake Village, CA 91361. The Company's securities were registered under Section 12(g) of the Securities Exchange Act of 1934. On May 20, 2015, we filed Form 15 to terminate the registration and reporting obligations under Section 12(g). Since May 20, 2015, we make available our annual financial statements, quarterly financial statements, and other significant reports and amendments to such reports, free of charge, on our website as soon as reasonably practicable after such reports are prepared. Our website address is www.bkfcapital.com.
Forward Looking Statements
This release contains forward-looking statements made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, the Company’s views on future financial performance and are generally identified by phrases such as “thinks,” “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” and similar words. Forward-looking statements are not guarantees of future performance and are inherently subject to uncertainties and other factors which could cause actual results to differ materially from the forward-looking statement. These statements are based upon, among other things, assumptions made by, and information currently available to, management, including management’s own knowledge and assessment of the Company’s industry, competition and capital requirements. Other factors and uncertainties that could affect the Company’s forward-looking statements include, among other things, the following: our success in predicting markets and success of the companies we invest in; efficient management of our infrastructure; the pace of technological developments and industry standards evolution and their effect on our market choices; competition by alternative sophisticated as well as generic investors; risks of international investments and operations including fluctuations in exchange rates; and compliance with regulatory requirements applicable to our operations. These and other risks are more fully described in the Company’s most recently filed quarterly financial statements, which should be read in conjunction herewith for a further discussion of important factors that could cause actual results to differ materially from those in the forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.