Warrantech Corporation, a service contract and aftermarket warranty provider, announced June 12 the settlement of all pending disputes with Staples The Office Superstore, Inc.

Joel San Antonio, chairman and CEO of Warrantech, said, "While the agreement stipulates that the specific terms of the settlement remain confidential, we are extremely pleased that the parties were able to resolve their differences in a mutually satisfactory manner with no adverse financial impact to the company."

As part of the settlement, Warrantech shareholders are entitled to know that Staples accepted options to purchase up to one million shares of Warrantech common stock at an exercise price of $2.00 per share. The five-year option contains a call provision exercisable by Warrantech should the stock trade for five consecutive days at a price at or above $3.00 per share.

About Warrantech

Warrantech Corporation administers and markets service contracts and after-market warranties on automobiles, automotive components, recreational vehicles, appliances, consumer electronics, homes, computer and computer peripherals for retailers, distributors and manufacturers. The company continues to expand its domestic and global penetration, and now provides its services in the United States, Canada, Puerto Rico and Latin America. For additional information on Warrantech, access www.warrantech.com.