CRIC Closing; Company Proceeds To Formalize Agreement with 'Big 6' Firm to
Expedite Unit Sale Due Diligence
CHATTANOOGA, Tenn., March 24 /PRNewswire/ -- Genesis International
Financial Services, Inc., (OTC Bulletin Board: GIFS) (GIFS) announced today
that the parties to the sale of the CRIC unit have set April 27, 1997 as the
closing date for the $117 million transaction. As previously reported the
company has agreed to sell the CRIC unit to a group of international investors
led by Suisse Private Banking, Ltd. and InterFinance Banking Group.
Additionally, GIFS announced it was in the process of formalizing an
agreement with a "Big 6" international accounting and consulting firm to aid
in expediting necessary due diligence for the closing and provide consultation
on the structure of the transaction, which encompasses an installment sale
contract secured by an international promissory note and collateralized by a
first security agreement and wrapped by a performance guarantee. This work
will be done in parallel with, and in addition to the BDO international
accounting and consulting firm's due diligence review of over $100 million of
CRIC assets integral to the sale.
Genesis International Financial Services, Inc., is a diversified holding
company maintaining investments in the financial services industry, medical
products industry, agricultural industry, real estate, and gold mining
industries with investments in other hard assets, securities, and projects.
For more information about GIFS, contact the Investor Relations Department at
735 Broad Street, Suite 1001 -- James Building, Chattanooga, TN 37402,
Phone: 423-266-7544 or via Mail at: investor.relations.genesis@juno.com. They
may also obtain more information about GIFS by visiting the website at:
gifs-inc.com.
SOURCE Genesis International Financial Services, Inc.
-0- 03/24/97
/CONTACT: Michael W. Rehtorik, Director of Investment Strategies and
Investor Relations, Genesis International Financial Services, Inc.,
423-266-7649/
(GIFS)
CO: Genesis International Financial Services, Inc.
ST: Tennessee
IN: FIN
SU: FNC
KS
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7035 03/24/97 12:40 EST prnewswire.com
Copyright 1997, PR Newswire
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