To All, From StreetLevel:
FOR IMMEDIATE RELEASE -- FRIDAY, APRIL 18, 1997 -- 9:30 A.M. (EDT)
GIFS' CRIC UNIT ASSETS AT $99.25 MILLION:
FINAL REPORT TO INCLUDE DETAILS FOR IMPROVED PERFECTION OF COLLATERALIZATION
(GIFS-OTC-BB) announced today that the preliminary due diligence summary
prepared by an international office of BDO in conjunction with the sale of
its CRIC unit has reported the property valuation underlying the instruments
representing the critical assets of CRIC, in accordance with the appraisal
made by Banco Union, S.A., an authorized financial institution, factually
agree in general terms with certificate stated amount of $100m less
liabilities equivalent to approximately $714,000 creating an approximate net
asset collateral value in excess of $99.25 million.
The final due diligence review report expected to be completed later next
week will include several alternative methods whereby the parties to the
sale (buyer and seller) can improve the perfection of their collateral
interests in those underlying assets to be incorporated into the closing
documents of the $117 million sale of its CRIC unit. The company has
provided this information to the international buying group led by Suisse
Private Banking, Ltd., and InterFinance Banking Group. Dr. Nelson Aquino,
lead counsel for the internatioinal buying group, has re-confirmed their
complete agreement and total commitment to the April 28, 1997 closing date
previously reported.
In addition to the foregoing, since the Company has issued its Brokerage
Advisory seeking to stop the illegal and unauthorized dilution of its
Shareholders' equity, efforts by those who have a vested interest in driving
the price of the Company's stock lower have intensified.
The Company has become aware, for instance, that as a final resort, threats
have been made to attempt to undermine Shareholder value through unethical
attacks on the Company's 34- year-old CEO, Mohamed Khairy Mohamed Zayed, II
and his character. Friends, associates and business partners of the CEO
have long been aware of a youthful indiscretion over a decade ago that
resulted in Mr. Zayed having fully paid a debt to society through a period
of incarceration, completed over 7 years ago. This has been made known to
the CRIC international buying group and interested parties involved in the
sale of the CRIC unit.
While there were extenuating circumstances whereby Mr. Zayed may have been
victimized as a scapegoat by business associates much older than he, the
courts did not agree and Mr. Zayed nevertheless has always accepted full
responsibility for his actions and the consequencies of those actions.
Mr. Zayed has since received numerous honors, including a Distinguished
Citizen Award, a listing in the Who's Who in American Business Executives
and Professionals. His experiences also served as an inspiration for his
efforts to provide financial support to other Minorities seeking entree into
the mainstream business world, and forms the backbone for his Company's
subsequent bonding activities for Minority businessmen and women.
Mr. Zayed regrets that because he was thrust into the public arena via his
acquisition of an existing public company, his character and integrity, and
his family's name could subsequently become a pawn in unethical attempts to
undermine investor confidence, and reassures shareholders that these matters
have nothing whatsoever to do with the Company's businesses, revenues,
earnings or its impending transactions with any parties; and that
ultimately, the Company will prevail as the full value of the Company
becomes evident over the next few days and weeks through the impending sale
of its CRIC unit as well as ongoing revenues and earnings reports.
He also stated that these efforts have only hardened the Company's resolve
to protect the Shareholders from dilution of their equity, resulting in the
actions taken Thursday to assume direct control of all transfer operations.
(GIFS-OTC-BB) is a diversified holding company maitaining investments in the
financial services industry, medical products industry, agricultural
industry, real estate, natural resources and gold mining industries with
investments in other hard assets, securities and projects. For more
information about GIFS contact our Investor Relations Department at 735
Broad Street, Suite 1001 -- James Building, Chattanooga, TN 37402, (423)
266-7544 or via Email at: investor.relations.genesis@juno.com. You may
also obtain more information about GIFS by visiting our website at
gifs-inc.com.) |
