Just got this press release via e-mail.
FOR IMMEDIATE RELEASE-WEDNESDAY, MARCH 19, 1997--9:15 a.m. EST
Genesis International Financial Services, Inc.
Chattanooga, TN
BDO TO REVIEW GIFS' CRIC ASSETS:
DUE DILLIGENCE REPORT WILL ENCOMPASS, CONFIRM OVER $100 MILLION IN
INVENTORIED ASSETS
(CHATTANOOGA, TN) Genesis International Financial Services, Inc.,
(GIFS-OTC-BB) announced today that BDO, one of the world's largest
accounting organizations, has agreed through an international member
office to conduct a global review of the critical assets backing the CRIC
unit sale to an international investment group.
BDO, the world's 7th largest international accounting and consulting
firm, will perform a due dilligence review on more than $100 million
in assets collateralizing financial instruments in the form of
certificates of deposit associated with the CRIC sale. They will
issue reports that encompass an evaluation and confirmation of the
inventoried assets underlying these CDs as well as an analysis of the
integrity of the instrument, including verification of the financial
status of the issuer and corresponding governmental performance
guarantees.
GIFS President and CEO, Mohamed Khairy Mohamed Zayed II, said " the
reports to be issued by BDO are a vital element in the due diligence
process as we move toward the CRIC closing. We are confident that the
BDO worldwide organization, with its international network of experience
and specialist knowledge, is up to the task."
GIFS has previously reported that it has agreed to sell its CRIC unit to
an international group of investors led by InterFinance Banking Group and
Suisse Private Banking, Ltd., in an $117 million transaction. The
company expects the parties to announce a closing date for this
transaction later this week. |
