This just out!
BDO to Review Genesis International Financial Services' CRIC Assets; Due Diligence Report Will Encompass, Confirm Over $100 Million in Inventoried Assets
PR Newswire - March 19, 1997 09:50
CHATTANOOGA, Tenn., March 19 /PRNewswire/ Genesis International Financial
Services, Inc., (Nasdaq: GIFS) (GIFS) 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 diligence 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.
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 the Genesis family of companies, contact the
Investor Relations Department at 735 Broad Street, Suite 1001, James Building,
Chattanooga, TN 37402, 423-266-7544 or via Mail at:
investor.relations.genesis@juno.com. Additionally, information about GIFS may
be obtained by visiting the company website at: gifs-inc.com.
SOURCE Genesis International Financial Services, Inc.
CONTACT: Michael W. Rehtorik, Director of Investment Strategies and
Investor Relations, Genesis International Financial Services, 423-266-7649 |
