CHES news out!!
FLANDERS, N.J.--(BUSINESS WIRE)--July 14, 1999--Chester Holdings,
Ltd. (Electronic Bulletin Board symbol: CHES) today announced that it
has entered into a Letter of Intent with Growth Fund Partnership, Inc.
Growth Fund Partnership, Inc., based in North Miami Beach, Fl, is
a privately owned holding company with an audited asset base of
approximately $3.7 Billion US. Growth uses these assets, in
conjunction with its' credit enhancement business, to provide third
party loan guarantees. The purpose of the Letter of Intent is to allow
both companies to commence negotiations and due diligence with the
intent for Chester to acquire a substantial interest in Growth. It is
anticipated that agreements could be completed by September 1999.
Management of Chester believes that the proposed acquisition, if
completed, together with the PharmaOn-Line acquisition and the
previously announced financing would provide Chester with the
necessary revenues and assets needed to resume seeking affiliations
with domestic and foreign corporations.
"Safe Harbor" Statement under the Private Securities Litigation
Act of 1995; to the extent that this press release makes statements
about the future, such statements are forward looking and subject to a
number of risks and uncertainties, including, but not limited to, the
inability to meet all of the required reporting requirements. These
risks could effect the ability of the Company to complete acquisitions
and successfully reorganize and resume operations as stated in any
forward looking statements made by, or on behalf of the Company. There
is no assurance that the Company will be able to achieve any of its
intended objectives.
For more information please FAX requests to 1-864-962-8638.
--30--sdg/ny*
CONTACT: Chester Holdings, Ltd., Flanders
Michael F. O'Shea, President
864/962-8638
KEYWORD: NEW JERSEY
INDUSTRY KEYWORD: BANKING MERGERS/ACQ
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