So much for that hyped REIC "buyout deal"...
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(COMTEX) B: Claremont Holdings Fails in its Effort to Buy Out REII Inc.
NAPLES, Fla., Oct 8, 1999 (BUSINESS WIRE) -- CLAREMONT HOLDINGS LTD.,
a privately held corporation registered in Nassau, Bahamas has failed
to provide the necessary guarantees of funding to provide the all cash
purchase of all the outstanding shares of REII INC. (OTCBB:REIC) as
indicated in their tender offer on September 15, 1999.
"Claremont Holdings Ltd., advised us that we could expect these answers
to the funding questions no later that 1:00 PM October 7, 1999," said
Garfield Ricketts, President of REII Inc.
"Owing to the fact that we have not received this guarantee, we see no
reason to seek the shareholders approval since we have now come to the
conclusion that Claremont Holdings Ltd, cannot provide the necessary
funding to conclude this transaction," concluded Garfield Ricketts.
Copyright (C) 1999 Business Wire. All rights reserved.
Distributed via COMTEX.
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CONTACT: REII Inc., Naples
Garfield Ricketts, 941/261-3396
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