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Gold/Mining/Energy : Gendis TSE:GDS.A

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To: valg who wrote (69)	11/24/1999 6:33:00 PM
From: Robert Salasidis	Read Replies (1) of 81

Some good news today. That is 25Mil$ more than the recorded book value as of the last issued earnings. It amounts to 2.75$/sh cash. It eliminates all the company's outstanding debt. Gendis Inc. Granted $45 Million Judgement In Sale Of Tundra Oil And Gas Ltd WINNIPEG, MANITOBA--Gendis Inc. (TSE: GDS - news) today announced that the Court of Queen's Bench of Manitoba has awarded Gendis judgment in the amount of $39 million plus interest, costs and deferred compensation in its law suit seeking specific performance of the sale of its interest in Tundra Oil and Gas Ltd. to Richardson Oil and Gas Limited. Interest amounts to approximately $6 million. The Court ruled that Richardson Oil and Gas entered into a binding agreement with Gendis Inc. in February 1998 when it agreed to purchase Gendis' full interest in Tundra Oil and Gas Ltd. for $39 million. At that time, Richardson Oil and Gas also agreed to potential deferred compensation of up to $2 million contingent upon oil prices reaching specified benchmark levels during 1999 and 2000. ``We are pleased that this matter has been resolved in our favour,' said G. Allan MacKenzie, President and Chief Executive Officer of Gendis Inc. ``Management will recommend to the Board that the proceeds from the sale be used to eliminate Gendis' remaining long-term debt, thereby providng the financial flexibility required to execute the Company's growth strategy and build shareholder value.' Gendis Inc. is a diversified company headquartered in Winnipeg, Manitoba. It participates in the pipeline industry through the Alliance Pipeline project and Aux Sable natural gas extraction plant project. Gendis is active in the merchandising sector through SAAN Stores Ltd., a wholly-owned subsidiary, which operates junior department and family clothing stores across Canada. Gendis is also active in real estate investment and management through a wholly-owned subsidiary, Gendis Realty Inc. Contact:

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