``PCIE's White Knight Steps Up'
Business Editors
LONG BEACH, Calif.--(BUSINESS WIRE)--March 1, 2000--Pacific International Enterprises Inc. (Symbol: PCIEE) releases latest news.
The Zaremba Group LLC has delivered their irrevocable letter of credit to the Murray family to guarantee that the proposed transaction can proceed on an insured payment basis.
Zaremba has agreed to purchase the assets of PCIE and lease back those assets to PCIE for a nominal yearly amount. With the placement of the letter of credit, Zaremba has asserted his undeniable willingness to assist in the re-emergence of PCIE from its Chapter 11 status. "This action bodes well for PCIE's attempt to successfully re-organize and emerge from the Chapter 11 Bankruptcy and sends a clear message that PCIE does not stand alone in its efforts", states CEO, Binks Graval.
Statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the company's products, increased levels of competition for the company and dependence on third party suppliers. |
