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Microcap & Penny Stocks : Value Holdings (VALH)
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To: who started this subject5/3/2001 3:50:00 PM
From: Bosco   of 1152
 
(BSNS WIRE) GMAC Obtains Appointment of Receiver for Network Forest Product
GMAC Obtains Appointment of Receiver for Network Forest Products, Value
Holdings Wholly Owned Subsidiary


Business Editors

MIAMI--(BUSINESS WIRE)--May 3, 2001--Value Holdings, Inc.
(OTCBB:VALH) today announced that GMAC Credit Corporation Canada has
obtained a court order putting Value's wholly owned subsidiary
Network Forest Products Limited into receivership. As a result of such
action, the board of directors of Value have resigned, with the
exception of Robert Ziner, who remains a director of Value Holdings.
Network's Harron Hardware and Building Supplies and Cutler Forest
Products subsidiaries were not placed into receivership and continue
to operate under CCAA protection.
The action by GMAC removes Network from protection under the
Companies' Creditors Arrangement Act under which it has been
operating since March 7, 2001. GMAC had not been part of the order
under the Act and had been funding Network's operations on a daily
basis.
In addition, the receiver has relieved Mr. Larry Maker of his
duties as president of Network Forest Products.

--30--pp/mi*

CONTACT: Gemini Integrated Financial Services, Toronto
Randy Lebow, 416/366-4242

KEYWORD: FLORIDA INTERNATIONAL CANADA
INDUSTRY KEYWORD: BUILDING/CONSTRUCTION FOREST PRODUCTS

Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
URL: businesswire.com




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