Wednesday March 18, 12:27 pm Eastern Time
Company Press Release
Global Spill and Litchfield Consolidated Discuss Expansion of BioFarm
Acquisition
WILLOW GROVE, Pa.--(BUSINESS WIRE)--March 18, 1998--Global Spill
Management, Inc. (GEGI) announced Wednesday that it is discussing with
Litchfield Continental, Ltd. an expansion of the transaction in which
Litchfield has sold Biofarm S.A., a Romanian homeopathic pharmaceutical
company, to Global. (Global's shareholders will meet in late April,
1998, after being furnished with a proxy statement, to approve of the
Biofarm acquisition, change the name of Global to Biofarm, Inc., elect
directors and increase the capital stock of Global.)
Litchfield, a British Virgin Islands entity located in London, is a
diversified holding company with holdings in chemical, real property,
maritime, mining, research and development and financial management
companies.
The discussions between Global and Litchfield envision that Litchfield's
holdings other than Biofarm would be contributed to Global immediately
following the meeting of the Global shareholders.
Inasmuch as Litchfield will become an 85% owner of Global stock as a
result of the Biofarm transaction with Global, the contribution by
Litchfield of other assets to Global would be without any additional
consideration on the part of Global.
Litchfield and Global will also announce shortly the preliminary results
of the Coopers & Lybrand audit of Biofarm for the period ended Dec. 31,
1997, the names of the remaining Litchfield nominees to the Global
Board, and specific information with respect to each of the additional
Litchfield assets to be contributed to Global.
The increased scope of the Litchfield-Global transaction is designed to
insure that Global will meet the listing requirements of NASDAQ.
Global intends to use its proxy statement as the basis for a filing with
NASDAQ to become listed on the NASDAQ NMS. Such proxy statement will be
filed with the SEC promptly upon receipt of the Coopers & Lybrand
statement for Biofarm at Dec. 31, 1997.
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Contact:
Global Spill Management Inc.
Desiree Pierson, 610/495-8413
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More Quotes and News:Global Spill Management Inc (OTC BB:GEGI - news)
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