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Gold/Mining/Energy : Greyvest Capital (GFI,T)

GFI 45.69

+0.3%

Jan 9 9:30 AM EST

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To: Michel Miron who wrote (5)	11/9/1998 5:08:00 PM
From: Michel Miron	Read Replies (2) of 23

Greyvest Capital announcement (Full text of press release from Canadian Corporate News NOVEMBER 9, 1998 Greyvest Capital Inc. Agrees to Sell its Canadian Leasing Operations TORONTO, CANADA--Greyvest Capital Inc. today announced that it has entered into a definitive agreement to sell its Canadian computer leasing assets and operations to Detroit-based Varilease Canada Incorporated, which is a subsidiary of Unicapital Corporation. The transaction is effective October 30, 1998 and is subject to closing adjustments to be finalized over the next 90 days. Proceeds of approximately $24.5 million will be used to reduce bank indebtedness. From a financial reporting viewpoint, the Company is not anticipating any gain or loss on this transaction as a write-down was taken in the first quarter of 1998 to cover the restructuring of its operations. This sale represents a significant milestone for Greyvest as the Company completes its exit from the long-term computer leasing business. Management will now focus on expanding and improving profitability of its wholly-owned and profitable computer rental operations - Vernon Rentals & Leasing Inc. Greyvest is committed to the ongoing process of enhancing return on its assets. Accordingly, management continues to assess other opportunities that would generate additional value and improve shareholder returns. Bank debt has been reduced to approximately $34 million. Total assets are approximately $100 million. There are 20,981,000 common shares outstanding. Greyvest Capital Inc. is a leading computer rental company serving corporate clients, systems integrators and equipment resellers across Canada and the United States. FOR FURTHER INFORMATION PLEASE CONTACT: Greyvest Capital Inc. Lou Elmaleh Chairman of the Board and Chief Executive Officer (416) 366-1513 or Greyvest Capital Inc. Stuart Mooney President and Chief Operating Officer (416) 366-1513

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