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Microcap & Penny Stocks : Tokyo Joe's Cafe / Societe Anonyme/No Pennies

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To: Ernest Poe who wrote (41157)	1/12/1999 2:43:00 PM
From: Gapman	Read Replies (2) of 119973

ICAN INCREASES STAKE IN PANA HOUSTON, Jan. 12 /PRNewswire/ -- PANACO, Inc. (Nasdaq: PANA) announced that effective Monday, January 11, 1999, an affiliate of Mr. Carl Icahn, High River Limited Partnership, purchased the PANACO shares previously owned by Mr. Leonard Tallerine. This purchase increases Mr. Icahn's holdings of PANACO stock from 12.8% to 19.2% of the outstanding shares (an increase from 3.030 million shares to 4.58 million shares). In conjunction with this purchase, Mr. Tallerine resigned from PANACO's Board of Directors. Mr. Felix Pardo was elected by the PANACO Board of Directors to replace Mr. Tallerine.

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