Thursday March 13 3:00 PM EDT
Westmark Group Holdings, Inc., Announces Spin-Off of
Subsidiary Green World Technologies, Inc.
DELRAY BEACH, Fla. March 13 /PRNewswire/ -- Westmark Group Holdings Inc announced
today that a portion of its subsidiary, Green World Technologies, Inc., will be spun off as a
shareholder dividend within the next few months.
Green World Technologies, Inc. is a manufacturer and distributor of the Talon Refrigerant
Management System, which is an add-on to existing air conditioning equipment that saves the
end user between 20% and 40% on energy costs. The company's product recently won the
"Product of the Year" award in California at the Facilities Management Conference.
Westmark acquired Green World Technologies, Inc. in July, 1996 from GTB Company for $1.3
million. In December, 1996, Westmark had received an unsolicited letter of intent to purchase
Green World Technologies from a New York/Florida-based investment banking firm. After
weeks of discussions and review, the management of Westmark Group Holdings had decided
that the shareholders will be better served and will gain value by spinning off a portion of the
subsidiary and financing the company as a separate entity. It is Westmark's intention that Green
World Technologies, Inc. will become a public entity and will seek listing on Nasdaq.
Mark Schaftlein, COO of Westmark Group Holdings, Inc., stated "This spin-off accomplishes
two major goals; it enhances shareholder value through the dividend and allows management to
concentrate on its core non-conforming mortgage banking business."
Terms of the spin-off will be disclosed at a latter date. SOURCE Westmark Group Holdings,
Inc.
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