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Pastimes : Georgia Bard's Corner -- Ignore unavailable to you. Want to Upgrade?

To: Ga Bard who wrote (6927)	9/14/1999 10:38:00 AM
From: Richard Perkins	Read Replies (1) \| Respond to of 9440

GB, Latest PCIE PR; FYI, back in business. Pacific International Enterprises Inc. Signs Preliminary Agreement to Secure $1 Million Line of Credit LONG BEACH, Calif.--(BUSINESS WIRE)--Sept. 14, 1999--Pacific International Enterprises Inc. (OTC BB:PCIE) (OTC BB:PCIEQ) and its "The France Group" Division in Goldendale, Wash., is a 300,000 unit capacity, state of the art, board sports manufacturing operation, which includes the in-house brands Twenty Four Seven Snowboards (www.247snow.com), Wake Tech Wakeboards, Rift Snowboards and Microski. 24/7 Snowboards racing program is acclaimed worldwide, with Olympic Gold Medalist, Ross Rebagliati signed to an exclusive snowboard promotional contract through the 2002 Olympics. PCIE announced that it has reached a conditional preliminary agreement with a lender and is proceeding to finalize the documents securing a $1 million line of credit based on account receivable financing and advances against letters of credit. Anthony D. Broughton, CFO of PCIE, stated, "PCIE is working with a post-petition DIP lender to provide the funding necessary for its reorganization. PCIE and the lender are in the process of finalizing the documentation and PCIE's attorneys, Lobel, Opera & Friedman LLP (www.lobelopera.com), anticipate filing a motion to obtain the necessary approval from the Bankruptcy Court within the next several days. PCIE is confident that the Bankruptcy Court will approve the financing." Binks Graval, Chairman & CEO of PCIE, stated, "This is the first step in our reorganization plan to restructure our finances and has been made feasible due to our Chapter 11 status. The additional steps that we will be taking shortly will strengthen the company and provide a more secure base for future earnings." The France Group, a Division of Pacific International Enterprises Inc., develops and manufactures sports related products for rapidly growing markets, including snowboarding, wakeboarding, mini-skiing and skateboarding. The France Group brand names are a leader in their category by providing superior levels of performance and quality. Statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the company's products, increased levels of competition for the company and dependence on third-party suppliers. CONTACT: Pacific International Enterprises Inc. Anthony Broughton,CFO; 714/816-0200 562/424-3605 (fax) KEYWORD: CALIFORNIA WASHINGTON BW0271 SEP 14,1999 6:53 PACIFIC 9:53 EASTERN