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

To: Ga Bard who wrote (7360)	11/19/1999 2:57:00 PM
From: Richard Perkins	Read Replies (1) \| Respond to of 9440

GS: This PR tells me that PCIE is really close to being able to finance production unfettered by outside negative influences; Pacific International Enterprises Inc. -- Current Status of the Chapter 11 Proceedings LONG BEACH, Calif.--(BUSINESS WIRE)--Nov. 18, 1999--Pacific International Enterprises Inc. (OTCBB:PCIE) 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. On September 7, as a result of a dispute with KCDK, a Washington LLC that is also PCIE's landlord, PCIE was forced to file the Chapter 11 action and was granted a "stay" by the Court to preserve it's rights to use the land and building for it's ongoing board manufacturing operation. The firm of Levene, Neale, Bender & Rankin LLP (LNBR) was retained by PCIE on October 27. This firm is located in Century City and can be reached at 310/229-1234. A Motion has been filed with the Court seeking approval for LNBR to represent PCIE. To date that Motion has not been opposed by any other party. On November 16, a hearing was held in Los Angeles Bankruptcy Court. KCDK filed a motion requesting the venue be changed from Los Angeles to Yakima, Wash. That motion was denied. PCIE filed a Motion to extend the time required to assume the lease for the Goldendale facility and is set for hearing on Nov. 30, 1999. The ALCO Financial post petition secured lender emergency Motion was filed with the Court on November 15. To date their has been no opposition filed with respect to this motion and we are awaiting a date from the Court to review this matter. The loan package is valued at $1 million and is slated to be used as working capital. For More Information Contact: Anthony Broughton, CFO Ph: 562/424-1295; Fax: 562/424-3605; E-mail: tempy12@aol.com 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.