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Strategies & Market Trends : Cents and Sensibility - Kimberly and Friends' Consortium -- Ignore unavailable to you. Want to Upgrade?

To: labs who wrote (107840)	6/14/2000 11:21:00 AM
From: StocksDATsoar	Respond to of 108040

Largest Stock Fraud Case Involves Mob, Fast Food Chain Execs Schemes Resulted in Losses of More Than $50 Million Reuters NEW YORK (June 14) - Members of five organized crime families and two officers of the Ranch+1 restaurant chain were among 120 people charged on Wednesday in what authorities said is the largest number of people ever arrested at one time for securities fraud. The defendants are accused of participating in nationwide stock fraud schemes that resulted in total losses of more than $50 million. Federal authorities said many tens of millions of dollars more would have been lost had the schemes been completed. A spokesman for the Manhattan U.S. Attorneys office said that authorities were in the process of arresting the defendants, many of whom are already in custody. The defendants were named in 16 indictments and seven criminal complaints unsealed in Manhattan federal court. The security fraud charges involve publicly traded stock of 19 companies and the private placement of securities of 16 other companies. Among the defendants are Sebastian Rametta and James Chickara, officers of the Ranch+1 fast food chain, who are alleged in the court papers to be associates of the Colombo Crime family. The long list of defendants also include a former New York Police department detective, 57 licensed and unlicensed stock brokers, three recruiters of corrupt brokers, 12 stock promoters, 30 officers or other ``insiders'' of companies issuing securities involved in the fraud, an investment adviser and a hedge fund manager. 10:39 06-14-00

To: labs who wrote (107840)	6/15/2000 2:55:00 PM
From: Kevin Clarke	Read Replies (1) \| Respond to of 108040

NEWS OUT FOR UVGIE BW2590 JUN 15,2000 11:20 PACIFIC 14:20 EASTERN ( BW)(NY-UNITED-VENTURES-GROUP)(UVGIE) United Ventures Group, Inc. Reports Results of Operations for 1999 and First Quarter 2000 Business Editors NEW YORK--(BUSINESS WIRE)--June 15, 2000-- Company Anticipates Significant Revenue and Earnings Growth in 2000 and Demonstrates 46% Increase In Revenue For the First Quarter Ended March 31, 2000 United Ventures Group, Inc. (OTC BB:UVGIE), a premier designer, manufacturer and distributor of fine jewelry, today reported results of operation for the year ended December 31, 1999 and the quarter ended March 31, 2000. Revenues for the year ended December 31, 1999 were $8.58 million, with a loss of $9 million. Bad debt expense of $4 million in 1999 includes $2.5 million that is actually expected to be recovered by the third quarter of 2000. Debt forgiveness associated with loans and interest of $4.4 million will be reflected during the second quarter of fiscal 2000. Additionally, a loan payable of 3.6 million outstanding at December 31, 1999 will be contributed to capital during the second quarter of 2000, not affecting the number of outstanding shares. UVGI is a fully-reporting entity due to the completion of its acquisition of ACSI on April 11, 2000. The Company will file today with the SEC its 1999 audited year end financial statements and pro-forma first quarter results on form 8K, in compliance with respective regulations. The Company's core product continued to gain broad product distribution throughout the nation. UVGI's proprietary product line of 14 karat jewelry continues to be carried in nationally known retail operations. The Company is pleased to report that during the first quarter of 2000, a major television retailer placed a significant order which immediately sold out, reinforcing the value of design and consumer recognition UVGI's products are garnering. Isaac Nussen, President, commented, "The loss incurred in 1999 was due partially to various loans and interest that were eliminated in April. We anticipate to reinstate our shareholders' capital to its pre-loss position and increase it by the fourth quarter of this year. The capital will be reinstated by the cancellation of loans, contribution to capital and recovery of bad debts, which could not be reflected in the 1999 financial statements because of GAAP. We have, nevertheless, experienced many positive changes throughout fiscal 1999. The SG&A expenses were reduced from $2.9 million in 1998 to $1.7 in 1999 due to cost cutting measures. We are implementing our business plan with additional cost cutting measures for the current year." "Our sales for the first quarter of this year are approximately 46% higher than the first quarter of fiscal 1999 and the Company expects to continue its trend for 2000 in increasing revenues and profitability." "The Company's aggressive acquisition strategy coupled with the expansion of our lines to include platinum, the launch of www.ElegantChoice.com, name and brand recognition, an impressive and growing client list, and order backlog will be key contributors to United Ventures Group future. Although the Company experienced certain set-backs in 1999, theses setbacks will certainly be offset by what we believe to be significant events in line with our strategic growth objectives," Nussen concluded. UVGI, a Delaware corporation, through its wholly owned subsidiaries, is a jewelry designer, manufacturer, and distributor. The Company's product line includes a wide assortment of 14-karat gold jewelry along with the newly added diamond, pearl and platinum jewelry lines. The Company is currently seeking to align itself with major Internet marketing and advertising entities to increase the brand awareness and drive traffic to the site. This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Expression of future goals and similar expressions reflecting something other than historical fact involve risks and uncertainties. The actual results the Company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. --30--jc/ny* CONTACT: DeMonte Associates Investor Contact: Cynthia DeMonte 212-473-3700 cdemonte@demonte.com