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Microcap & Penny Stocks : Global Spill Management GEGI -- Ignore unavailable to you. Want to Upgrade?

To: jan_mike who wrote (10)	3/18/1998 1:53:00 PM
From: DR. MEADE	Read Replies (1) \| Respond to of 42

Wednesday March 18, 12:27 pm Eastern Time Company Press Release Global Spill and Litchfield Consolidated Discuss Expansion of BioFarm Acquisition WILLOW GROVE, Pa.--(BUSINESS WIRE)--March 18, 1998--Global Spill Management, Inc. (GEGI) announced Wednesday that it is discussing with Litchfield Continental, Ltd. an expansion of the transaction in which Litchfield has sold Biofarm S.A., a Romanian homeopathic pharmaceutical company, to Global. (Global's shareholders will meet in late April, 1998, after being furnished with a proxy statement, to approve of the Biofarm acquisition, change the name of Global to Biofarm, Inc., elect directors and increase the capital stock of Global.) Litchfield, a British Virgin Islands entity located in London, is a diversified holding company with holdings in chemical, real property, maritime, mining, research and development and financial management companies. The discussions between Global and Litchfield envision that Litchfield's holdings other than Biofarm would be contributed to Global immediately following the meeting of the Global shareholders. Inasmuch as Litchfield will become an 85% owner of Global stock as a result of the Biofarm transaction with Global, the contribution by Litchfield of other assets to Global would be without any additional consideration on the part of Global. Litchfield and Global will also announce shortly the preliminary results of the Coopers & Lybrand audit of Biofarm for the period ended Dec. 31, 1997, the names of the remaining Litchfield nominees to the Global Board, and specific information with respect to each of the additional Litchfield assets to be contributed to Global. The increased scope of the Litchfield-Global transaction is designed to insure that Global will meet the listing requirements of NASDAQ. Global intends to use its proxy statement as the basis for a filing with NASDAQ to become listed on the NASDAQ NMS. Such proxy statement will be filed with the SEC promptly upon receipt of the Coopers & Lybrand statement for Biofarm at Dec. 31, 1997. ------------------------------------------------------------------------ Contact: Global Spill Management Inc. Desiree Pierson, 610/495-8413 ------------------------------------------------------------------------ More Quotes and News:Global Spill Management Inc (OTC BB:GEGI - news) Related News Categories: banking, environmental ------------------------------------------------------------------------ Help ------------------------------------------------------------------------ Copyright c 1998 Business Wire. All rights reserved. All the news releases provided by Business Wire are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving ina public database, redistributing via a computer network or in a printed form. See our Important Disclaimers and Legal Information. Questions or Comments?