To: J. Nelson who wrote (548 ) 12/11/1998 8:26:00 AM From: MoneyMade Read Replies (1) | Respond to of 15987
Watch---KIWI | Kiwi Holdings Enters Cruise Ship Industry and Plans for NASDAQ Listing OYSTER BAY, N.Y., Dec. 11 /PRNewswire/ -- Kiwi Holdings, Inc. (OTC-Bulletin Board: KIWI - news) has announced that the Company has acquired a 250 Cabin luxury cruise vessel from Toler Development Corp. The ship is currently under construction at Elefsis Shipyard in Athens, Greece, and is expected to be completed by the end of 1999. It is contemplated that upon completion the ship will host 500 passengers with destinations such as Alaska and the Caribbean. ''We are very excited about our entry into the cruise ship industry, as we are confident it will further Kiwis' reputation as a premier travel company,'' stated Lindo Garuffi, President of Kiwi Holdings, Inc. Mr. Garuffi continued ''The cruise ship industry over the past five years has proven itself to be a major growth sector of the travel industry. More than 27 Million travelers have taken a cruise over the past five years, and the annual projected number of cruise travelers is expected to exceed 7 Million in the year 2000. We are extremely confident in our decision.'' As a result of this acquisition, the Company expects to file an application for a listing with NASDAQ and to change its name to Chariot International Holdings, Ltd. Kiwi is purchasing the ship for approximately 42.2 million shares of common stock (subject to potential adjustment), which based on the current price of the company's common stock is $125 Million Dollars. In addition to the stock, Kiwi will assume certain liabilities of Toler associated with the construction of the ship. As a result of the acquisition, shareholders of Toler will own approximately 80% of the common stock of Kiwi. Nicholas Seccafico recently resigned as president and Director of the Kiwi and has been replaced by Lindo Garuffi, who serves as the Company's President and Chairman of the Board of Directors. This press release contains forward looking statements and information that are based on management's beliefs, as well as assumptions made by, and information currently available to, management. When used in this document, the words ''anticipate,'' ''believe,'' ''estimate,'' ''expect'' and, ''depending on the context,'' ''will'', and similar expressions are intended to identify forward looking statements. Such statements involve a number of risks and uncertainties. Among the factors that could cause actual results to differ materially are any revisions to these forward circumstances after the date hereof or to reflect the occurrence of unanticipated events, including the following: business conditions, unexpected technological changes, product development, subsequent negotiations among the parties, competition, domestic and foreign government regulations, fluctuations in foreign exchange rates. Readers are cautioned not to place undue reliance on these forward looking statements, which speak only as of the date hereof. The Company undertakes no obligation to release publicly changes in the information set herein. For Further Information Contact: Lindo Garuffi, President Kiwi Holdings, Inc. 19 Townsend Square Oyster Bay, New York 11771 516-922-4971