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Microcap & Penny Stocks : FIX-CORP INTERNATIONAL INC. -- Ignore unavailable to you. Want to Upgrade?

To: Andre Daedone who wrote (635)	2/17/1999 1:04:00 PM
From: David Winkler	Respond to of 714

bankruptcy !!!

To: Andre Daedone who wrote (635)	2/17/1999 1:15:00 PM
From: daaan	Read Replies (1) \| Respond to of 714

Cuyahoga County Court Removes Stay in Judgement Fix-Corp Int'l Forced Into Protected Reorganization BEACHWOOD, Ohio, Feb. 17 /PRNewswire/ -- Fix-Corp International, Inc. (OTC BULLETIN BOARD: FIXC) today announced that in an emergency hearing late yesterday, the Common Pleas Court of Cuyahoga County ruled on behalf of Chatham Partners, Inc., to vacate the Order issued January 29, 1999, that Stayed Enforcement of the New York Judgement. In this abrupt development Chatham would be entitled to commence collection proceedings against Fix-Corp to the extent of approximately $4.1 million. A bond of approximately $374,145.40 remains on deposit pending final decision of the Appellate Court. Fix-Corp International has no choice but to file for protection under Chapter 11 of the U.S. Bankruptcy Code. Fix-Corp's four subsidiaries, Fixcor Industries, Inc., Pallet Technology, Inc., Fixcor Recovery Systems, Inc., and Poly Style Industries, Inc., has not been included in this reorganization. Fix-Corp had been granted a Stay Order in a New York court's decision confirming an arbitrator's award in favor of Chatham Partners, Inc. pending the outcome of an appeal. Chatham's claim against Fix-Corp grew out of a December 1996 agreement pursuant to which Chatham was to act as Fix-Corp's exclusive financial advisor and placement agent for a private placement of up to $5,000,000 of debt securities. As the arbitrator noted in his decision, Chatham did not raise the funds, Fix-Corp did. However, Chatham claimed that it was due compensation pursuant to language in the agreement regardless of Fix-Corp's efforts. Mark Fixler, Chairman and Chief Executive Officer comments, "It is my opinion and the decision of Fix-Corp's Board of Directors that we have no alternative but to protect this Company and the interests of our shareholders to file for reorganization. Although we view this award as excessive, unwarranted, and without grounds, the Courts have clearly reaffirmed their position and that is the reality of the situation." Fix-Corp International, Inc. is an international environmental-based recycler of post-consumer high density polyethylene (HDPE) and producer of recycled post-consumer plastic resin for use in the manufacture of high- performance plastic pallets through wholly owned subsidiaries Fixcor Industries, Inc. and Pallet Technology, Inc. The Company is also under worldwide licensing agreement with Allied Signal to reclaim and recycle both oil and plastic from post-consumer HDPE motor oil containers through its wholly owned subsidiary Fixcor Recovery Systems, Inc. The Company is based in the Cleveland suburb of Beachwood, Ohio and can be found on the World Wide Web at www.fix-corp.com. Certain statements contained in this release, including, without limitation, statements containing the words "believes," "anticipates," "expects" and words of similar import, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward- looking statements. Such factors include, among others, the possibility that Fix-Corp's appeal of the old confirming the arbitrator's award may fail and other factors discussed in Fix-Corp's reports filed with the Securities and Exchange Commission. Given these uncertainties, readers of this release and investors are cautioned not to place undue reliance on such forward-looking statements. The Company disclaims any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward- looking statements contained herein to reflect future events or developments. SOURCE Fix-Corp International, Inc. CO: Fix-Corp International, Inc. ST: Ohio IN: CHM SU: BCY 02/17/99 12:21 EST prnewswire.com