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Microcap & Penny Stocks : FYNI - Forestry International, Inc. -- Ignore unavailable to you. Want to Upgrade?

To: SgtPepper who wrote (69)	4/22/1999 12:26:00 PM
From: marketmaven	Respond to of 87

Stock hit .30 again this morning. Must be plenty of supply there, since it always drops back.

To: SgtPepper who wrote (69)	5/18/1999 10:21:00 AM
From: marketmaven	Read Replies (1) \| Respond to of 87

Press Release SOURCE: Forestry International, Inc. Forestry International Wins Lawsuit in Arizona MERIDIAN, Miss., May 18 /PRNewswire/ -- On May 4, 1999 and May 17, 1999, Forestry International, Inc. (OTC Bulletin Board: FYNI - news) obtained default judgments in its favor against six (6) defendants in a Civil Action filed in the Superior Court of the State of Arizona in and for the County of Pima. This judgment is the result of a Declaratory Judgment action filed against individuals and entities claiming benefits under Promissory Notes. The entry of the default judgments constitutes final judgment in favor of Forestry International confirming the Company's contention that $806,442 principal amount of certain indebtedness previously reflected on the balance sheet of the Company is not owed by the Company to the defendants. The Judge ordered, adjudged and decreed that these Promissory Notes are declared null and void and unenforceable as against Forestry International. As a result of the judgment, the Company's balance sheet will reflect a substantial reduction in the amount previously shown as long-term debt with corresponding positive adjustments in shareholders' equity. The case is continuing as to $125,000 of the indebtedness that is held by a corporation controlled by the former CEO of the Company, SSI Development, Inc. and an additional $146,000 debt held by Dylan-Hutton that filed Chapter 7 in November 1997. Management expects to achieve the same results where the Court will ultimately declare these debts invalid. Louis R. Turp, President of the Company, declared that, ''While actively working to complete our acquisition project, these legal measures are part of our restructuring plan and will result in immediate financial improvement. It is imperative to restate properly our financial statements according to the rules that govern public companies and for the benefit of our shareholders and the public investors.'' The Company is pursuing the final arrangements for the financing of its proposed acquisition of a fully integrated timber company located in the southeast region of the United States. For more information, please contact Louis R. Turp, President, 601-485-2996, USA, or 514-495-7747, Canada. SOURCE: Forestry International, Inc. -------------------------------------------------------------------------------- More Quotes and News: Forestry International Inc (OTC BB:FYNI - news) Related News Categories: paper/forrest --------------------------------------------------------------------------------