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To: IRVINESULLY who wrote (420)	6/4/1999 2:37:00 PM
From: Chuck Rubin	Respond to of 517

*************NEWS IS OUT**************** Friday June 4, 1:59 pm Eastern Time Company Press Release VenCap Holdings Inc. Schedules Timber Buyers Visits to Venezuela and Guyana Contract Negotiations Gaining Momentum NEW YORK--(BUSINESS WIRE)--June 4, 1999--Interest continues to expand in the types and volumes of timber which will be made available to world markets as a result of VenCap's pending joint ventures with South American producers, which are based on some 1,375 million acres of forestland. As previously noted, matching timber supply with current immediate demand continues to be the company's primary focus, as negotiations with a number of buyers gain momentum. To continue the forward movement, VenCap President and CEO Tony Lanham and key company staff will shortly be returning to Venezuela and Guyana. The goals of the extensive trip include: Conducting an acreage inspection and inventory tour for the agent of a substantial European timber buyer. The agent's report to his principals will be an essential ingredient as negotiations move forward on a contract which could have a gross first year value of $30 million. Agents for other qualified buyers who have expressed interest in VenCap's timber and milled lumber have been offered similar tours during this time period. Tours of port facilities and meetings with port authorities in both countries will be included as part of the itinerary. Mr. Lanham will make a special effort to finalize sales contract details with the European buyer following the tour by his agent. Meetings with senior officials of the respective governments to outline proposed shipping schedules and timber volume parameters of the pending contract, as well as other potential sales contracts which are in the discussion stage at the present time. Required export and related documentation will be reviewed with these officials and port authority staffs. Further sales contract discussions with the president of a major Caribbean lumber company relative to a continuing supply of pine and cedar. Further sales contract discussions with the president of a major U.S. lumber company relative to a continuing supply of hardwood. The company has also received a tender from a Southeast Asian buyer interested in continuing deliveries of hardwood pulp. Initial indications suggest that the first year of the contract could result in $25 million in gross income to VenCap. While significant volumes of hardwood are available to meet the buyer's needs, the company must further explore processing and shipping parameters before determining the economic viability of the tender. Those determinations will be addressed in the near future. Contact: A.R. Hardy and Associates Angela Hardy, 407/783-0176 Related News Categories: paper/forrest

To: IRVINESULLY who wrote (420)	6/4/1999 2:37:00 PM
From: tanoose	Read Replies (1) \| Respond to of 517

NEWSRELEASE?? Friday June 4, 1:59 pm Eastern Time Company Press Release VenCap Holdings Inc. Schedules Timber Buyers Visits to Venezuela and Guyana Contract Negotiations Gaining Momentum NEW YORK--(BUSINESS WIRE)--June 4, 1999--Interest continues to expand in the types and volumes of timber which will be made available to world markets as a result of VenCap's pending joint ventures with South American producers, which are based on some 1,375 million acres of forestland. As previously noted, matching timber supply with current immediate demand continues to be the company's primary focus, as negotiations with a number of buyers gain momentum. To continue the forward movement, VenCap President and CEO Tony Lanham and key company staff will shortly be returning to Venezuela and Guyana. The goals of the extensive trip include: Conducting an acreage inspection and inventory tour for the agent of a substantial European timber buyer. The agent's report to his principals will be an essential ingredient as negotiations move forward on a contract which could have a gross first year value of $30 million. Agents for other qualified buyers who have expressed interest in VenCap's timber and milled lumber have been offered similar tours during this time period. Tours of port facilities and meetings with port authorities in both countries will be included as part of the itinerary. Mr. Lanham will make a special effort to finalize sales contract details with the European buyer following the tour by his agent. Meetings with senior officials of the respective governments to outline proposed shipping schedules and timber volume parameters of the pending contract, as well as other potential sales contracts which are in the discussion stage at the present time. Required export and related documentation will be reviewed with these officials and port authority staffs. Further sales contract discussions with the president of a major Caribbean lumber company relative to a continuing supply of pine and cedar. Further sales contract discussions with the president of a major U.S. lumber company relative to a continuing supply of hardwood. The company has also received a tender from a Southeast Asian buyer interested in continuing deliveries of hardwood pulp. Initial indications suggest that the first year of the contract could result in $25 million in gross income to VenCap. While significant volumes of hardwood are available to meet the buyer's needs, the company must further explore processing and shipping parameters before determining the economic viability of the tender. Those determinations will be addressed in the near future. Contact: A.R. Hardy and Associates Angela Hardy, 407/783-0176 With regards,Frank