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BICOASTAL REQUESTS SINGER N.V. TO CURE SEMI-TECH'S DEFAULT

 TAMPA, Fla., Dec. 16 /PRNewswire/ -- Bicoastal Corporation (OTC Pink Sheets: SIGPQ) notified The Singer Corporation, N.V. today that Bicoastal will have the right to foreclose on the SINGER trademarks after Feb. 19, 1993 if Bicoastal does not receive payment of $45.2 million in past due royalty payments owed by Semi-Tech (Global) Limited (f/k/a Semi-Tech (Far East) Limited, d/b/a Shinwa Company Limited) ("Semi-Tech"). Under the royalty agreement these foreclosure rights are not affected by Semi-Tech's appeal.
 Singer N.V. has made public disclosures that "Semi-Tech is obligated to make payments under the (royalty) agreement, and has agreed to notify (Singer N.V.) of any failure to make such payments, in which event (Singer N.V.) shall have the right, but not the obligation, to cure any such nonpayment." Bicoastal notified Singer N.V. that Semi-Tech has not made any efforts to pay the past due royalty of $45.2 million it owes.
 Bicoastal also notified Singer N.V. that the court had determined that a 1986 license between a predecessor to Bicoastal and a predecessor to Singer N.V. is restricted and subject to termination by the owner of the trademarks. Bicoastal informed Singer N.V. of the court's finding that the 1986 license did not and would not "excuse (a) failure to make royalty payments" and that if Bicoastal was forced to foreclose on the trademarks, it is Bicoastal's position that the 1986 license, to the extent that it exists at all, would not protect Singer N.V. from the adverse consequences of foreclosure.
 -0- 12/16/92
 /CONTACT: Janet Hoer of Bicoastal Corporation, 813-264-7100/
 (SIGPQ)


CO: Bicoastal Corporation; Singer N.V.; Semi-Tech Limited ST: Florida IN: SU:

JB-JJ -- FL010 -- 7772 12/16/92 13:44 EST
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Publication:PR Newswire
Date:Dec 16, 1992
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