Change in Controlling Shareholder.Business Editors PALM BEACH, Fla.--(BUSINESS WIRE)--June 30, 2000 InterUnion Financial Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : IUFC) has received notice from RIF Rif (rĭf) or Rif Atlas, range of the Atlas Mts., NE Morocco, NW Africa, curving along the Mediterranean coast from Ceuta to Melilla. Tidighin (8,056 ft/2,455 m) is the highest peak. Capital Inc., ("RIF") that the latter has signed an agreement to sell 1,500,000 shares of the Class A Preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. of InterUnion Financial Corporation to Sovereign Depository The place where a deposit is placed and kept, e.g., a bank, savings and loan institution, credit union, or trust company. A place where something is deposited or stored as for safekeeping or convenience, e.g., a safety deposit box. Corporation ("Sovereign"), a Nevada "C" Corporation. The 1,500,000 shares of Class A Preferred stock are all of the issued and outstanding shares of that class of stock and each share carries 100 votes. The Class A Preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. , although not currently trading, have been registered with the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Securities & Exchange Commission under symbol IUFCP (OTCBB). Closing of this transaction is expected to take place in mid-July, 2000 and is subject to certain conditions which must be satisfied by Sovereign. No other details of this private transaction were disclosed. "Over the last few months, InterUnion has received a number of proposals: after a couple of corporate restructurings and following the financing of InterUnion Asset Management, our Company is an interesting vehicle with good underlying assets allowing a low entry price into the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. sector," said Georges Benarroch, President of InterUnion. Sovereign specializes in asset backed transactions and has over $10 billion under administration in that sector. RIF, held by a family trust, is a private corporation which oversees approximately $100 million of diversified international investments and venture capital activities and which, after this transaction closes, will own 2,462,847 shares of the Common stock of InterUnion, representing 58% of its issued and outstanding Common stock. InterUnion is a "business bank" which concentrates on two main activities: investment banking as agent and principal directly or through its broker/dealer subsidiary Credifinance and investment management through InterUnion Asset Management which manages about $1.5 billion for individuals and institutions. The information contained in this release includes forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially. Certain statements contained herein constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied. Forward-looking statements involve risks and uncertainties, including but not limited to, such risks as are described in the Company's annual report. |
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