Global Diamond Resources Inc. Order for Liquidation of Subsidiary.Business Editors LA JOLLA La Jolla (lə hoi`yə), on the Pacific Ocean, S Calif., an uninc. district within the confines of San Diego; founded 1869. The beautiful ocean beaches, in particular La Jolla shores and Black's Beach, and sea-washed caves attract visitors and , Calif.--(BUSINESS WIRE)--Sept. 7, 2001 Global Diamond Resources Inc., ("Global") regrets to announce that Standard Bank of South Africa South Africa, Afrikaans Suid-Afrika, officially Republic of South Africa, republic (2005 est. pop. 44,344,000), 471,442 sq mi (1,221,037 sq km), S Africa. applied for and has been granted a final order of liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy of Global Diamond Resources (SA) (Pty) Ltd., ("Global SA"). Global SA is the wholly owned operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. company of Global Diamond Resources Inc. Global SA owes Standard Bank an amount of approximately ZAR ZAR In currencies, this is the abbreviation for the South African Rand. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 1.5 million (U.S. $180,000) and Standard Bank has as security a Notarial no·tar·i·al adj. 1. Of or relating to a notary public. 2. Executed or drawn up by a notary public. no·tar bond over the principal plant and equipment owned by Global SA. The overdraft facility was called in during the last week of August and the legal action taken on Sept. 6, 2001. Global will file an urgent appeal to the ruling on the basis that proper notice was not given to Global SA and that Global SA was not given an opportunity to respond to the motion. The major shareholders of Global have agreed to advance funds to Global that would, at the very least allow for the repayment of the debt owed to Standard Bank on the basis that the liquidation order be withdrawn. This press release contains forms of forward-looking statements that are based on the Company's beliefs as well as assumptions made by and on information currently available to the Company. Such statements are subject to certain risks, uncertainties and assumptions, which are identified and described in the Company's 2000 Annual Report on Form-10-KSB and subsequent Quarterly Reports on Form 10-QSB on file with the SEC. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results will vary materially from those anticipated, estimated, or projected and the variations may be material. For more information about Global visit our Web site at http://www.globaldiamond.com or call Eugene Brill at 800/424-6533 or 858/459-0045. |
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