North Lily Files for Reorganization.Business Editors DENVER--(BUSINESS WIRE)--Sept. 17 2001 North Lily Mining Company (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :NLMC NLMC New Life Mission Church NLMC National Latino Media Council (Los Angeles, California) NLMC New Life Missionary Church NLMC Nocturnal Leg Muscle Cramping ) has filed for relief under Chapter 11 in 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. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. for the District of Colorado. In pursuit of its planned reorganization, North Lily has signed a letter agreement with a lender interested in marketing and providing financing for North Lily's approximate 7000 acres of rural Utah properties (some of which are subject to mortgage defaults). The letter agreement is subject to satisfactory completion of lender's due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. and court approval. The Company has ceased pursuit of the planned merger and finance arrangements with Captains Management Inc. (Centrally Controlled Interactive Kiosks), and with Riverdale Financial/Telecontrol Systems Inc (installment contracts installment contract n. an agreement in which payments of money, delivery of goods or performance of services are to be made in a series of payments, deliveries or performances, usually on specific dates or upon certain happenings. for Centrally Controlled Guardless Security Monitoring). North Lily has been damaged by its investments in and reliance upon these projects and parties related to these projects, and intends to seek recovery for non-performance. North Lily has also ceased pursuit of the mortgage internet business model obtained in its early 2000 acquisition of Loanmining.com and Mortgage Partners Home Funding. The Company is now focused on seeking: 1-Aggressive marketing and finance of its land holdings in Utah; 2-Utilization of land finance and sales proceeds for Chapter 11 reorganization, including catch-up of audits and S.E.C. filings; and 3-The acquisition of a business or asset to be determined, together with financing and a plan for emergence out of Chapter 11. FORWARD-LOOKING STATEMENTS forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. : This release contains forward-looking statements that are not historical facts and therefore involve various risks and uncertainties. these could cause actual results to differ materially from those projected or implied. there can for instance be no assurance of timely achievement of financing, land sales, new business, or emergence from chapter 11. all forward-looking statements are qualified by this cautionary statement. |
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