Pacific International Enterprises, Inc. Wins Day in Court; `'White Knight'' $7 Million Rescue Plan is Approved by Court.Business Editors LONG BEACH, Calif.--(BUSINESS WIRE)--March 23, 2000 Zaremba Group, LLC's Agreement with Pacific International Enterprises (Symbol: PCIEQ)(Symbol: PCIEE) was approved by the Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. 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. Wednesday, March 22, 2000. The Agreement is designed to allow PIE, Inc. to successfully emerge from Chapter 11. This Agreement is for a term of three years and is automatically renewable for successive three year terms. Zaremba will market and resell PIE products; snowboards, wakeboards, skateboards, skiboards, snow and water skis and other sports products. Zaremba will acquire clear title to all existing PIE assets and will lease these assets to PIE at a base rent of $1 per annum Per annum Yearly. . Zaremba has obtained funding in the amount of $7 million that is designated to support PIE's successful emergence from Chapter 11. $450,000 has been earmarked for moving PIE, Inc. to new manufacturing facilities in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, , restarting its business operations and funding its administrative expenses that will need to be paid on plan confirmation. Zaremba shall provide interest-free purchase order production financing to PIE during the term of this Agreement. The parties shall use their best efforts to be ready for commencement of operations no later than May 5, 2000. Statements in this release are made pursuant to the "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions 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. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the company's products, increased levels of competition for the company and dependence on third party suppliers. |
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