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SEMI-TECH GROUP SETTLES ROYALTY DISPUTE WITH BICOASTAL CORPORATION

 TAMPA, Fla., June 18 /PRNewswire/ -- The Semi-Tech Group and Bicoastal Corporation (OTC Pink Sheets: SIGPQ) jointly announced today that they have reached a global settlement of their disputes over the May 26, 1989 sale of the SINGER Trademarks to Shinwa Company Limited (f/k/a Semi-Tech Microelectronics (Far East) Limited) ("Semi-Tech") by Bicoastal Corporation. Semi-Tech has agreed to pay Bicoastal US$93,800,000 ("Settlement Payment") in exchange for settlement of all disputes related to the 1989 agreement including full satisfaction of all past and future royalty payment obligations. Pursuant to the settlement, Bicoastal confirmed the assignment of all remaining interest in the SINGER Trademarks to the Semi-Tech Group. The settlement is contingent upon certain conditions, including approval by the United States Bankruptcy Court for the Middle District of Florida, Tampa Division. Upon effectiveness of the settlement, the currently outstanding letter of credit issued by Semi-Tech to Bicoastal will be drawn upon, with the remainder of the Settlement Payment paid in cash.
 -0- 6/18/93
 /CONTACT: Janet Hoer of Bicoastal Corporation, 813-264-7100/
 (SIGPQ)


CO: Bicoastal Corporation; Semi-Tech Group ST: Florida IN: SU:

AW-JB -- FL002 -- 3447 06/18/93 09:03 EDT
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Publication:PR Newswire
Date:Jun 18, 1993
Words:192
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