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THE QUESTEX GROUP LTD. PLANS TO RESCIND GREEN RIVER COAL ACQUISITION

 PHOENIX, Nov. 26 /PRNewswire/ -- The Questex Group Ltd. (OTC Bulletin Board: QXGR) announced today that it intends to rescind its acquisition of Green River Coal Inc. because Green River was unable to substantiate to the company's auditors the cost value of its coal leases as contained in its audited financial statements. Green River gave the company audited financial statements indicating a cost basis of the leases of at least $12,000,000, which was a material part of the transaction. After a number of requests, the company has not received satisfactory verification of such figures from Green River and concluded that its only alternative under the circumstances was to rescind the transaction.
 In August 1993 the company acquired 95 percent of the outstanding shares of Green River in exchange for 5,937,500 shares of restricted common stock of the company. In rescinding the transaction, the company will return the Green River shares to their former owner and, in return, cancel the restricted common stock the company issued to such person in connection with the acquisition of Green River. The impact of this transaction will be to reduce the number of outstanding shares of common stock of the company from 10,968,846 to 5,031,346.
 Earlier this month the board of directors elected Lawrence E. Dwyer, Jr. to the board of directors. Dwyer is president of the Westchester County Association Inc., which represents the Fortune 500 companies located within Westchester County, N.Y. Dwyer received a bachelor of science degree in education from Seaton Hall University in South Orange, N.J. and his master's degree in administration from Columbia University.
 -0- 11/26/93
 /CONTACT: Richard E. Wensel, president, The Questex Group, 602-991-3738/
 (QXGR)


CO: The Questex Group Ltd. ST: Arizona IN: MNG SU: PER

NY-MF -- LA006 -- 7970 11/26/93 15:00 EST
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Publication:PR Newswire
Date:Nov 26, 1993
Words:306
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