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AMERICOM ANNOUNCES SOVIET MOVE TO TERMINATE JOINT VENTURE

       AMERICOM ANNOUNCES SOVIET MOVE TO TERMINATE JOINT VENTURE
    IRVINE, Calif., Nov. 18 /PRNewswire/ -- Americom Business Centers, Inc. (formerly known as Americom International Corporation) announced today that the Ministry of Finance of the Russian Republic has entered an order for the purpose of terminating the Intourist-RadAmer Joint Venture under Russian law.  The joint venture was organized by the USSR Committee for Foreign Tourism (now known as Goskomintourist) and RadAmer Partnership, a general partnership between subsidiaries of Americom and Radisson Hotel Corporation, for the purpose of establishing and operating the Radisson Slavjanskaya Hotel and Business Center in Moscow.
    The Ministry of Finance's action was taken at the request of Goskomintourist.  Americom has been advised by the Russian Republic that it is seeking to replace Goskomintourist with a new Soviet partner sponsored by the Russian Republic.
    As a result of the Ministry of Finance's action, the parties to the joint venture are required to take steps to dissolve the joint venture and liquidate its assets, businesses and other interests.  Americom has protested the entry of the order and intends to formally request that the order be reversed so as to allow Americom and Radisson to continue its discussions with the Russian Republic.
    Americom is unable to predict whether it will be able to successfully reverse the Ministry of Finance's order.  Americom is also unable to predict at this time whether the joint venture will be able to make any meaningful liquidating distributions to its partners in the event the joint venture is dissolved.
    Americom is a publicly owned corporation with its common stock trading in the over-the-counter market.
    -0-                        11/18/91
    /CONTACT:  Stefan Harlan of Americom Business Centers, Inc., 714-752-7463/ CO:  Americom Business Centers, Inc.; USSR Committee for Foreign Tourism ST:  California IN:  LEI SU:  JVN ML -- NYON4 -- 1239 11/18/91 08:58 EST
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Publication:PR Newswire
Date:Nov 18, 1991
Words:303
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