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B.R.I. HOLDING CORPORATION TO ACQUIRE CONTROLLING INTEREST IN CHIPPEWA RESOURCES CORPORATION

B.R.I. HOLDING CORPORATION TO ACQUIRE CONTROLLING INTEREST IN
 CHIPPEWA RESOURCES CORPORATION
 NEW YORK, Aug. 26 /PRNewswire/ -- BRI Holding Corporation (BRI), a New York-based international retail insurance firm and Underwriters Insurance Group, PLC (U.I.G.), an Irish insurance firm and financial company, announced today an agreement with Chippewa Resources Corporation (AMEX: CWA) to acquire a controlling interest in Chippewa.
 When concluded, the transaction will result in Chippewa becoming a publicly traded international financial services organization. BRI and its partner U.I.G. intend to expand Chippewa through the acquisition of other insurance and financial services companies.
 Once completed, Chippewa will spin out the oil and gas operations of the company into its public subsidiary, Delta Petroleum Corporation. The management of Chippewa will then consist of the officers and executives of BRI and U.I.G. The transaction is subject to shareholder and various regulatory approvals, as well as performance requirements agreed to by Chippewa. BRI expects to close the transaction on or before September 3, 1992.
 BRI Coverage Corporation, a wholly owned subsidiary, is one of America's foremost insurance brokers, according to the 1992 rankings of BUSINESS INSURANCE MAGAZINE. In addition to its insurance brokerage business, BRI manages other insurance companies.
 A subsequent news release shall be immediately forthcoming from Chippewa Resources Corporation detailing the transaction.
 -0- 8/26/92
 /CONTACT: Steven Bruce of The Abernathy/MacGregor Group, 212-371-5999, for BRI Holding Corporation/
 (CWA) CO: BRI Holding Corporation; Underwriters Insurance Group
 PLC; Chippewa Resources Corporation ST: New York IN: INS OIL SU: TNM


SB -- NY010 -- 3322 08/26/92 08:56 EDT
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Publication:PR Newswire
Date:Aug 26, 1992
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