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BICOASTAL CORPORATION INITIATES ACTIONS AGAINST SEMI-TECH IN HONG KONG AND TORONTO

 TAMPA, Fla., Dec. 16 /PRNewswire/ -- Bicoastal Corporation (OTC Pink Sheets: SIGPQ) announced that the stay on enforcement and collection of the $45.2 million final judgment against Semi-Tech (Global) Limited (f/k/a Semi-Tech (Far East) Limited, d/b/a Shinwa Company Limited) ("Semi-Tech") now has expired. Therefore, Bicoastal is now free to proceed with its collection efforts against Semi-Tech even though Semi-Tech has filed a notice of appeal.
 In Hong Kong, Bicoastal today initiated two separate actions against Semi-Tech. One proceeding demands payment of Semi-Tech's royalty debt and seeks to initiate compulsory winding-up proceedings against Semi- Tech under Hong Kong law, should Semi-Tech fail to pay the debt.
 The second proceeding, filed in the Supreme Court of Hong Kong, seeks that court's enforcement of the United States Final Judgment pursuant to Hong Kong law.
 In Toronto, Bicoastal filed an action against Semi-Tech today demanding payment of the final judgment pursuant to Ontario law.
 -0- 12/16/92
 /CONTACT: Janet Hoer of Bicoastal Corporation, 813-264-7100/
 (SIGPQ)


CO: Bicoastal Corp.; Semi-Tech Limited ST: Florida IN: SU:

JJ-JB -- FL011 -- 7771 12/16/92 13:43 EST
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Publication:PR Newswire
Date:Dec 16, 1992
Words:184
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