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BICOASTAL CORPORATION STARTS HONG KONG SUIT AGAINST SEMI-TECH (GLOBAL) COMPANY LIMITED, JAMES H. TING, AND OTHERS RELATING TO HONG KONG FRAUD

 TAMPA, Fla., April 26 /PRNewswire/ -- Bicoastal Corporation (OTC Pink Sheets: SIGPQ) announced that it has initiated a lawsuit against Semi-Tech (Global) Company Limited ("Semi-Tech Global") in the Supreme Court of Hong Kong. This Hong Kong lawsuit is separate and distinct from the lawsuit recently commenced against the Semi-Tech Group in United States District Court for the Middle District of Florida, Tampa Division.
 The Hong Kong lawsuit relates to the Scheme of Arrangement dated 8th June 1992, the object of which was to carry out a group reorganization under which Shinwa Company Limited ("Shinwa"), a defendant in these proceedings, would become a wholly owned subsidiary of Semi-Tech Global and the shareholders of Shinwa would instead become shareholders of Semi-Tech Global. In the suit against Semi-Tech Global, James H. Ting and others, Bicoastal claims that the Defendants perpetrated a fraud on the Supreme Court of Hong Kong and conspired together to transfer the assets of Shinwa to Semi-Tech Global with the object of defrauding Bicoastal.
 The suit seeks to set aside the Scheme of Arrangement and the transfers of assets from Shinwa to Semi-Tech Global or alternatively to put Bicoastal in the position that it would have been in had the transfers not taken place.
 Additional defendants in the lawsuit are Frank E. Holmes and Clara Loh.
 -0- 4/26/93
 /CONTACT: Janet Hoer of Bicoastal Corporation, 813-264-7100/
 (SIGPQ)


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

SS-AW -- FL006 -- 0494 04/26/93 09:14 EDT
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Publication:PR Newswire
Date:Apr 26, 1993
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