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BRI HOLDING CORPORATION, CHIPPEWA APPOINT FOUR NEW DIRECTORS, ANNOUNCE PRO FORMA FINANCIALS

 BRI HOLDING CORPORATION, CHIPPEWA APPOINT FOUR NEW DIRECTORS,
 ANNOUNCE PRO FORMA FINANCIALS
 NEW YORK, Sept. 14 /PRNewswire/ -- Chippewa Resources Corporation (AMEX: CWA), BRI Holding Corporation and Underwriter's Insurance Group PLC today announced the appointment of four new directors and preliminary pro forma financial data for the combined company.
 The four new directors are: Donald P. Ferrarini, president and chief operating officer of BRI; Bruno Rumignani, executive vice president of BRI; Burton Matfus, secretary and treasurer of BRI, and Victor Llerena, president of UIG.
 Preliminary pro-forma financial data (unaudited), based on financial data of BRI and UIG submitted to Chippewa Resources Corporation, for Chippewa and subsidiaries reflecting the combination of BRI and UIG for the period ending June 30, 1992 showed a total combined assets of approximately $94 million, total combined liabilities of approximately $57 million and total combined shareholders' equity of approximately $37 million. This combination represents a substantial increase in total assets and shareholders equity. Total combined assets include an estimated value of BRI of $25 million, subject to appraisal, based upon management's best estimate of the value of BRI as of June 30, 1992 at one and one-half times annual earned commission revenues.
 Chippewa's pro-forma gross revenues for the six month period ending June 30, 1992 increased to approximately $8,500,000 and earnings from operations increased to approximately $250,000 based on the combination of these entities. The substantial increase in earnings from operations is primarily attributed to estimated earnings of BRI for the six month period ended June 30, 1992 in excess of $800,000.
 Chippewa and BRI have engaged the Washington-based accounting firm of Chadhourne and Miller to review and prepare pro-forma financial statements for filing with the Securities and Exchange Commission. Certain numbers may change as a result of this review. The companies expect filing will take place within 45 days.
 -0- 9/14/92
 /CONTACT: Roger A. Parker or Aleron H. Larson of Chippewa Resources Corporation, 303-298-7425, or Steven Bruce of The Abernathy/MacGregor Group, 212-371-5999, for Chippewa Resources Corporation/
 (CWA) CO: BRI Holding Corporation; Chippewa Resources Corporation;
 Underwriter's Insurance Group PLC ST: IN: FIN SU: PER


SH-TS -- NY029 -- 9064 09/14/92 10:55 EDT
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Publication:PR Newswire
Date:Sep 14, 1992
Words:363
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