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CONSOLIDATED AMERICAN INDUSTRIES, INC. SALE OF SUBSIDIARY PRODUCES GAIN OF $.50 PER SHARE AFTER 1990 RESTATEMENT

 CONSOLIDATED AMERICAN INDUSTRIES, INC. SALE OF SUBSIDIARY
 PRODUCES GAIN OF $.50 PER SHARE AFTER 1990 RESTATEMENT
 TAMPA, Fla., Dec. 23 /PRNewswire/ -- Consolidated American Industries, Inc. (NASDAQ: COAM) ("COAM") today annuonced termination of the December 1990 sale of its subsidiary, American Liberty Mining Corporation ("ALMC"), to Gemstar Enterprises, Inc. ("GEMSTAR") as a result of nonperformance by GEMSTAR. The scheduled dividend of GEMSTAR stock has been cancelled as a result of this termination and all stock has been returned. The aforementioned items have caused management of COAM to restate 1990 earnings resulting in a net loss of ($1,029,250) or ($.05).
 Upon termination of the sale agreement with GEMSTAR, COAM entered into an agreement to sell all of the issued and outstanding shares of capital stock of ALMC to Sierra Mineral Properties, Inc. ("SMPI") for Three Million Six Hundred Thousand Dollars ($3,600,000). The $3,600,000 purchase price shall be payable by delivery of a five year promissory note. The sale to SMPI will produce a gain of $2,925,500 or $.50 per share.
 -0- 12/23/91
 /CONTACT: Stephen A. Springer of Consolidated American Industries, Inc., 614-228-8120/
 (COAM) CO: Consolidated American Industries, Inc. ST: Florida IN: MTC SU:


KK -- CL002 -- 4703 12/23/91 08:15 EST
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Publication:PR Newswire
Date:Dec 23, 1991
Words:210
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