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EIF HOLDINGS INC. 'ENVIRONMENT IS FIRST' (EIFH) ANNOUNCES FIRST QUARTER EARNINGS FOR 1993

 HONOLULU, May 21 /PRNewswire/ -- Grant Kidani, chief operating officer of EIF Holdings Inc. (EIFH) today announced the unaudited first quarter earnings for 1993. Revenues for the first quarter were $5,296,363, gross profit for the company was $2,032,568, earnings before interest expense and taxes of $309,091, and a net income of $128,000. The company is very pleased with the performance this year and looks forward to continued growth and profitability.
 In December of 1992, the company entered into an agreement to acquire 2,000 acres of ocean-front land in Belize, Central America for the purpose of long-term real estate development through its subsidiary, Caribbean Riviera Resorts Inc. The company and the seller are unable to agree upon the value of the land. Although negotiations are continuing on this transaction, the likelihood of this transaction being consummated is unknown.
 The company is also still continuing negotiations to acquire a controlling interest in Terox International Ltd. Terox is a California corporation, formed in 1990 and is currently engaged in the business of developing and marketing a proprietary soil remediation technology. The product, TX1000, is used for the neutralization and stabilization of lead and other heavy metals as well as hydrocarbons in the environment. Terox has had limited operations to date and is controlled by Richard Austin, an officer, director and principal shareholder of the company.
 Plans for the acquisition of Adair Oil International Inc. have been canceled because of new additional material facts which in view of the management did not make the project a viable investment based on the terms proposed.
 EIF Holdings Inc. is an environmental health, safety and construction company specializing in asbestos and lead paint abatement as well as soil remediation. EIF is dedicated to sound and profitable growth through expansion and acquisition. The company's goal is to maximize returns for its shareholders while providing an invaluable service for the world.
 -0- 5/21/93
 /CONTACT: Financial Telesis Investor Relations, 800-545-0721, for EIF Holdings/


CO: EIF Holdings Inc. ST: Hawaii IN: ENV SU: ERN

MS -- LA019 -- 3270 05/21/93 13:41 EDT
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Publication:PR Newswire
Date:May 21, 1993
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