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FIC ACQUISITION CORPORATION GIVEN APPROVAL TO PURCHASE FLORIDA WEST GATEWAY, INC.

 PHILADELPHIA, June 28 /PRNewswire/ -- FIC Acquisition Corporation (OTC Bulletin Board: FAQC), a publicly held Delaware corporation, whose common stock is traded on the OTC Bulletin Board under the symbol "FAQC," today announced that Florida Acquisition Corporation (FLAG) has finalized its agreement with the Trustee in Bankruptcy and has received approval from the U.S. Bankruptcy Court to purchase 100 percent of the assets of Florida West Gateway, Inc., an air cargo and maintenance company based at the Miami International Airport.
 Final closure of the transaction, however, is scheduled to occur on July 7, 1993, upon the expiration of the statutory appeal period. Although there can be no assurances, management is optimistic that no appeals will arise and that the transaction will close as scheduled.
 The company is presently finalizing the terms of the Letter of Intent between FLAG and the company which was executed on April 25, 1993, whereby the company will acquire 100 percent of the assets of FLAG. While the company is confident that the closing on the FLAG acquisition will occur, until such time as all of the terms and conditions of the Letter of Intent are met, there can be no assurances that such closing will occur.
 /delval/
 -0- 6/28/93
 /CONTACT: Cecile T. Coady of HMA Investments, 215-735-1111, for FIC Acquisition/
 (FAQC)


CO: FIC Acquisition Corporation; Florida Acquisition Corporation;
 Florida West Gateway, Inc. ST: Pennsylvania; Florida IN: SU: TNM


JM-MK -- PH016 -- 6351 06/28/93 14:54 EDT
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Publication:PR Newswire
Date:Jun 28, 1993
Words:244
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