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FIC ACQUISITION ENTERS INTO LETTER OF INTENT TO ACQUIRE FLORIDA ACQUISITION GROUP

 PHILADELPHIA, April 22 /PRNewswire/ -- FIC Acquisition Corporation, a publicly held Delaware corporation (FIC) announced that it has entered into a Letter of Intent to acquire 100 percent of the outstanding shares of Florida Acquisition Group, Inc. (FLAG), a Florida corporation, in exchange for 1,250,000 shares of FIC Acquisition Corporation.
 FLAG is currently in the midst of negotiating an agreement to purchase 100 percent of the assets of an air cargo and maintenance company based at the Miami International Airport, currently operating under Chapter 11 of the Bankruptcy Code, with gross annual revenues of approximately $30 million.
 The Letter of Intent is conditioned upon the following:
 1. Execution of a final agreement between the parties.
 2. FIC having $1 million in equity capital at closing.
 3. Execution of a final asset purchase agreement with
 the Trustee in bankruptcy.
 4. Receipt of all necessary approvals from the appropriate
 regulatory authorities.
 While the parties are confident that they will meet the above conditions, there can be no assurances that a final closing will occur.
 /delval/
 -0- 4/22/93
 /CONTACT: Cecile T. Coady of HMA Investments, 215-735-1111, for FIC Acquisition/


CO: FIC Acquisition Corporation; Florida Acquisition Group, Inc. ST: Pennsylvania, Florida, Delaware IN: SU: TNM

MP-MS -- PH031 -- 9561 04/22/93 14:24 EDT
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Publication:PR Newswire
Date:Apr 22, 1993
Words:213
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