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FIRST EXIM FINANCIAL LIMITED OF CHARLOTTE, N.C. PURCHASES VITEC DIVISION OF GMG ENTERPRISES

 CHARLOTTE, N.C., June 7 /PRNewswire/ -- First Exim Financial Limited, an international financial services company for importers and exporters based in Charlotte, N.C., said that the company has purchased the Vitec Division of GMG Enterprises, Inc. of Fort Mill, S.C. and merged it into a newly-formed division of First Exim. Terms of the agreement were not disclosed.
 Vitec is a leading marketer of European-designed body, foot, heat, facial massagers and other appliances sold under the Vitec brand name. The Vitec products are sold to leading department stores, catalog showrooms, mail order houses and other fine retail outlets.
 Vitec had an annual growth rate of 510 percent over the past three years and was named the second fastest growing privately held company in a 13 county area around Charlotte, N.C. in 1992 in an event sponsored by the Charlotte Business Journal, Carolinas Partnership and KPMG Peat Marwick.
 First Exim provides both import and export financing as well as purchase order financing. With two offices in North Carolina, Charlotte and The Research Triangle Park and three overseas, First Exim has conducted transactions in approximately 40 countries.
 First Exim Vice President John M. Reeves II said that what attracted them to Vitec was its history of fantastic growth and the potential the company has now that the necessary resources are in place.
 "We see Vitec as a high growth company with great potential that was in need of financial resources which we routinely provide to importers and exporters," he noted. "Although we do not see growth rate at a 500 percent level as in the past, we do believe that sales could double within the very foreseeable future as we assure availability on a timely basis."
 Vitec has relocated from Fort Mill to First Exim's Corporate Offices at 2650 One First Union Center in downtown, Charlotte, N.C. 28202. The move was effective June 1. Vitec products will continue to be shipped from a new 13,000 foot warehouse in Fort Mill, S.C. where the former Vitec offices were located. Guenter Ginsberg, former president of GMG Enterprises, Inc., has become president of the new division with most of the employees at the former headquarters transferred to the new location.
 Ginsberg noted that GMG did not have the resources to keep up with product demand. This lack of financial ability to meet our customers demands stunted growth potential especially in the past 12 months.
 "We are very pleased to be able to associate ourselves with a financial institution that believes in our growth and wants to be a part of it," Ginsberg said. With the merger we have been able to keep the old Vitec organization intact which assures continuity. Our customers can also now be assured that we have the financing necessary to guarantee stock of some of our more popular massage items and on-time delivery, two of the biggest headaches in the past."
 For further information, contact First Exim, 2650 One First Union Center, Charlotte, N.C. 28202, telephone 704-376-5300 or Fax 704-334-8282.
 -0- 6/7/93
 /CONTACT: Dick Stark or Alison Baker, Stark and Associates, 704-332-2030 or Fax 704-332-2946, for First Exim Financial Limited/


CO: First Exim Financial Limited; GMG Enterprises, Inc. ST: North Carolina, South Carolina IN: REA SU: TNM

SB -- CH006 -- 6162 06/07/93 15:41 EDT
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Publication:PR Newswire
Date:Jun 7, 1993
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