FOLIAGE PLUS, INC. SUBSIDIARIES ANNOUNCE FORECLOSURE
FOLIAGE PLUS, INC. SUBSIDIARIES ANNOUNCE FORECLOSURE AURORA, Colo., Nov. 25 /PRNewswire/ -- Foliage Plus, Inc.
(NASDAQ: FOLI) announced today that its two wholly owned subsidiaries, Pouliot Designs, Inc. and Foliage Designs, Inc., have consented to the foreclosure of substantially all of the assets of those subsidiaries by the First Midwest Bank, N.A., located in Buffalo Grove, Ill. Gary Graham, chairman of the board of directors, stated that the amount of debt owed the bank, along with the economy and industry-wide slump in sales, forced Foliage's board of directors to conclude that cooperating with this foreclosure was in the best interests of all parties, including the shareholders of Foliage Plus' liability to the bank. This, Graham stated, will allow Foliage Plus, Inc. to concentrate on the marketing of its preserved foliage business through its planned television marketing programs. Foliage Plus, Inc. was informed that First Midwest Bank intended to sell the foreclosed assets to an entity controlled by a group which intended to operate under the name of GENESIS 2000, Inc. at the former offices of Pouliot Designs, Inc. and Foliage Designs, Inc. in Orlando, Fla.
Foliage Plus, Inc. has offices in Aurora, Colo., and its common stock is traded on the NASDAQ system under the symbol FOLI. -0- 11/25/91 /CONTACT: Gary J. Graham of Foliage Plus, Inc., 303-337-1127/ (FOLI) CO: Foliage Plus, Inc. ST: Colorado IN: SU:
AL -- MN016 -- 7088 11/25/91 18:25 EST
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|Date:||Nov 25, 1991|
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