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SILK PARADE ANNOUNCES MAJOR RESTRUCTURING

 LOS ANGELES, Nov. 18 /PRNewswire/ -- Silk Parade (OTC: WSCC) announced today a major restructuring under which it acquired two real estate companies.
 The first property, consisting of 95 percent interest in a 13th Century castle, was acquired for 239,000 shares of restricted common stock. The castle is not currently habitable without extensive remodeling.
 The second property is over a 100-acre parcel of undeveloped land approximately 20 kilometers from a major European town. A preliminary site map proposing 80 lots has been prepared. The land was transferred in connection with settlement between the company and the transfer of 11 financial service contracts effected in December 1992. Under the settlement, the contracts were transferred by the company, and the transferor canceled 475,160 shares held by it and transferred the land to the company.
 The two real estate parcels are estimated to have a combined value in excess of $1 million.
 -0- 11/18/93
 /CONTACT: Wally Kardos of Silk Parade, 716-594-0906/
 (WSCC)


CO: Silk Parade ST: California, New York IN: SU: RCN

LS-LM -- LA011 -- 6000 11/18/93 11:54 EST
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Publication:PR Newswire
Date:Nov 18, 1993
Words:181
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