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STAN WEST MINING HOLDS SPECIAL MEETING OF SHAREHOLDERS

 STAN WEST MINING HOLDS SPECIAL MEETING OF SHAREHOLDERS
 SCOTTSDALE, Ariz., May 18 /PRNewswire/ -- Stan West Mining Corp.


announced that at a special meeting of shareholders held here Friday, the following items were approved by the majority of shareholders:
 1. Elected Graham R. Jones, Steven E. Hively and Wayne Falkenstein
 as directors for the ensuing year.
 2. Reappointed Coopers & Lybrand, independent certified public
 accountants, as the auditors of the company for the ensuing
 year.
 3. Ratified and approved an "Incentive Stock Option Plan" as
 defined in the Internal Revenue Code of 1986 authorizing the
 granting of 1 million options to purchase an equivalent number
 of shares of common stock at prices and exercise dates as
 determined by the board of directors.
 4. Ratified the acquisition by the company of 100 percent of the
 authorized and issued stock of First International Acceptance
 Corp. ("FIAC") from Fenchurch Group Inc. (FIAC's holding
 company) in exchange for the issuance of 2,000,000 shares of the
 company's series B convertible preferred stock (each share
 convertible to 90 shares of company common stock.)
 5. Approved the name change of the company to FIAC Inc.
 6. Authorized a reverse split of one share of company common stock
 for every 20 shares held by the stockholders of record on
 July 6, 1992.
 7. Authorized an increase in the number of shares of company common
 stock by amending the Articles of Incorporation to 50 million
 shares of common stock and 10 million shares of preferred stock,
 to be issued in series as determined solely by the board of
 directors.
 8. Authorized an amendment to the company's Articles of
 Incorporation to provide for the "Indemnification of Officers
 and Directors" to include specifically the language providing
 for such indemnification pursuant to the revised Delaware Code,
 Section 102(b)(7) and to include the indemnification language of
 Section 145 of said Delaware Code in the company's Articles of
 Incorporation.
 Immediately following the shareholders meeting, a board of directors meeting was held and Jones was elected chairman and chief executive officer and Hively, chief financial officer.
 The chairman commented that the company was proceeding with its $2,000,000 to $6,000,000 offering through a private placement memorandum.
 FIAC Inc. is planning to enter the automobile finance business by originating loans through factory authorized dealers and packaging such loans into portfolios for sale to institutional investors. The loans will be serviced by reputable third party and will be insured against default.
 -0- 5/18/92
 /CONTACT: Graham R. Jones of FIAC, 714-837-4424/ CO: Stan West Mining Corp.; FIAC Inc. ST: Arizona IN: MNG SU:


KJ-CH -- LA024 -- 1355 05/18/92 13:00 EDT
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Publication:PR Newswire
Date:May 18, 1992
Words:441
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