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VANCOUVER STOCK EXCHANGE ANNOUNCES DIMPLES GROUP INC. FAILURE TO COMPLY WITH REQUESTS

 VANCOUVER STOCK EXCHANGE ANNOUNCES DIMPLES GROUP INC.
 FAILURE TO COMPLY WITH REQUESTS
 VANCOUVER, British Columbia, Jan. 29 /PRNewswire/ -- On Jan. 23, 1992, the Vancouver Stock Exchange requested disclosure of three specific matters by 1 p.m., Jan. 29, 1992 as follows:
 1. Clarification as to whether Dimples Group, Inc. is the manufacturer and marketer of the Dimples Deluxe Diapering System, or in the alternative, a 30 percent proposed participant in a joint venture to manufacture and market the system;
 2. Disclosure of actual inventory stockpiles of the diapers and liners, as well as disclosure of product shipments in January in comparison to the predicted production rate of 500,000 units per month; and
 3. Clarification that nearly $1 million in sales to date announced May 31, 1991 occurred in the nine-month period ending Oct. 31, 1990.
 The company has not complied with this disclosure request, and accordingly, the Vancouver Stock Exchange provides the following information based on the company's audited financial statement for the nine-month period ending Oct. 31, 1991:
 1. Concerning the relationship between the company and its co- venturer, the financial statements, dated by the auditors Jan. 15, 1992, in Note 10(i) entitled "Subsequent Events" describe the arrangement as "finalized, subject to completion of legal documentation, and the obtaining of regulatory approval, negotiations to establish a manufacturing joint venture in Mexico with a subsidiary of Finsa Grupo Arguelles (the Finsa Group)."
 The Joint Venture, to be known as "Dimples Nova/Link Inc." will provide the company with manufacturing, warehouse and distribution facilities for its products. After a preferred return of U.S. $750,000 to Finsa Group and the repayment of loans from the company, the company will have 30 percent participation in the profits of the joint venture. The 30 percent ownership will be acquired by the issuance of 75,000 shares by the company to its joint venture partner -- Nova/Link Ltd. Partnership.
 The joint venture has commenced manufacturing activities. The diaper products produced by the joint venture will be sold through the company.
 The company has also agreed, subject to regulatory approval, to issue up to 500,000 bonus shares to the subsidiary of Finsa Group, Nova/Link Ltd. Partnership. The issuance of these shares is contingent upon the joint venture achieving certain production quantities.
 In addition to the exclusive manufacturing rights granted to the joint venture, the joint venture has been granted distribution rights in certain geographic areas outside North America.
 The agreement with respect to the arrangement has not been filed with the exchange and regulatory approval has not been obtained.
 2. The financial statements to Oct. 31, 1991 reveal no production expenses or inventories of raw material or finished product. The company has not provided the exchange with production, inventory or shipment figures, for the period subsequent to Oct. 31, 1991; and
 3. The company has had no product sales for the period ending Oct. 31, 1991. The nearly $1,000,000 in sales reported in the press release of May 31, 1991 occurred in the nine-month period ending Oct. 31 of the previous year.
 -0- 1/29/92
 /CONTACT: David A. Laundy of the Vancouver Stock Exchange, 604-689-3334/ CO: Vancouver Stock Exchange; Dimples Group Inc. ST: British Columbia IN: SU:


KJ -- LA025 -- 4978 01/29/92 17:53 EST
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Publication:PR Newswire
Date:Jan 29, 1992
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