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WALL STREET FINANCIAL CORP. ANNOUNCES FINANCING

 HONOLULU, Dec. 18 /PRNewswire/ -- WSF Corp. (OTC Bulletin Board: WSFC) announced today it has obtained a commitment for $4,025,000 in financing from a European Joint Venture Partner. The funds will be used for the completion of its North American AIDS Institute (NAAI) in Prescott, Ariz.
 Earlier this quarter the company signed an agreement for the acquisition of a 21-acre resort to establish the North American AIDS Institute. The facility is 80 percent complete with $10,000,000 spent to date. WSF Corp. is purchasing the facility for a note of $1,640,000 and 2,050,000 shares of WSF Corp. common stock. Management's purpose for the establishment of the North American AIDS Institute is to provide a world-class research facility to aid in seeking a cure for the deadly HIV virus and to provide the best education and counseling available to HIV-infected persons.
 The company estimates a cost of $3,500,000 to finish the NAAI and values the completed research facility at $16,000,000-$20,000,000.
 In addition, an Asian investment group has subscribed for $300,000 in WSF Corp. stock and has paid more than $100,000 to date with the balance expected by Dec. 31, 1992.
 Also, the company's Employee Stock Ownership Plan (ESOP) has raised $100,000 for the company this week through its purchase of WSF Corp. stock.
 -0- 12/18/92 R
 /CONTACT: Financial Telesis Investor Relations, 808-734-3480, for WSF Corp./
 (WSFC)


CO: Wall Street Financial Corp. ST: Hawaii IN: MTC SU: FNC

JL-BP -- LA001R -- 8638 12/21/92 09:17 EST
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Publication:PR Newswire
Date:Dec 21, 1992
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