Holly Products announces settlement of litigation with the Calvin Black Trust
BALA CYNWYD, Pa.--October 1, 1996--Holly Products Inc. (NASDAQ: HOPR,
HOPRW, HOPRP; BSE: HOP, HOPW, HOPP) today announced full and final
settlement of litigation with the Calvin Black Trust in the United States District Court
for the district of Utah, Central Division, Case Number 95CV09305.
The Trust and the company reached final settlement on a promissory note of $500,000
by the company delivering shares of stock in RoomSystems Inc. in lieu of payment.
Upon such delivery, the lawsuit was dismissed.
William H. Patrowicz, president of Holly Products Inc., stated, "We are very happy
with this settlement and look forward to completing our last piece of litigation in
regard to the Country World Casinos Chapter 11 Proceedings in short order. With
these last issues behind us, we can concentrate on the business at hand."
Holly Products Inc., headquartered in Bala Cynwyd, has a wholly owned subsidiary,
Navtech Industries Inc. of Shiprock, N.M. and a majority owned subsidiary, Country
World Casinos Inc., of Denver. Navtech is a manufacturer and tester of electronic
components for casino equipment, hotel equipment and signage. Country World
Casinos Inc. is a development corporation, whose plan is to construct a casino in
Black Hawk, Colo., as well as a hotel complex.
CONTACT: Holly Products Inc. William H. Patrowicz, 610/617-0400 or Martin E.
Janis & Company Inc. Elliott Jacobson, 312/943-1100
Southern Electric Joins NRG-Zeigler Bid For Cajun
ATLANTA, Oct. 1, 1996 - Southern Electric International, a subsidiary of Southern
Company (NYSE: SO), today announced that it has joined NRG Energy, Inc. and
Zeigler Coal Holding Company in their offer to purchase the non-nuclear assets of
Cajun Electric Power Cooperative.
The newly combined offer was incorporated in the amended plan filed Sept. 30 in the
U.S. Bankruptcy Court for the Middle District of Louisiana by Ralph R. Mabey, the
trustee of Cajun Electric. The combined plan offers $1.09 billion in cash for the
non-nuclear assets of Cajun. The assets would be acquired by Louisiana Generating
LLC, which would be owned by affiliates of Southern Electric, NRG Energy and
Zeigler.
Cajun generates and sells electricity to a group of 12 distribution cooperatives which
deliver power to residences and businesses. The cooperatives that buy electricity
from Cajun serve more than 1 million people in Louisiana. Cajun entered bankruptcy
due to delays and cost overruns associated with a nuclear power project in which it
had an interest.
"Southern Electric joining forces with NRG and Zeigler allows the members of Cajun
and their customers to enjoy the benefits of economic and reliable power resulting
from the depth and range of expertise and resources provided by the consortium," said
Gary Kubik, Southern Electric's project director.
The previously filed plan of NRG Energy Inc., a subsidiary of Northern States Power
Company, and Zeigler Coal Holding Co. to buy Cajun's assets was selected as the
leading bid in April by the trustee. Southern Electric will be withdrawing the
competing plan it filed June 26.
"This is an opportunity to expand the resources and expertise available to the project,"
said Randy Harrison, another member of Southern Electric's development team. "The
three members of Louisiana Generating provide operating, fuel management and
energy marketing expertise, in addition to access to capital."
Atlanta-based Southern Company, the nation's largest producer of electricity is the
parent firm of five electric utilities: Alabama Power, Georgia Power, Gulf Power,
Mississippi Power and Savannah Electric. Other subsidiaries include Southern
Communications Services, Southern Nuclear, Southern Development and Investment
Group and Southern Company Services. Southern Company's common stock is one of
the 20 most widely held corporate stocks in America.
Southern Electric, also based in Atlanta, develops, builds, owns and operates power
production and delivery facilities and provides a broad range of technical services to
industrial companies and utilities in the U.S. and international markets. It also
administers energy trading and marketing activities through Southern Company
affiliate Southern Energy Marketing.
SOURCE Southern Company /CONTACT: Chuck Griffin or David Mould, Southern
Company, 404-223-0230/ (SO)
Hamburger Hamlet Restaurants Inc. Announces That Agreement With Grill Concepts
Inc. is Terminated
SHERMAN OAKS, Calif., Oct. 1, 1996 - Hamburger Hamlet Restaurants Inc. (HHRI)
announced that its agreement to sell certain operating assets to Grill Concepts, Inc.
("GCI") was terminated due to GCI's inability to obtain the financing required to
consummate the sale according to the terms of the agreement.
The HHRI restaurants, which generate positive cash flow from operations, will
continue to operate in Chapter 11 with the support of HHRI's major secured creditor.
HHRI also announced that Shawn Holder resigned as Chief Executive Officer and
President effective September 30, 1996 to pursue other opportunities. He will remain
a director of HHRI and a consultant to the Company.
The Board of Directors elected Richard E. Matthews, current Chairman of the Board,
to the position of Chief Executive Officer and President. Mr. Matthews said he would
direct the Company towards continued operating improvements and would develop a
new plan of reorganization which could be based on a new merger or sale
opportunity.
SOURCE Hamburger Hamlet /CONTACT: Jack Lavine 818-995-7333/