Company Press Release
Biofarm SSA. -- Romania -- Names Proposed Nominees for Election to Global Board of Directors
WILLOW GROVE, Pa ."(BUSINESS WIRE)"March 6, 1998 Global Spill Management Inc. (GEGI) announced Friday that it has received from Litchfield Continental Ltd. the initial names of the persons to be proposed for election to the board of directors of Global at the forthcoming Special Meeting of Global shareholders.
(Previously, Global announced negotiations to acquire Biofarm SSA., a Romanian pharmaceutical company from Litchfield, execution of a letter of intent with Litchfield, receipt by Global of Biofarm financial statements for the period ended June 30, 1997, and the execution of acquisition agreements with Litchfield.)
The Global shareholders will be furnished with a definitive Proxy Statement soliciting shareholder approval of the Biofarm acquisition, of the election of Biofarm nominees to control of the Global Board (in compliance with Rule 14f-l (1934 Act)), of the change in Global's name to ' ' Biofarm Inc.", and of the increase in Globule's authorized Common Stock.
(Global has no Preferred stock issued and outstanding and the agreements with Litchfield contemplate that none will be issued.) The Proxy Statement will contain Biofarm financial statements audited for the period ended Dec. 31, 1997, and will also be used as the basis for a filing with NASDAQ to list thereon the shares of Global Common Stock.
Prior to the dissemination of the Proxy Statement, Global intends to make public additional information concerning Biofarm, including preliminary results of the Dec. 31, 1997, Biofarm audit, description of Biofarm's business and products being developed, potential acquisitions now being negotiated by Biofarm itself, and the potential acquisition by Global of other businesses now owned by Litchfield (with no corresponding increase in the ultimate consideration to be delivered by Global to Litchfield).
Litchfield has now advised Global that Lichfield's initial nominees for election to the Global Board include:
resident of Rome; degree from University of Milan in Economics and Finance; currently VIP. of Finmeccania, Ltd. (prominent Italian diversified manufacturer in aerospace, energy, transportation, defines and automation), with responsibility for sales and financing of aerospace and defines divisions; previously, Senior VIP. responsible for sales financing of Aera International Regional (Toulouse, France), producer of aircraft in consortium with Aerospatiale and British Airspace;
CARSTEN RYKOV: resident of Geneva; degree from Copenhagen Business School in economics and marketing; currently Financial manager for Celestine Conseils Financiers SSA. (Geneva); previously, Senior Account manager Jyske Bank (Copenhagen) and head of bond trading section for member of Copenhagen Stock Exchange; and,
ROBERT FERRAN: resident of London; degree (MBA) from City University Business School (London) in finance; BS from University of California (Berkley); independent corporate and project Finance manager in London since 1995; previously, assistant vice president (corporate finance) with Bankers Trust Company (New York), Regional sales manager of Motorola Codex Inc. (San Francisco), and assistant director (fiber optic network sales) of Pacific Bell
Additional Litchfield nominees to the Global Board will be announced
shortly. It is anticipated that such additional nominees will include,
among others, business people and bankers located in Europe and America.