LONG BEACH, Calif.– Feb. 17, 2000–Pacific International Enterprises Inc. (OTCBB:PCIE) releases latest news.
Zaremba Group LLC has entered into an agreement with PIE designed to allow PIE to successfully emerge from Chapter 11.
This Agreement is for a term of three years and shall be automatically renewed for successive three year terms, if neither party objects.
Zaremba will market and resell PIE products; snowboards, wakeboards, skateboards, skiboards, snow and water skis and other sports products.
Zaremba and PIE plan for PIE to relocate all of its manufacturing facilities to Southern California, for Zaremba to provide the necessary equipment, fund the cost of relocation and to provide the necessary working capital for PIE.
Zaremba will acquire clear title to all existing PIE assets and will lease these assets to PIE at a base rent of $1.00 per annum.
Zaremba will provide PIE with $200,000.00 in relocation expense funding to move the equipment to Southern California and restart the manufacturing facility.
Zaremba shall make available to PIE funding to pay the administration cost for a plan of reorganization and emergence from Chapter 11 in the amount of $250,000.00.
Zaremba shall provide interest-free purchase order production financing to PIE during the term of this Agreement.
The parties shall use their best efforts to be ready for commencement of operations no later than April 1, 2000.