Bankruptcy News For - June 4, 1996

  2. Holly Products closes on $5,000,000 financing for Casino

Return To The InterNet Bankruptcy Library Homepage


            CINCINNATI, OH -- June 4, 1996 -- Cincinnati Microwave, Inc.
        (Nasdaq: CNMW) today announced that Erika Williams, a director of
        the company since 1994, has been appointed president and chief
        executive officer effective June 10, 1996.  Current President and
        Chief Executive Officer Jacques A. Robinson will remain on the board
        of directors and continue to lead the company's efforts to develop
        strategic partnerships.

            Commenting on the transition, Robinson said, "Erika's extensive
        experience in managing high technology businesses in rapidly
        developing markets and familiarity with Cincinnati Microwave make
        her the ideal person to lead Cincinnati Microwave."

            Williams, 49, has served as chief executive officer of Systems
        Integrators, Inc., a company that designs, manufactures, markets and
        services publishing systems to the newspaper publishing industry,
        since March 1996 and chief operating officer from July 1995.  From
        1978 to 1995, Williams held various positions with Amdahl
        Corporation, a developer and manufacturer of mainframe computers,
        including senior vice president and general manager of Enterprise
        Storage Systems (an Amdahl subsidiary), corporate officer
        responsible for product management of the mainframe business, vice
        president of processor technology and development and director of
        product software and diagnostics.  She holds a Master of Business
        Administration degree from the Massachusetts Institute of
        Technology, as well as Bachelor of Science and Master of Science
        degrees in Computer Science from Boston University.

            Williams commented on her appointment, "Recent results indicate
        that Cincinnati Microwave has completed key steps and is continuing
        to take steps to improve its performance.  Its products continue to
        be received favorably in the marketplace.  I am looking forward to
        the challenge of managing the company to further improve its

            Robinson, the company's third largest shareholder, will continue
        to devote extensive time to the company.  He added, "Cincinnati
        Microwave has consistently sought strategic partnerships to
        strengthen the market position of its leading edge products.  With
        Erika leading the company, I can devote time to this important
        component of our strategy to maximize shareholder value."

            Cincinnati Microwave designs, manufactures and markets ultrahigh
        frequency and microwave wireless communications products.  The
        company's product lines include radar warning devices, digital
        spread spectrum cordless telephones and wireless data modems for use
        on the Cellular Digital Packet Data (CDPD) network.  The company's
        products combine its experience in ultrahigh frequency and microwave
        wireless technology, including digital signal processing, with its
        high volume manufacturing capabilities.

            The company markets its products both under the ESCORT(R) brand
        name through direct advertising and as an Original Equipment
        Manufacturer (OEM) supplier.  The company's strategy for entering
        new markets is to align with companies that have established sales
        leadership and market positions.  This strategy is designed to
        provide broader access to the end user.  The company produces
        digital spread spectrum telephones for several leading marketers of
        consumer telephones.  The company's common stock is traded on the
        Nasdaq National Market System under the symbol CNMW.

        CONTACT:  Elaine Bacon of Cincinnati Microwave, 513-489-5400,
        or e-mail,; or Bill Schmidle, Analyst Inquiries,
        312-640-6753, or Karl Plath, General Inquiries, 312-640-6738, both
        of The Financial Relations Board

Holly Products Inc. closes on $5,000,000 financing package for Casino


            BALA CYNWYD, Pa. -- June 4, 1996 -- HOLLY PRODUCTS
        INC. (NASDAQ:HOPR, HOPRW, AND HOPRP; BSE:HOP, HOPP) announced today
        that the closing on its previously approved $5,000,000 financing
        package has been completed.

            The court previously gave Country
World Casinos Inc.
until June
        17, 1996 to close on the financing and resolve all disputes
        concerning prior secured and unsecured debt.  

            As part of the closing, the first deed of trust for the Casino
        property was paid in full securing title to the property as defined
        in the court's order.

            The company believes that the funds from this financing are
        sufficient to allow the company to emerge from bankruptcy in
        relative short order.

            William Patrowicz, president of Holly Products Inc. stated,
        "This is our first great step toward resolving all issues and
        getting this Casino built."

            Holly Products Inc. headquartered in Bala Cynwyd, Pa., 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

        CONTACT:  Holly Products Inc.
                  William Patrowicz, 610/617-0400
                  Martin E. Janis & Co. Inc.
                  Elliott Jacobson, 312/943-1100