DOBBS FERRY, N.Y. -- June 14, 1996 -- Fingermatrix
Inc. (NASDAQ EBB:FINX), inventors of electronic fingerprinting
technology, which came out of Chapter 11 bankruptcy a year ago with
a new management and board of directors, has filed its first post-
bankruptcy audited annual report (10-K) with the Securities and
The report covers the reorganized company's first fiscal year
ended last Sept. 30, during the first half of which the company was
still in Chapter 11. Quarterly 10-Qs will also be filed for the
current fiscal year and beyond, the company said.
Revenues for the year were minimal, standing at $3,277 against
$29,764 the previous year. Operating losses were reduced to
$1,772,429 from $2,604,658 in fiscal 1994, but the bankruptcy
settlement provided an extraordinary credit of $1,781,128, leaving
net income of $8,699 -- the first in the company's 20-year history.
There were 10,446,601 average shares outstanding during the
year. The current share total, reflecting last year's
reorganization and the exercise by shareholders of nearly 3 million
warrants, is approximately 7,090,000, according to the company.
Thomas T. Harding, president and chief executive officer,
explained that the lateness of the report was due to the SEC's
requirement that the document cover not only the past fiscal year
but also the entire period since the previous management's last
filing, which was for the February 1993 quarter. This was made
especially difficult because much of the pre-Chapter 11 data was
unavailable, he said.
"Such history was rendered largely academic for investors,
however, by the company's total restructuring last year under the
bankruptcy law," he noted. The company is now well financed and has
a tax loss carry-forward of more than $45 million, Harding added.
Fingermatrix has long been a leader in electronic fingerprinting
technology and possesses nearly a dozen key patents in the field,
including those covering the latest and most advanced live finger
Fiscal Year Ended
Revenues $3,277 $29,764
Loss (before extraordinary items) 1,772,429 2,604,658
Extraordinary credit (Reorganization) 1,781,128 -- Net
income (loss) 8,699 (2,604,658)
Earnings/share (loss) .00 (2.41)
Average shares outstanding 10,446,601 16,811,267
April 30, share total 7,090,547 -- *T
PARSIPPANY, N.J. -- June 14, 1996 -- Emerson Radio
Corp. (AMEX:MSN) announced today that Emerson and its chairman and
controlling shareholder, Geoffrey P. Jurick, have entered into a
final settlement agreement with Jurick's former partners, Donald and
Petra Stelling and entities under their control as well as certain
third party claimants relating to shares of Emerson and a number of
investments and venture-stage companies jointly controlled by Jurick
and the Stellings.
The settlement resolves in Jurick's favor the ownership of
approximately 75% or 29.2 million shares, of Emerson's outstanding
common stock held by Jurick and his affiliates and provides for the
payment of $49.5 million allocated among all claimants, other than
Jurick and his affiliates who will separately receive $3.5 million,
payable out of future sales of Emerson common stock held by Jurick
and his affiliates.
Such shares will be sold over an extended number of years by a
financial advisor to be selected by Emerson in consultation with the
various claimants and Jurick.
The litigation ensued following Donald Stelling's unexpected
resignation as chairman of Emerson on Dec. 2, 1993, and the
simultaneous withdrawal of his family's contractually committed
financial support to Emerson's then-pending Chapter 11
The resignation of Stelling was the first step in the Stelling-
initiated unraveling and dissolution of a number of Stelling/Jurick
controlled investment vehicles primarily incorporated in the Bahamas
and the United States.
Emerson commenced litigation against the Stellings for breach of
contract and breach of fiduciary duty following the successful
consummation of Emerson's reorganization with substitute equity
capital raised by Geoffrey Jurick and supplemented by new credit
facilities arranged by Emerson.
The settlement agreement, which ultimately will be enforced
through an order issued by Judge Nicholas Politan in the Federal
District Court in Newark, N.J., and which will only become effective
after the return later this year of certain share certificates
currently held in foreign jurisdictions, also provides mechanisms to
minimize competition with Emerson in raising funds in the capital
markets, restricts the sale of any of the shares in a manner that
may unreasonably impact the value of shares held by outside
shareholders and restricts any change of control, which would
negatively impact on Emerson's current or future credit
arrangements, other than as specifically permitted by action of
disinterested members of Emerson's board of directors.
Gene Davis, president of Emerson, said, "We are gratified that
the litigation over these matters is at an end. While Emerson had
suffered due to the abandonment by the Stellings and their
affiliates during our restructuring process, the principal damage
has been done to Mr. Jurick and his affiliates, who chose to stand
by their commitments to Emerson, enabling Emerson to continue to
serve its employees, creditors, customers, vendors and shareholders.
This settlement reflects a reaffirmation of Geoffrey Jurick's long-
term commitment to Emerson, its shareholders, and strategic plan.
"Emerson is also pleased that, through the hard work and
effective mediation of Judge Politan, a global settlement has been
achieved that removes any cloud of uncertainty over ultimate control
of the company and its dedication to its long-term plan of
profitability and growth.
"The various provisions of the settlement agreement confirm Mr.
Jurick's control over Emerson and Emerson's control over its own
destiny and takes specific note of the interests of its minority
Emerson Radio Corp., founded in 1948, is headquartered in
Parsippany. The company designs and markets, throughout the world,
full lines of televisions, home and personal security equipment,
timepieces, car audio, home theater, video and audio and microwave
CONTACT: Emerson Radio Corp., Parsippany
Eugene I. Davis, 201/428-2000
KCSA Public Relations, New York
Adam I. Friedman or Joseph A. Mansi, 212/682-6300
LAS VEGAS -- June 14, 1996 -- Gold River Hotel &
Casino Corporation (GRHC) and its wholly owned subsidiary, Gold
River Operating Corporation (collectively, the "Company"), owners
and operators of the Gold River Resort & Casino located in Laughlin,
Nev., filed a Joint Plan of Reorganization and Proposed Disclosure
Statement with the United States Bankruptcy Court for the District
of Nevada at Las Vegas on Friday, June 7.
The Official Bondholders Committee, whose members own over two-
thirds in dollar amount of the increasing rate mortgage notes, are
co-proponents of the plan. Under the plan, the increasing rate
mortgage notes will be converted into not less them 93.75 percent of
the equity in the reorganized debtors and general, unsecured
creditors will be paid in full (without interest) in four semi-
According to John H. Midby, chairman of the board, "The new
capital structure provided under the plan will make the Company more
competitive in the Laughlin market."
Implementation of the plan is subject to, among other things,
creditor acceptance of the plan and approval of the adequacy of the
disclosure statement and confirmation of the plan by the bankruptcy
CONTACT: Gold River Hotel & Casino Corporation
John Midby, 702/362-0040
Gerald Schaffer, 702/362-0040
NEW YORK -- June 14, 1996 -- Americans are walking
away from their debts in record numbers as bankruptcy 'loses its
badness,' Barron's reports in its June 17 issue.
Barron's says a surge in personal bankruptcy filings, expected
to top one million this year for the first time, reflects a
significant change in society's perception -- from stigma to an
acceptable way of managing obligations.
The financial weekly from Dow Jones & Company cites several
factors for the increase in such filings, starting with the
liberalization of bankruptcy laws. There's also been a steady blip
up in the charts since bankruptcy lawyers have been allowed to
advertise their services.
Easy access to credit, Barron's says, is a major culprit,
principally in the form of plastic. A consumer credit expert tells
Barron's, "There's more credit in the hands of more people than
we've ever seen before, and they're using it in more ways,"
including credit cards to start businesses, invest in stocks, pay
for medical care and even to gamble.
Barron's suggests the use of bankruptcy laws by wealthy
individuals and corporate America to restructure their financial
affairs also adds to the acceptability of such filings. Among
filers cited: Arizona Gov. Fife Symington, former Major League
Baseball Commissioner Bowie Kuhn and Orange County, Calif., the
richest county in the nation.
What's more, in the case of many bankruptcy filings, bankers say
there were no signs of distress before debtors ducked out; their
accounts were in good standing and considered high quality, perhaps
suggesting this trend is far from over.
In addition to Barron's and other periodicals, Dow Jones
publishes The Wall Street Journal, electronic information services,
including Dow Jones Telerate, and the Ottaway group of community
CONTACT: Lawrence Budgar, 212/416-2606
SAN FRANCISCO, CA -- June 14, 1996 -- U.S. Electricar
Inc. (Symbol: ECAR) today announced its financial results for the
third quarter of fiscal year 1996, which ended April 30, 1996.
For the quarter ended April 30, 1996, U.S. Electricar reported
net sales of $478,000 and a net loss of $3,498,000 or ($0.06) per
share, compared with fiscal year 1995 third quarter net sales of
$897,000 and a net loss of $11,942,000 or ($0.63) per share.
The Company reported that a gain on debt restructuring of
$1,858,000 reduced the loss for the fiscal 1996 third quarter to the
reported $3,498,000 from a loss before gain on debt restructuring of
For the nine months ended April 30, 1996, the Company reported
sales of $3,489,000 and a loss of $7,898,000 or ($0.13) per share,
as compared to sales of $10,794,000 and a loss of $37,392,000 or
($2.08) per share for the first nine months of fiscal 1995.
Reducing the net loss figures for the nine months ended April 30,
1996 was a gain on debt restructuring of $2,248,000.
The Company indicated that the decline in both sales and net
loss continues to be attributed to the lack of available funding for
marketing and production and corporate downsizing which has occurred
since the Company announced a restructuring of its operations in
U.S. Electricar develops and manufactures electric vehicles for
markets in the United States and internationally, with products
ranging from converted sedans and light trucks to transit buses and
U.S. Electricar Inc. and Subsidiaries
Consolidated Statements of Operations
(In thousands, except for per share and share data)
Three Months Ended Nine Months Ended
April 30, April 30,
1995 1996 1995 1996
Net Sales $ 897 $ 478 $ 10,794 $ 3,489
Cost of Sales 3,209 1,571 18,298 5,060
Gross Margin (2,312) (1,093) (7,504) (1,571)
Other costs and expenses:
Research & Development 1,080 413 6,057 1,129
Selling, general &
administrative 4,248 2,503 13,042 5,186
Interest and financing
fees 1,708 453 5,417 1,366
Impairment of long-lived
assets -- 894 -- 894
Provision for facility
closures, liquidation of
of operations & contract
terminations 2,594 -- 5,372 --
Total other costs and
expenses 9,630 4,263 29,888 8,575
Loss before gain on
debt restructuring (11,942) (5,356) (37,392) (10,146)
Gain on debt
restructuring -- 1,858 -- 2,248
Net Loss $(11,942) $(3,498) $(37,392) $(7,898)
Per common share:
Loss before gain on
debt restructuring $ (0.63) $ (0.09) $ (2.08) $ (0.17)
Gain on debt
restructuring -- 0.03 -- 0.04
Net loss per
common share $ (0.63) $ (0.06) $ (2.08) $ (0.13)
shares outstanding 18,933,774 62,665,378 17,953,724 58,803,907