Laidlaw Global Corporation Announces Year 2000 Financial Results And Restructuring of Operations

Apr 20, 2001, 01:00 ET from Laidlaw Global Corporation

    NEW YORK, April 20 /PRNewswire Interactive News Release/ -- Laidlaw Global
 Corporation (Amex:   GLL) today announced results of operations for the year
 ended December 31, 2000 and other recent developments.  Revenues for the year
 amounted to $24,067,190.  Net loss for the year was $5,712,556 or ($0.21) per
 basic share on 26,966,363 weighted average shares outstanding.
     Excluding the results of the operations of the internet subsidiary
 Globeshare Group, Inc. (GGI) and its wholly owned subsidiary Globeshare, Inc.,
 which only commenced operation in the prior year, and the one-time charge
 against income related to cessation of operations of Lead Capital, a foreign
 subsidiary, the consolidated net loss for the year was approximately
 $3,182,905 or ($0.12) per basic share on 26,966,363 weighted average shares
 outstanding.
     The reversal of previously recognized income, related to an aborted
 purchase by a Laidlaw client of a German Bank, and the recognition of
 compensation relating to the exercise of stock options by officers of H & R
 Acquisition Corp., a subsidiary, resulted in a larger net loss reported
 compared to the approximate loss of $3,000,000 as previously reported in the
 Form 12b-25 Notification of Late Filing filed by the Company with the SEC on
 March 29, 2001.
     The Company also has made a strategic decision to focus the thrust of its
 business development towards global market products.  In support of that
 decision, the Company entered into an agreement with its subsidiary,
 Westminster Securities Corporation, and the management of Westminster, to sell
 the stock and business of Westminster to its management.  The agreement
 provides for (i) cash consideration of $1,000,000 in the form of (A) $100,000,
 plus (B) pre-payment by Westminster of $600,000 due under a certain
 subordinated Promissory Note ("Subordinated Note") dated May 27, 1999, made by
 Westminster in favor of Seller, (ii) delivery of a two year Promissory Note
 executed by Westminster in the aggregate principal amount of $300,000, bearing
 interest at the rate of ten percent (10%) per annum, payable in two equal
 installments together with the transfer and delivery to the Company of an
 aggregate of 4,500,000 shares of the common stock of the Company held by the
 management of Westminster.  The closing of the agreement is conditioned upon
 various terms and conditions including the approval of the New York Stock
 Exchange.
     In April 2001, the Company was granted a license from Banque de France,
 permitting it to operate as a broker-dealer through its subsidiary Laidlaw
 International S.A. in France and extend its activities to the rest of the
 European Union.  The Paris based office is now fully operational.
     Roger Bendelac, the CEO of Laidlaw Global Corporation stated that the
 refocusing of the activities toward high margin and global securities products
 should help it achieve its goal of a quick return to profitability.
 
     Laidlaw Global Corporation is a provider of global investment and
 financial services, with offices in Miami, New York, Paris, Geneva, Nassau,
 Barcelona and Hong Kong.  Laidlaw Global Corporation subsidiaries operate in
 three areas of financial services: investment banking, asset management and
 trading/brokerage.  Its website is http://www.laidlawglobal.com.
 
     This release contains statements relating to future results of the Company
 and the Company's market share in the industry (including certain projections
 and business trends) that are "forward-looking statements" as defined in the
 Private Securities Litigation Reform Act of 1995.
 
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SOURCE Laidlaw Global Corporation
    NEW YORK, April 20 /PRNewswire Interactive News Release/ -- Laidlaw Global
 Corporation (Amex:   GLL) today announced results of operations for the year
 ended December 31, 2000 and other recent developments.  Revenues for the year
 amounted to $24,067,190.  Net loss for the year was $5,712,556 or ($0.21) per
 basic share on 26,966,363 weighted average shares outstanding.
     Excluding the results of the operations of the internet subsidiary
 Globeshare Group, Inc. (GGI) and its wholly owned subsidiary Globeshare, Inc.,
 which only commenced operation in the prior year, and the one-time charge
 against income related to cessation of operations of Lead Capital, a foreign
 subsidiary, the consolidated net loss for the year was approximately
 $3,182,905 or ($0.12) per basic share on 26,966,363 weighted average shares
 outstanding.
     The reversal of previously recognized income, related to an aborted
 purchase by a Laidlaw client of a German Bank, and the recognition of
 compensation relating to the exercise of stock options by officers of H & R
 Acquisition Corp., a subsidiary, resulted in a larger net loss reported
 compared to the approximate loss of $3,000,000 as previously reported in the
 Form 12b-25 Notification of Late Filing filed by the Company with the SEC on
 March 29, 2001.
     The Company also has made a strategic decision to focus the thrust of its
 business development towards global market products.  In support of that
 decision, the Company entered into an agreement with its subsidiary,
 Westminster Securities Corporation, and the management of Westminster, to sell
 the stock and business of Westminster to its management.  The agreement
 provides for (i) cash consideration of $1,000,000 in the form of (A) $100,000,
 plus (B) pre-payment by Westminster of $600,000 due under a certain
 subordinated Promissory Note ("Subordinated Note") dated May 27, 1999, made by
 Westminster in favor of Seller, (ii) delivery of a two year Promissory Note
 executed by Westminster in the aggregate principal amount of $300,000, bearing
 interest at the rate of ten percent (10%) per annum, payable in two equal
 installments together with the transfer and delivery to the Company of an
 aggregate of 4,500,000 shares of the common stock of the Company held by the
 management of Westminster.  The closing of the agreement is conditioned upon
 various terms and conditions including the approval of the New York Stock
 Exchange.
     In April 2001, the Company was granted a license from Banque de France,
 permitting it to operate as a broker-dealer through its subsidiary Laidlaw
 International S.A. in France and extend its activities to the rest of the
 European Union.  The Paris based office is now fully operational.
     Roger Bendelac, the CEO of Laidlaw Global Corporation stated that the
 refocusing of the activities toward high margin and global securities products
 should help it achieve its goal of a quick return to profitability.
 
     Laidlaw Global Corporation is a provider of global investment and
 financial services, with offices in Miami, New York, Paris, Geneva, Nassau,
 Barcelona and Hong Kong.  Laidlaw Global Corporation subsidiaries operate in
 three areas of financial services: investment banking, asset management and
 trading/brokerage.  Its website is http://www.laidlawglobal.com.
 
     This release contains statements relating to future results of the Company
 and the Company's market share in the industry (including certain projections
 and business trends) that are "forward-looking statements" as defined in the
 Private Securities Litigation Reform Act of 1995.
 
                     MAKE YOUR OPINION COUNT -- Click Here
                http://tbutton.prnewswire.com/prn/11690X64640216
 
 SOURCE  Laidlaw Global Corporation