Sterling Capital Investment Group Announces Significant Debt Reduction; $1.1 Million of Debt Now Equity

Apr 24, 2001, 01:00 ET from Sterling Capital Investment Group, Inc.

    ADDISON, Texas, April 24 /PRNewswire Interactive News Release/ -- Sterling
 Capital Investment Group, Inc. (OTC Bulletin Board:   STCE), a fee- and equity-
 based asset management company that manages pools of non-cash assets through
 its affiliated funds and partnerships, announced today that they had completed
 a substantial restructuring of its debt by converting $1.1 million of its
 former debt to additional equity in the Company.
     Late last year, Sterling began an effort to convert a substantial portion
 of its debt into equity in the Company.  The restructuring effort would meet a
 long-held goal of the Company of meeting the majority of its needs for start-
 up capital from equity sources and leaving the Company with relatively little
 debt when they launch their initial projects later this year.  Currently,
 Sterling manages a pool of non-cash, media-based assets valued at more than
 $500 million.  Sterling announced earlier its goal of raising an additional
 $1 billion in collateral pool assets by the end of the fiscal 2001.  The
 Company has already raised approximately half this amount in the first quarter
 of the year.
     "We expect to be launching our initial projects in the next quarter and
 wanted to have the bulk of the start-up costs associated with developing and
 testing our products paid for," said Bob McGiboney, CEO of Sterling Capital
 Investment Group, Inc.  "This leaves the Company's balance sheet relatively
 debt free and allows project profits to be used for future needs, not repaying
 start-up costs."  Many of the debt holders converted their debt positions into
 Sterling Preferred stock.  "I am gratified by the faith shown by this new
 group of shareholders in the future of the Company," said McGiboney.
     Sterling Capital Investment Group, Inc. is a fee- and equity-based asset
 management company that manages pools of non-cash assets of its various
 affiliated funds and partnerships.  Sterling's business plan calls for it to
 invest the assets it manages in investment projects by providing the assets as
 collateral to secure needed borrowing.  In many cases Sterling will secure
 guarantees from an affiliated company for the investment project along with
 providing the necessary credit enhancements.  Additional information about
 Sterling can be found at their website at www.SterlingCapitalInvestment.com.
     This report includes "forward-looking statements" within the meaning of
 Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
 Securities Exchange Act of 1934.  The information in this news release
 includes certain forward-looking statements that are based upon assumptions
 that in the future may prove not to have been accurate and are subject to
 significant risks and uncertainties, including statements as to the future
 performance of the Company.  Although the Company believes that the
 expectations reflected in its forward-looking statements are reasonable, it
 can give no assurance that such expectations or any of its forward-looking
 statements will prove to be correct.  Factors that could cause results to
 differ include, but are not limited to, successful performance of internal
 plans, product development acceptance, the impact of competitive services and
 pricing and general economic risks and uncertainties.  According to the
 agreement between Investor Relation's Dept. Inc. and the Company, Investor
 Relations Dept. Inc. is compensated for its financial media relations
 services, which includes the preparation and distribution of press releases,
 in the amount of one thousand dollars a month for a three-month period.
 
     Contact:  David Annin of Sterling Capital Investment Group, Inc.,
 972-248-4411.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X14804793
 
 

SOURCE Sterling Capital Investment Group, Inc.
    ADDISON, Texas, April 24 /PRNewswire Interactive News Release/ -- Sterling
 Capital Investment Group, Inc. (OTC Bulletin Board:   STCE), a fee- and equity-
 based asset management company that manages pools of non-cash assets through
 its affiliated funds and partnerships, announced today that they had completed
 a substantial restructuring of its debt by converting $1.1 million of its
 former debt to additional equity in the Company.
     Late last year, Sterling began an effort to convert a substantial portion
 of its debt into equity in the Company.  The restructuring effort would meet a
 long-held goal of the Company of meeting the majority of its needs for start-
 up capital from equity sources and leaving the Company with relatively little
 debt when they launch their initial projects later this year.  Currently,
 Sterling manages a pool of non-cash, media-based assets valued at more than
 $500 million.  Sterling announced earlier its goal of raising an additional
 $1 billion in collateral pool assets by the end of the fiscal 2001.  The
 Company has already raised approximately half this amount in the first quarter
 of the year.
     "We expect to be launching our initial projects in the next quarter and
 wanted to have the bulk of the start-up costs associated with developing and
 testing our products paid for," said Bob McGiboney, CEO of Sterling Capital
 Investment Group, Inc.  "This leaves the Company's balance sheet relatively
 debt free and allows project profits to be used for future needs, not repaying
 start-up costs."  Many of the debt holders converted their debt positions into
 Sterling Preferred stock.  "I am gratified by the faith shown by this new
 group of shareholders in the future of the Company," said McGiboney.
     Sterling Capital Investment Group, Inc. is a fee- and equity-based asset
 management company that manages pools of non-cash assets of its various
 affiliated funds and partnerships.  Sterling's business plan calls for it to
 invest the assets it manages in investment projects by providing the assets as
 collateral to secure needed borrowing.  In many cases Sterling will secure
 guarantees from an affiliated company for the investment project along with
 providing the necessary credit enhancements.  Additional information about
 Sterling can be found at their website at www.SterlingCapitalInvestment.com.
     This report includes "forward-looking statements" within the meaning of
 Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
 Securities Exchange Act of 1934.  The information in this news release
 includes certain forward-looking statements that are based upon assumptions
 that in the future may prove not to have been accurate and are subject to
 significant risks and uncertainties, including statements as to the future
 performance of the Company.  Although the Company believes that the
 expectations reflected in its forward-looking statements are reasonable, it
 can give no assurance that such expectations or any of its forward-looking
 statements will prove to be correct.  Factors that could cause results to
 differ include, but are not limited to, successful performance of internal
 plans, product development acceptance, the impact of competitive services and
 pricing and general economic risks and uncertainties.  According to the
 agreement between Investor Relation's Dept. Inc. and the Company, Investor
 Relations Dept. Inc. is compensated for its financial media relations
 services, which includes the preparation and distribution of press releases,
 in the amount of one thousand dollars a month for a three-month period.
 
     Contact:  David Annin of Sterling Capital Investment Group, Inc.,
 972-248-4411.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X14804793
 
 SOURCE  Sterling Capital Investment Group, Inc.