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SEKUNJALO INVESTMENTS LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 1996/006093/06)
("SEKUNJALO")
NOW IS THE TIME
FINAL AUDITED ABRIDGED RESULTS FOR THE YEAR ENDED 31 AUGUST 2000
FINANCIAL HIGHLIGHTS
* HEADLINE EARNINGS PER SHARE OF 11,6 CENTS
* OPERATING PROFIT OF R18,4 MILLION
* SUBSIDIARY SEKUNJALO HEALTH CARE DELIVERED A STRONG PERFORMANCE WITH HEADLINE
EARNINGS OF R13 MILLION
* SUBSIDIARY PREMIER FISHING ACHIEVED AN OPERATING PROFIT OF R16 MILLION AND
REDUCED ITS DEBT TO THE INDUSTRIAL DEVELOPMENT CORPORATION BY R10 MILLION
FINAL AUDITED ABRIDGED RESULTS FOR THE YEAR ENDED 31 AUGUST 2000
GROUP INCOME STATEMENT
ACTUAL
AUDITED 12 MONTHS
31 AUG 2000 31 AUG 1999
R000'S R000'S
TURNOVER 319 469 391 676
OPERATING PROFIT 18 426 28 579
LOSS ON INVESTMENT (155 468) (139)
NET INTEREST PAID (3 053) (14 276)
NET (LOSS)/INCOME BEFORE TAXATION (140 095) 14 164
TAXATION (6 207) (503)
NET (LOSS)/INCOME AFTER TAXATION (146 302) 13 661
INCOME FROM ASSOCIATES 2 353 7 810
NET (LOSS)/INCOME (143 949) 21 471
OUTSIDE SHAREHOLDER'S INTEREST 23 190 (9 085)
NET (LOSS)/INCOME ATTRIBUTABLE TO
ORDINARY SHAREHOLDERS (120 759) 12 386
SHARES IN ISSUES (000'S) 88 689 88 689
WEIGHTED AVERAGE NUMBER OF SHARES 88 689 43 363
EARNINGS PER SHARE (CENTS) (137.2) 28.5
HEADLINE EARNINGS PER SHARE (CENTS) 11.6 24.2
GROUP BALANCE SHEET
AS AT 31 AUGUST 2000
ACTUAL
AUDITED 12 MONTHS
31 AUG 2000 31 AUG 1999
R000'S R000'S
CAPITAL EMPLOYED
SHAREHOLDERS' FUNDS 18 002 141 516
NON-CURRENT LIABILITIES 74 188 69 704
DEFERRED TAX 5 580 4 706
OUTSIDE SHAREHOLDERS' INTEREST 80 109 134 063
177 879 349 989
EMPLOYMENT OF CAPITAL
FIXED ASSETS 64 833 79 807
GOODWILL AND INTANGIBLES 71 361 58 465
PHARMACEUTICAL DOSSIERS 34 000 -
INVESTMENTS AND LOANS 23 369 156 537
CURRENT ASSETS 132 483 183 158
INVENTORIES 51 001 56 806
ACCOUNTS RECEIVABLE 72 568 81 858
BANK AND CASH ON HAND 8 914 44 494
CURRENT LIABILITIES 148 167 127 978
ACCOUNTS PAYABLE 52 395 60 922
DEFERRED PURCHASE CONSIDERATIONS 48 790 24 500
CURRENT PORTION OF
LONG-TERM LIABILITIES 11 531 13 452
BANK OVERDRAFT 28 533 25 619
TAXATION 6 918 3 485
NET CURRENT (LIABILITIES)/ASSETS (15 684) 55 180
177 879 349 989
COMMENT
THE BOARD OF DIRECTORS OF THE SEKUNJALO INVESTMENT GROUP TAKES PLEASURE IN
ANNOUNCING THE ANNUAL RESULTS FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2000.
SEKUNJALO IS LISTED IN THE HOTELS AND LEISURE SECTOR OF THE JOHANNESBURG STOCK
EXCHANGE.
FOR SEKUNJALO, A BLACK ECONOMIC EMPOWERMENT COMPANY, THIS HAS BEEN THE MOST
CHALLENGING YEAR OF OUR EXISTENCE. THE OVERALL ECONOMIC ENVIRONMENT HAS
IMPACTED ADVERSELY UPON LISTED BLACK ECONOMIC EMPOWERMENT COMPANIES. THIS IS
EVIDENCED BY THE MARKET CAPITALISATION OF BLACK COMPANIES ON THE JSE FALLING
FROM A HIGH OF 7% IN NOVEMBER 1998 TO BELOW 3% BY APRIL 2000. THE NUMBER OF NEW
BLACK COMPANIES LISTING IN 2000 HAS GROUND TO A HALT. IT APPEARS UNLIKELY THAT
ANY NEW LISTINGS OF BLACK ECONOMIC EMPOWERMENT COMPANIES WILL TAKE PLACE IN THE
NEAR FUTURE.
IN THE LAST QUARTER OF 2000, SEKUNJALO WAS AFFECTED BY THE LIQUIDATION OF THE
LISTED LEISURENET GROUP, AN INVESTMENT IN WHICH WE WERE A MAJOR SHAREHOLDER.
LEISURENET'S AMBITIOUS OVERSEAS EXPANSION PROGRAMME RESULTED IN ITS INABILITY
TO FUND THE AGGRESSIVE ROLLOUT OF THE HEALTHLAND CLUBS IN EUROPE AND AUSTRALIA.
THIS CAUSED THE COLLAPSE OF THE OVERSEAS OPERATION AND CONSEQUENTLY LEISURENET
AND ITS SUBSIDIARIES IN SOUTH AFRICA.
IT WAS REPORTED WIDELY THAT SEKUNJALO, THROUGH ITS BOARD REPRESENTATIVES, WERE
INSTRUMENTAL IN ALERTING INSTITUTIONAL SHAREHOLDERS TO THE EMERGING CRISIS AT
LEISURENET. REGRETTABLY, DESPITE THE INITIATIVE OF SEKUNJALO IN RESTRUCTURING
THE BOARD OF LEISURENET, IT WAS UNABLE TO PREVENT THE LIQUIDATION.
SEKUNJALO'S COMMITMENT TO ITS EMPOWERMENT PHILOSOPHY HAS RESULTED IN THE
MAJORITY OF MANAGEMENT AND STAFF COMING FROM PREVIOUSLY DISADVANTAGED GROUPS.
OUR SUPPORT OF MICRO ENTREPRENEURS IS DEMONSTRATED BY OUR PROCUREMENT POLICIES
THAT FAVOUR MICRO ENTREPRENEURS AND SMALL, MEDIUM AND MICRO ENTERPRISES. A KEY
OBJECTIVE OF SEKUNJALO IS JOB AND WEALTH CREATION AND WE TAKE TO HEART THE CALL
BY OUR PRESIDENT, THABO MBEKI, TO SUPPORT THE AFRICAN RENAISSANCE BY PROMOTING
BLACK PARTICIPATION IN THE ECONOMY. WE REGARD IT AS OUR NATIONAL RESPONSIBILITY
TO CREATE JOBS TO ADDRESS THE UNEMPLOYMENT LEVELS IN THE COUNTRY. SEKUNJALO'S
INVOLVEMENT IN THE MANUFACTURING SECTOR IN HEALTH, FISHING AND ENGINEERING IS
TESTIMONY TO ITS COMMITMENT TO JOB AND WEALTH CREATION.
GROUP FINANCIAL OVERVIEW
THE GROUP RESULTS FOR THIS FINANCIAL YEAR ARE NOT COMPARABLE TO THE PREVIOUS
FINANCIAL YEAR DUE TO THE SUBSTANTIAL LOSS ARISING OUT OF THE COLLAPSE OF
LEISURENET. DESPITE THIS SETBACK, THE OTHER BUSINESSES OF THE GROUP HAVE BEEN
ABLE TO CONTRIBUTE TOWARDS THE GROUP ACHIEVING THE FOLLOWING RESULTS. THE GROUP
ACHIEVED A TURNOVER OF R319 MILLION. AN OPERATING PROFIT OF R18,4 MILLION WAS
ACHIEVED FOR THE YEAR UNDER REVIEW. HEADLINE EARNINGS FOR THE GROUP WAS R10,3
MILLION. HEADLINE EARNINGS PER SHARE OF 11.6 CENTS WAS ACHIEVED FOR THE YEAR
UNDER REVIEW
REVIEW OF INVESTMENTS
THE PAST YEAR SAW THE GROUP ACHIEVING A SATISFACTORY PERFORMANCE FROM ITS
HEALTHCARE, INDUSTRIAL AND IT INVESTMENTS. THE EMPHASIS IN STRENGTHENING THE
MANAGEMENT TEAMS WITH EXPERIENCED INDUSTRY EXPERTS, GENERATING CASH IN
SUBSIDIARIES, ACHIEVING GREATER BRAND AWARENESS AND EXPORT EARNINGS WAS
A CORNERSTONE ACHIEVEMENT FOR THE GROUP IN THE PAST YEAR.
SEKUNJALO HEALTH CARE
SEKUNJALO HEALTH CARE HAS FIRMLY ESTABLISHED ITSELF AS ONE OF THE LARGEST
HEALTH CARE COMPANIES AND CERTAINLY THE LARGEST BLACK HEALTH CARE COMPANY IN
SOUTH AFRICA. THE BOARD HAS SERIOUSLY CONSIDERED A LISTING FOR SEKUNJALO HEALTH
CARE BUT DUE TO AN UNFAVOURABLE LISTING ENVIRONMENT FOR BOTH THE HEALTH CARE
SECTOR AND BLACK ECONOMIC EMPOWERMENT, A DECISION HAS BEEN TAKEN TO KEEP THE
COMPANY UNLISTED UNTIL THE ENVIRONMENT IMPROVES. TESTIMONY TO THE STRENGTH OF
SEKUNJALO HEALTH CARE AS A SIGNIFICANT HEALTH ENTITY IS THEIR FINE ACHIEVEMENT
OF CONCLUDING TWO MAJOR HEALTH TRANSACTIONS IN THE LAST FINANCIAL YEAR.
IN A MAJOR AND STRATEGIC COUP FOR SOUTH AFRICAN HEALTH CARE, SEKUNJALO HEALTH
CARE ANNOUNCED A STRATEGIC CO-OPERATION AND SUPPLY AGREEMENT WITH US COMPANY,
BECTON DICKINSON, ONE OF THE WORLD'S LARGEST AND MOST PRESTIGIOUS MEDICAL
DEVICE MANUFACTURERS, LISTED ON THE NEW YORK STOCK EXCHANGE. THIS TRANSACTION
WAS THE FIRST BETWEEN A US COMPANY AND A BLACK SOUTH AFRICAN HEALTH CARE
COMPANY. THE AGREEMENT ENABLES SEKUNJALO HEALTH CARE TO HAVE ACCESS TO
INTERNATIONAL RESEARCH AND DEVELOPMENT FACILITIES AND GIVES US ACCESS TO THE
BECTON DICKINSON PRODUCT LINES.
IN THE FIRST MAJOR TRANSACTION FOR A BLACK ECONOMIC EMPOWERMENT COMPANY IN THE
PHARMACEUTICAL SECTOR, SEKUNJALO HEALTH CARE CONCLUDED AN AGREEMENT WITH GLAXO
WELLCOME THAT INVOLVED THE PURCHASE OF A RANGE OF TRADEMARKS AND DOSSIERS FROM
THE PHARMACEUTICAL MULTINATIONAL. R34 MILLION OF THE DEFERRED PURCHASE
CONSIDERATION OF R48,7 MILLION, ATTRIBUTABLE TO GLAXO WELLCOME, WAS PAID IN
SEPTEMBER 2000. THE PRODUCT LINES PURCHASED INCLUDE WELL ESTABLISHED BRANDS
USED TO TREAT SEVERAL DERMATOLOGICAL CONDITIONS INCLUDING PSORIASIS AND ECZEMA
AS WELL AS PRODUCTS USED IN THE TREATMENT OF ASTHMA. THESE TRANSACTIONS GIVE
SEKUNJALO HEALTH CARE ACCESS TO INTERNATIONAL BRANDS AND MARKETS, WILL ENHANCE
OUR OPERATIONAL EFFICIENCIES AND FURTHER POSITION SEKUNJALO HEALTH CARE AS A
SIGNIFICANT PLAYER IN THE HEALTH CARE SECTOR.
PROMEX CONTINUES TO DOMINATE THE PUBLIC SECTOR IN ITS NICHE CATEGORIES AND IS
RAPIDLY EXPANDING INTO THE PRIVATE SECTOR. RAPIMED, WITH ITS BRANDED URICHECK
PRODUCT HAS EXPANDED INTO OFFSHORE MARKETS WITH 60% OF THIS BRAND BEING
EXPORTED.
SEKUNJALO HEALTH CARE BUSINESSES ARE NOW CASH GENERATIVE SINCE THE SALE OF
PATHNET AND ISOSTER IN THE LAST FINANCIAL YEAR.
SEKUNJALO INDUSTRIAL INVESTMENTS
PREMIER FISHING
PREMIER FISHING, THE ONLY MAJOR BLACK-CONTROLLED FISHING COMPANY, EXCEEDED
BUDGET, DESPITE THE CONTINUED DELAYS WITH THE ALLOCATION OF FISHING RIGHTS. IT
WOULD APPEAR THAT THESE DELAYS ARE COMING TO AN END AS THE MARINE AND COASTAL
MANAGEMENT (MCM) PREPARE TO ISSUE LONG-TERM RIGHTS IN 2001. DURING THIS
FINANCIAL YEAR STRONG EXPORT SALES INTO THE USA, EUROPE AND THE FAR EAST
CONTINUED WHILST WE EXPLORED NEW MARKETS FOR SOME OF OUR BRANDED PRODUCTS.
AGGRESSIVE ADVERTISING HAS RESULTED IN THE STRENGTHENING OF OUR BRANDED PECKS
ANCHOVETTE AND REDRO PRODUCTS WITH EXPORT SALES INCREASING RAPIDLY. DURING THIS
PERIOD, PREMIER FISHING PIONEERED THE WEST COAST "SUBSISTENCE FISHING PROJECT
WITH THE MCM WHEREBY PERMITS WERE ALLOCATED TO INDIVIDUALS WITHIN COMMUNITIES.
THIS HAS ENABLED THESE COMMUNITIES TO PARTICIPATE DIRECTLY IN CATCHING THEIR
ALLOCATIONS WHICH ARE MARKETED BY PREMIER FISHING. DUE TO THE SUCCESS OF THE
PROJECT, MCM HAS NOW IDENTIFIED A NUMBER OF COMMUNITIES WHO WILL PARTICIPATE
AND BENEFIT FROM THE 2000/2001 SEASON. PREMIER FISHING IS WELL POSITIONED TO
PARTICIPATE IN THIS NEW SECTOR OF FISHING.
AGRID
SEKUNJALO'S JOINT VENTURE WITH AGRID INTERNATIONAL IN THE MANUFACTURING OF
ENGINE COMPONENTS FOR THE EXPORT MARKET IS TESTIMONY TO SEKUNJALO'S EMPHASIS ON
JOB CREATION ESPECIALLY IN AREAS SUCH AS ATLANTIS WHERE THE AGRID FACILITY IS
BASED AND WHERE UNEMPLOYMENT LEVELS ARE HIGH.
SEKUNJALO'S INFORMATION TECHNOLOGY BUSINESSES WERE DEVELOPED DUE TO SYNERGIES
WITH ITS HEALTH CARE AND ITS INDUSTRIAL SUBSIDIARIES. SEMTECH, OUR SOFTWARE
DEVELOPMENT SUBSIDIARY, HAS DEVELOPED EXCITING NICHE PRODUCTS INCLUDING SYSTEMS
FOR EFFICIENT MANAGEMENT; GRAPHICAL WAREHOUSING, MANUFACTURING AND PROCESS
CONTROL. A NUMBER OF THESE PROGRAMMES HAVE BEEN SOLD NATIONALLY AS ADDITIONS TO
EXISTING SOFTWARE PACKAGES. THE SOFTWARE SYSTEMS DEVELOPED WILL CONTRIBUTE
SUBSTANTIALLY TOWARDS MAXIMISING BUSINESS EFFICIENCY AND EFFECTIVITY AND WILL
BE DIRECTED TOWARDS THE APPROPRIATE MARKETS IN THE COMING YEAR. OUR EXPERIENCE
IN THE LAST YEAR GIVES US CONFIDENCE THAT THESE SYSTEMS WILL FULFILL THE
REQUIREMENTS OF OUR CLIENTS IN THESE NICHE MARKETS.
PROSPECTS
THE GROUP'S PROSPECTS FOR THE COMING YEAR REMAIN POSITIVE. THE GROUP'S
INVESTMENT STRATEGY TO FOCUS ON BRANDED PRODUCTS, EXPORTS AND INCREASE OUR
MARKET SHARE WILL CONTINUE IN 2001.
SEKUNJALO HEALTH CARE IS IDEALLY POSITIONED TO MAINTAIN AND WIN NEW CONTRACTS
IN THE PUBLIC SECTOR IN ITS NICHE CATEGORIES. THE AGREEMENTS CONCLUDED WITH
BECTON DICKINSON AND GLAXO WELLCOME HAVE ADDED TO OUR PRODUCT LINES WHICH,
COMBINED WITH OUR BLACK ECONOMIC EMPOWERMENT STATUS, LOCAL MANUFACTURING
CONTENT AND QUALITY, GEAR US WELL FOR THIS MARKET. AS IN THE LAST FINANCIAL
YEAR, THE OPPORTUNITIES WHICH HAVE EMERGED IN THE PRIVATE SECTOR WILL CONTINUE
TO BE EXPLORED AND WE ARE CONFIDENT OF INCREASING OUR MARKET SHARE.
PREMIER FISHING, AS AN ESTABLISHED EXPORTER WITH STRONG LOCALLY BRANDED
PRODUCTS, WILL CONTINUE TO PURSUE ITS INITIATIVES OF COST CONTAINMENT AND
ALLIANCES WITH OTHER INDUSTRY PLAYERS AND IS THEREFORE WELL POSITIONED TO
DELIVER IMPROVED RESULTS IN THE COMING FINANCIAL YEAR.
WE CAN LOOK FORWARD TO SEKUNJALO BEING AN EVEN STRONGER ENTITY IN THE FUTURE.
THIS WILL BE ENHANCED BY OUR SHARPENED FOCUS, ABILITY TO LEVERAGE OFF OUR BLACK
ECONOMIC EMPOWERMENT BRANDING AND UNDERLYING BUSINESSES, COMPLEMENTED WITH
SOUND MANAGEMENT.
BY ORDER OF THE BOARD
ADV WA MGOQI DR MI SURVE'
CHAIRMAN CHIEF EXECUTIVE
CAPE TOWN
29 NOVEMBER 2000
DIRECTORS
ADV WA MGOQI* (CHAIRMAN), DR MI SURVE' (CHIEF EXECUTIVE OFFICER),
MY KAJEE CA (SA) (COMPANY SECRETARY), RA SERIA*, AJ SNYDERS*,
KC PATEL*, Z KOTA*, D CASE*
*NON- EXECUTIVE
TRANSFER SECRETARIES REGISTERED ADDRESS
COMPUTERSHARE SERVICES LIMITED SEKUNJALO HOUSE
EDURA HOUSE 70 ROSMEAD AVENUE
41 FOX STREET KENILWORTH
JOHANNESBURG 2001 7708
PRESS RELEASE
SEKUNJALO TODAY RELEASED ITS ANNUAL FINANCIAL RESULTS FOR THE YEAR ENDED 31
AUGUST 2000. COMMENTING ON THE RESULTS DR IQBAL SURVE, CEO OF SEKUNJALO
INVESTMENTS SAID THAT HE WAS VERY PLEASED WITH THE RESULTS ESPECIALLY GIVEN THE
COLLAPSE OF LEISURENET IN THE LAST QUARTER OF THIS YEAR. "THE FINANCIAL
RESULTS THIS YEAR ARE NOT COMPARABLE TO THOSE OF LAST YEAR BECAUSE OF THE
DEMISE OF LEISURENET BUT DUE TO THE PERFORMANCE OF OUR SUBSIDIARIES WE HAVE
ACHIEVED A SATISFACTORY SET OF RESULTS. SEKUNJALO HEALTH CARE ACHIEVED
HEADLINE EARNINGS OF R 13 MILLION AND CONCLUDED TRANSACTIONS WITH TWO OF THE
WORLD'S LARGEST MULTINATIONALS, BECTON DICKINSON AND GLAXO WELLCOME".
THESE TRANSACTIONS REPRESENT THE FIRST MAJOR BLACK EMPOWERMENT DEALS IN THE
HEALTH CARE SECTOR AND HAVE ENSURED THAT SEKUNJALO HEALTH CARE IS NOW THE
LARGEST BLACK HEALTH CARE COMPANY IN THE COUNTRY.
PREMIER FISHING HAS HAD AN EXCELLENT PERFORMANCE AND HAS EXCEEDED BUDGET
DESPITE DELAYS WITH THE QUOTA ALLOCATIONS. A RENOWNED EXPORTER OF WEST AND
SOUTH COAST ROCK LOBSTER TO THE OVERSEAS MARKET, THE LATTER HAS BECOME A MARKET
LEADER IN THE USA. PREMIER FISHING HAS ALSO SEEN A RAPID RISE IN THE EXPORT OF
THEIR BRANDED PRODUCTS, REDRO AND PECKS ANCHOVETTE, WHICH IS SET TO CONTINUE
INTO THE FUTURE. ACCORDING TO DR SURVE, AN IMPORTANT CONTRIBUTING FACTOR TO
THE INCREASING PROFITABILITY OF PREMIER FISHING HAS BEEN THE REDUCTION OF ITS
DEBT TO THE INDUSTRIAL DEVELOPMENT CORPORATION. A CAPITAL AMOUNT OF R 10
MILLION HAS BEEN PAID. "WE MADE IT VERY CLEAR WHEN SEKUNJALO ACQUIRED PREMIER
FISHING IN 1998, THAT WE WOULD PAY OUR DEBT THE IDC BEFORE THE PRESCRIBED
PERIOD AND WE ARE WELL ON OUR WAY TO ACHIEVING THIS GOAL. IT APPEARS THAT THE
PROBLEMS WITH THE ALLOCATION OF QUOTAS ARE COMING TO AN END AND WE ARE WELL
POSITIONED, AS THE ONLY MAJOR BLACK CONTROLLED FISHING COMPANY, TO BENEFIT FROM
THE ALLOCATIONS".
LOOKING AHEAD, SEKUNJALO WILL CONTINUE THE GROUP STRATEGY OF FOCUSSING ON
BRANDED PRODUCTS, INCREASING OUR SHARE OF THE NATIONAL MARKET IN OUR NICHE
CATEGORIES AND INCREASING THE EXPORT OF THESE PRODUCTS. SEKUNJALO WILL BE
MAKING FURTHER ANNOUNCEMENTS IN THE NEW YEAR ABOUT PROSPECTS IN THE INDUSTRIAL
DIVISION AROUND WHICH THERE IS SOME EXCITEMENT. DR SURVE CONCLUDED BY SAYING "
WE HAVE TO BE PHILOSOPHICAL TO SOME DEGREE ABOUT THE PAST AND ALTHOUGH WE ARE
PURSUING OPTIONS AROUND THE RECOVERY OF OUR FUNDS FROM LEISURENET THROUGH OUR
LEGAL ADVISORS, WE HAVE TO LOOK TO THE FUTURE AND THE PLANS WE HAVE FOR
STRENGTHENING OUR SUBSIDIARIES. THIS YEAR HAS BEEN A TOUGH ONE BUT WE HAVE
WEATHERED THE STORM VERY WELL AND THE GROUP WILL EMERGE AS A STRONGER ENTITY AS
A RESULT OF OUR EXPERIENCE".
ENDS
FOR FURTHER INFORMATION CONTACT: ZENARIAH BARENDS: GROUP COMMUNICATIONS
MANAGER: SEKUNJALO INVESTMENTS LTD.
TEL: 021 683 91000 FAX: 021 683 0417 EMAIL: ZENARIAH@SEKUNJALO.COM
SEKUNJALO INVESTMENTS LTD
(REG NO. 96/03093/06)
70 ROSMEAD AVE P.O. BOX 2679 TELEPHONE:
KENILWORTH CLAREINCH 27 21 683 9100
7700 7740
CAPE TOWN CAPE TOWN FACSIMILE:
SOUTH AFRICA SOUTH AFRICA 27 21 683 0417
DIRECTORS: *DR M. I. SURVE (CHIEF EXECUTIVE) * M.Y KAJEE CA (SA) ADV. W. MGOQI
(CHAIRPERSON) K PATEL R. SERIA A. SNYDERS D. CASE (ALT) Z. KOTA (ALT)
*EXECUTIVE DIRECTORS
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