MIAMI, March 5, 2003 (PRIMEZONE) -- BARI Holdings Irrevocable Trust has entered into a due diligence period during which it will conclude negotiations to capitalize Navigator Ventures (OTCBB:NVGV) and its wholly owned subsidiary Golden Apple Holding Company. As an indication of its good faith, BARI has placed $19,000,000 in AAA Government securities into a Trust Account on behalf of Golden Apple with the Oxford Financial Group of Dallas, TX. Funding from BARI would be debt financing on which Navigator will pay interest.
"We are impressed with the business plan and management expertise of Golden Apple," said Anthony Baratta, BARI Holdings' Trustee. "We look forward to a long and productive relationship."
BARI is a real estate development trust based in Florida that also works in the area of international finance. South Florida CEO Magazine lists BARI as the 41st largest private company in Florida with over $300 million in assets.
Baratta indicated that his interest in Navigator had been solidified by his review of the proprietary software developed by EB Group. Navigator Ventures announced the intended acquisition of EB in December 2002 and is now completing due diligence on the company that developed the software on which Golden Apple will operate.
"We find many opportunities to collaborate with Navigator," said Baratta.
Navigator Ventures acquired Golden Apple Holding Company in November 2002. Golden Apple was formed with a view toward acquiring an insurance company that would provide a new commercial insurance market to serve the needs of several thousand Small Business and Hispanic Agents and Brokers. In late 2002 Navigator announced its intent to acquire the proprietary software developer, EB Group. EB holds the patent on the OASIS (Open Advanced Storage Information System) family of products designed to support insurance company and other business operations.
FORWARD LOOKING STATEMENTS:
Statements about the Company's future expectations, including future revenues and earnings, and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as the term is defined in the Private Litigation Reform Act of 1995. The company's actual results could differ materially from expected results. The Company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances. Should events occur which materially affect any comments made within this press release; the Company will appropriately inform the public.