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EXHIBIT 99.1
GENERAL CREDIT CORPORATION
ANNOUNCES EXECUTION OF DEFINITIVE AGREEMENTS
REGARDING BUSINESS COMBINATION WITH DIAMOND DEALING.COM, INC.
AND SPINOFF OF CHECK CASHING OPERATIONS
New York, (BUSINESS WIRE) (July 20, 2000)......General Credit Corporation
(OTCBB:GNIZ) ("GCC") announced that it has entered into an Agreement and Plan of
Merger and Reorganization with Diamond Dealing.com, Inc. pursuant to which
Diamond Dealing.com, Inc. will become a wholly owned subsidiary corporation of
GCC (the "Merger"). In the Merger, holders of Diamond Dealing.com, Inc.'s common
stock will receive, in the aggregate, 33,674,450 shares of the common stock of
GCC, which after the consummation of the Merger will result in Diamond.com's
stockholders owning approximately 85% of the outstanding shares of GCC, after
giving effect to the conversion of all outstanding stock options of GCC.
Immediately prior to the consummation of the Merger, GCC will spin-off
substantially all of its assets and liabilities (the "Spin-Off") to its wholly
owned subsidiary General Credit, Inc. ("GCI") and distribute the common stock of
GCI pro-rata to its stockholders. In connection with the consummation of the
Spin-Off and subject to compliance with applicable law, GCI intends to issue to
the holders of outstanding stock options and warrants to purchase shares of
Common Stock in GCC, like options and warrants to purchase shares of Common
Stock in GCI. The receipt of securities in the Spin-Off will be taxable events
for stockholders of GCC. Upon the consummation of the Merger, GCC will change
its name to "Diamond Dealing.com, Inc."
GCC provides capital financing to its customers through the discounted
purchase of checks (commonly referred to as "check factoring") and credit card
receivables, generally on a non-recourse basis with respect to its customers
except to the extent of forged signatures on and stop payments of the purchased
checks or credit card slips.
The intended principal business activity of Diamond Dealing.com, Inc.
is providing an internet website for trading in certified and non-certified
diamonds, gems, pearls and other precious stones. Diamond Dealing.com, Inc. has
conducted no operations to date.
The closing is subject to, among other conditions, the closing of the
Merger by December 31, 2000 (unless that date is extended by mutual agreement of
the parties), approval of the Merger and the Spinoff by the shareholders of GCC
and Diamond Dealing and other customary conditions.
This press release contains certain forward-looking statements and
projections (including statements including plans and objectives of management
for future operations and services, and statements concerning expectations) that
are based on management's belief as well as assumptions made by, and information
currently available to, management. The Company's actual results might differ
materially from the plans envisioned, or results projected by, those statements
if the Company's assumptions prove to be incorrect or for a variety of other
reasons.
For further information, please contact Irwin Zellermaier, Chief
Executive Officer of General Credit Corporation at (212) 697-4441.
