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Exhibit 99.1
GENERAL CREDIT CORPORATION ANNOUNCES
TERMINATION OF TRANSACTION WITH DIAMOND DEALING.COM, INC.
For Immediate Release January 9, 2001
General Credit Corporation (OTC BB: GNIZ) (the "Company") announced
today that its previously announced Agreement and Plan of Merger and
Reorganization with Diamond Dealing.com, Inc. relating to a business combination
with Diamond Dealing.com, Inc. has been mutually terminated with no transaction
being consummated and no transaction currently being contemplated between the
two companies.
As a result of the termination of the Diamond Dealing.com, Inc.
transaction, the Company continues to investigate possible business combination
opportunities.
The Company provides working 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.
This press release contains certain forward-looking statements and
projections (including statements, 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, CEO at (212)
697-4441.
