Ramoil and Century Capital Announce a New Financing Package

    LAS VEGAS--Aug. 13, 2001--Gary Walters, CEO of Ramoil (Pink Sheets:RAMO), announced the sale of 34,500,000 restricted shares for $167 million, of which $147 million is to be used for the purchase of all automotive divisions of the Pacific Dunlop Automotive Group and $20 million to be expensed for both accounting and legal fees associated with the acquisition.
    "We plan to approach Pac Dun and Deutsche Bank directly for a rapid closing," said Walters.
    The certificate of 34,500,000 shares was issued July 17, 2001, but the agreements had to be held up until the approval of various contracts concerning Walters, Chairman and CEO, that may be under consideration for replacement, as part of a pre-negotiated transaction.