Business

CONVERT YOUR JEWELRY
TO CASH!!

Fine jewelry is to be worn. You have worn and enjoyed it for many years. Are you
still wearing it or is it sitting in a drawer or a safe deposit box?

Robert Grant can turn your jewelry that you are not wearing into cash at the
fairest, most favorable prices.

Bob has more than 30 years experience in purchasing and selling jewelry. Over
the last 10 years, he has been liquidating major jewelry stores throughout the
United States and is now offering his services to you. You can be assured of
complete discretion. All arrangements will be kept in the strictest of confidence.

Call R.L. Grant & Associates today to make an appointment. There is no
obligation. By calling Bob, you will have the information you need to make an
informed, good decision.

R.L. Grant & Associates

JEWELRY APPRAISERS & ESTATE LIQUIDATORS
CONSULTANTS FOR THE JEWELRY INDUSTRY

31275 Northwestern Hwy. • Suite 233
Farmington Hills, Michigan 48334
(313) 851-7333

ATTENTION HOME BUYERS

WANT TO PAY
ZERO POINTS?

There's nothing to it

HS Expects
Lower Profits

I

ntelligent Information
Systems (IIS) last week
announced that slower
sales in August and July
are expected to result
in lower third quarter rev-
enues.
"Sales revenues from both
U.S. and European markets
for July and August were
below management's expec-
tations," said Jacob Herbst,
chairman and chief executive
of the company. "Although
we presently expect good
sales results for September,
they will not fully compen-
sate for the slowdown in
sales and orders during the
past two months."
The Yokneam-based IIS,
which is traded over the
counter in New York, devel-
ops, manufactures and mar-
kets communication net-
working and intelligent
peripheral products.
"Our product manufactur-
ing remains fundamentally
strong," Mr. Herbst said.
"The transfer of production of
our midrange controller to
lower-cost Israeli facilities

Of Michigan

Inc.

313-375-2626

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Place Your Ad Today, Call 354-6060

"Sales revenues
from both U.S. and
European markets
were below
management
expectations."

Jacob Herbst

IIS second quarter sales
rose to a record high of
$31.58 million in the second
quarter from $11.25 million
in the corresponding quarter
last year. Net profits rose
174 percent to $4.39 million
from $1.6 million in the sec-
ond quarter of 1992. ❑

Leumi To Sell
Subsidiary

B

The Zero Point Specialists
The MORTGAGE COMPANY

and the introduction later
this year of our new con-
troller and networking prod-
ucts should help us maintain
gross margins at existing lev-
els, while increasing market
penetration in midrange data
communication and network-
ing products."

ank Leumi announced
last week it has agreed
to sell its Canadian
subsidiary to Republic
Canada Bank for an undis-
closed sum.
Republic Canada is a sub-
sidiary of Republic National
Bank of New York, owned by
the Safra family, which also
controls First International
Bank of Israel.
Leumi Canada, which has
one branch in Toronto and a
representative office in
Montreal, has sustained loss-
es for quite some time, and
Leumi recently injected sev-
eral million dollars into the
subsidiary.
According to
some
observers, foreign banks in
Canada have always found it
difficult to compete with local
banks, and Leumi, therefore,
decided to pull out of what it
regarded as a non-core opera-
tion.
Following the heavy loss-
es it sustained in its U.S.
operation, Leumi is under-
stood to have re-evaluated all

its overseas operations. It
regards the U.S. operation as
its overseas flagship. Its
Swiss and U.K. subsidiaries
make healthy profits.
However, given the
patchy profit record of its
French operation, it is possi-
ble that this may also be a
candidate for divestiture.

Overseas
operations have
been reevaluated.

It is also an open secret
that Leumi is less than
happy with its Hungarian
joint venture and would be
only too happy to find an exit
route. Leumi Canada had net
assets of approximately $12
million and total assets of
$195 million. Republic
Canada has total assets of
$676 million and Leumi
Canada will be merged into
its existing operations.

❑