UNITED STATES SECURITIES AND EXCHANGE COMMISSION

          Litigation Release No. 15922 / October 2, 1998.

          SEC OBTAINS EMERGENCY RELIEF OVER FT. LAUDERDALE FOREIGN CURRENCY
          TRADING COMPANY THAT IT ALLEGES DEFRAUDED APPROXIMATELY $18
          MILLION FROM OVER 1000 INVESTORS

          Securities and Exchange Commission v. International Capital
          Management, Inc., et al., Civil Action No.98-7062-CIV-
          DIMITROULEAS (S. D. Florida (Complaint filed Sept. 30, 1998))

               The  Securities and Exchange Commission (SEC) announced that
          on September 30, 1998 it filed a complaint and obtained emergency
          relief in an  offering  fraud  case  involving  a  Ft. Lauderdale
          company,  International Capital Management, Inc. (ICM)  that  the
          SEC alleges  solicited  investors  with  claims  that  they would
          profit  from its foreign currency exchange program.  Among  other
          things, at  the  SEC's  request,  in  order  to protect remaining
          investor funds, the United States District Court for the Southern
          District  of  Florida  ordered  a  freeze  of  ICM's  assets  and
          temporarily froze those of a company to which the  SEC claims ICM
          had  transferred  assets.   The  federal  court also appointed  a
          receiver  over ICM.  ICM consented to the SEC's  proposed  relief
          without admitting or denying the SEC's allegations.

               According  to  the  SEC's complaint, defendant ICM solicited
          investors from October 1997  to early September 1998 to invest in
          its securities.  The SEC alleges  ICM used high pressure "boiler-
          room"  telemarketing  sales tactics to  raise  approximately  $18
          million from more than 1000 investors.  According to the SEC, ICM
          told investors that it  had  consistently  achieved extraordinary
          profits while promising that investors' principal  would be safe.
          ICM told investors and potential investors that they could obtain
          returns  of  3%-6% per month, and sent investors monthly  account
          statements  that   showed  consistent  profits.   ICM  also  told
          investors that 80% of  investor  funds  would  be  held in a bank
          account  and  the  remaining  20%,  which would be used in  ICM's
          foreign  currency  trading  program,  would   be  protected  from
          significant losses by ICM's purported use of a  "stop-loss" order
          on   every  trade.   The  SEC's  complaint  alleges  that   these
          representations  were  false  -- (a) the foreign currency trading
          generated a net loss for ICM investors,  (b) ICM did not keep 80%
          of  investor  funds in bank accounts, and (c)  ICM  did  not  use
          "stop-loss" orders on all trades.

               The SEC's  claim  also  named  WorldCorp Traders & Co., Inc.
          (WorldCorp)  as  a  relief  defendant,  alleging   that  ICM  had
          transferred at least $10 million of investor funds to WorldCorp.,
          which  used  at  least  some  of those funds to trade in  foreign
          currencies.

               The SEC sought and obtained  a freeze on all of ICM's assets
          and on those assets of WorldCorp that  were  provided by ICM.  In
          addition, ICM consented to a permanent injunction  against future
          violations of the antifraud provisions of the federal  securities
          laws  and consented to the appointment of a receiver.  The  court
          appointed  Dan  Gelber, Esq., of the law firm of Holland & Knight
          as receiver.  Among  other  things,  the Court's order authorizes
          Mr. Gelber to institute legal proceedings  for the benefit of ICM
          investors.   Investors  who  wish to contact Mr.  Gelber  or  his
          assistants may call Holland & Knight at (305) 374-8500.