B u l k f l e e t I n c o r p o r a t ed C o n s o l i d a t e s Under N e w N a me

Bulkfleet, Inc., the Texas-based marine company that introduced heavy fuel-burning deep-notched vessels to the United States, has consolidated its interests, including a first-class passenger cruise line, under the name Signet Corporation, J. Barry Snyder, president and chief executive officer of the newly formed parent company announced recently. Operations consolidated through acquisition include cruise operations, bulk petroleum transportation, travel service entities as well as supply and steamship entities.

Signet Corporation will serve as the holding company for three wholly owned subsidiaries: BulkFleet Marine Corporation, Signet Travel Group, Inc., and Signet Transportation Support Company.

Under the new organization, Bulkfleet Marine Corporation will expand its petroleum vessel operation to a full-service shipping company.

In an effort to establish its interests in travel service management, Signet Corporation, through its subsidiary Signet Travel Group, Inc., has issued letters of intent for the acquisition of Harvey Travel, Inc. and Allega Travel, Inc., both Houston-based travel service firms. Plans call for each company to retain its existing name and personnel.

"Signet will look to these firms' expertise in the leisure and commercial travel industry to support our many new business ventures, including a first-class cruise line," added Mr. Snyder, whose current strategy is to construct two luxury ships with the keels laid in the United States and outfitting to be completed in Europe within the next two years.

The third subsidiary of the parent organization, Signet Transportation Support Company, will service the marine industry through divisions including a steamship agency as well as a safety and supply company to be acquired before year end.

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