With the changeover transaction, two Marshallese families now entirely own PMI.

May 19, 2003 - The Kabua and Kramer families of the Marshall Islands have purchased from their co-shareholder, Pacific International Holdings, Inc. ("PIH"), PIH's 50% ownership interest in Pacific Marshall, Inc. ("PMI'), which owns and operates the Gibson's stores in Majuro. Previously, the Kabua and Kramer families each owned 25% of PMI. PIH's parent company, Servco Pacific Inc., had announced its intention to sell its interest in PMI some time ago, as part of its desire to focus its resources on its automotive, consumer products distribution, insurance and real estate operations in Hawaii and Guam. The Kabua and Kramer families, having their roots in the Marshall Islands and playing prominent roles in that community, wanted to continue their involvement in PMI and guide it to future prosperity and growth. As a result of this transaction, the Kramer and Kabua families now entirely own PMI.

Jerry Kramer, who will be the new Chairman of PMI, stated, "It is a fulfillment of the dream that began with the late Amata Kabua and myself 20 years ago. With the assistance of Pacific International Holdings, we have been able to establish PMI's Gibson's operations as a leading and innovative retailer serving the Marshall Islands' communities. We now will be able to continue that journey as a lOO%-owned Marshallese company."

Mark Fukunaga, CEO of PIH, said, "I'm pleased to see PMI's businesses continue in good hands through this amicable and orderly transition. We wish the Kabua and Kramer families the very best in their future operation of PMI, and we think it is appropriate that, as part of the original founding group, they continue its legacy."

The Kabua and Kramer families have contracted the Triple I Group to take charge of the management of the Gibson retail and Wholesale stores, not including the hardware store or other concessions.

The officers and directors that make up the Triple J management team are as follows. Bob Jones is the founder of the Pay-Less Supermarkets in Guam, Saipan and Palau. Mike Burgess worked in Pay-Less Supermarkets in Guam for 27 years. He was the Assistant General Manager of the six-store chain until recently. He is now Vice President of the Triple J team. Bill Good, who will serve as General Manager, was also an executive at Pay-Less Supermarkets in Saipan, and will take up his post with Mr. Burgess. Other members of the financial and technical staff from Triple J are also arriving this week.

The main store will reopen in Delap on May 20, 2003, followed by the branch reopening as soon as the company can be reorganized within their business plan, including the receiving of new inventory. The hardware division will be closed pending implementation of a new business plan. As many existing jobs as possible will be saved under the new operations, though some employees may be placed on indefinite leave and some positions may be eliminated.

Mr. Jones' first order of business is to implement his business policies in the main store with an increase in the variety of grocery products to the residents of Majuro. Triple J successfully operates many grocery businesses in Guam. Saipan. Palau and Ebeye.

PMI was established in 1983 by the Kabua family, the Kramer family and PIH. It currently operates four Gibson's retail stores, which are located in Delap, Laura, Long Island and Rita; wholesale and hardware operations; a three-plex movie theater; and a shopping center. It is one of the largest employers in the Marshall Islands with 118 employees.

Read more and see photos HERE at the PMI website.