Press Release: Grupo Sidek
April 24, 2001
GUADALAJARA, Mexico -- Grupo Sidek, S.A. de C.V. (OTC-GPSAY and OTC-GPSBY) (``Grupo Sidek'') announced yesterday
in connection with the sale of eight hotels contracted with AMX Resort Holdings, LLC., a subsidiary of Steadfast
Properties & Development, Inc. (``Steadfast'') , that despite the continuous efforts of Grupo Sidek to close
such transaction in accordance with the terms and conditions agreed upon by the parties to such effect, today Steadfast
defaulted again in its obligation to acquire such hotels and pay the corresponding price agreed upon by the parties.
Grupo Sidek shall take the necessary steps to protect its interests and to comply with its contractual obligations,
including the sale of such hotels in accordance with the terms of the agreements entered by it with its financial
creditors.
SOURCE: Grupo Sidek