Chester Holdings, Ltd. Enters Into Acquisition Talks

Business Wire, July 14, 1999

FLANDERS, N.J.--(BUSINESS WIRE)--July 14, 1999--

Chester Holdings, Ltd. (Electronic Bulletin Board symbol: CHES) today announced that it has entered into a Letter of Intent with Growth Fund Partnership, Inc.

Growth Fund Partnership, Inc., based in North Miami Beach, Fl, is a privately owned holding company with an audited asset base of approximately $3.7 Billion US. Growth uses these assets, in conjunction with its' credit enhancement business, to provide third party loan guarantees. The purpose of the Letter of Intent is to allow both companies to commence negotiations and due diligence with the intent for Chester to acquire a substantial interest in Growth. It is anticipated that agreements could be completed by September 1999. Management of Chester believes that the proposed acquisition, if completed, together with the PharmaOn-Line acquisition and the previously announced financing would provide Chester with the necessary revenues and assets needed to resume seeking affiliations with domestic and foreign corporations.

"Safe Harbor" Statement under the Private Securities Litigation Act of 1995; to the extent that this press release makes statements about the future, such statements are forward looking and subject to a number of risks and uncertainties, including, but not limited to, the inability to meet all of the required reporting requirements. These risks could effect the ability of the Company to complete acquisitions and successfully reorganize and resume operations as stated in any forward looking statements made by, or on behalf of the Company. There is no assurance that the Company will be able to achieve any of its intended objectives.

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