Totem To Acquire Controlling Interest In Interocean Steamship Corp.

W. J. Amoss Jr., president of Lykes Bros. Steamship Co., Inc. and Stanley H. Barer, chairman of Totem Resources Corporation of Seattle, Wash., jointly announced that an agreement in principle had been reached for the acquisition by Totem Resources Corporation of controlling interest in Interocean Steamship Corp., a Florida corporation which is the parent of Lykes Bros. Steamship Co., Inc. The senior management of Lykes Steamship will continue their financial interest in Interocean.

Totem Resources Corporation (TRC) is a privately owned company and the parent of Totem Ocean Trailer Express Company, Inc.

("TOTE") which operates American- flag high-speed roll-on/roll-off liner vessels between the Pacific Northwest and Alaska. Lykes Bros. Steamship Co., Inc. operates a fleet of 32 American-flag vessels serving five continents and ports on the U.S. Gulf, West Coast, South Atlantic Coast and Great Lakes and in the St. Lawrence Seaway.

"It is hoped that negotiations can be finalized along with fulfillment of certain conditions and necessary regulatory approvals by year end," Mr. Amoss said.

Mr. Barer said: "Our acquisition will substantially broaden and increase TRC's investment in the future of the American-flag Merchant Marine. We believe in that future and that Lykes is ideally positioned to enhance its transportation activity in both the Pacific and Atlantic."

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