Carnegie International and Host Funding Plan Merger

BALTIMORE, MD-A communications firm and hotel real estate holding company are planning to merge this spring. Carnegie International Corporation, an Internet support and computer telephony holding company, and Host Funding Inc., a Moraga, CA-based real estate holding company, announced Jan. 18 that they signed a letter of intent to merge.

The merger announcement comes 14 days after Host Funding received notice from the American Stock Exchange indicating that the company no longer complies with its listing guidelines and that, as a result, the Exchange intends to file an application with the Securities and Exchange Commission to strike the company’s common stock from its listing and registration, according to information released by Host Funding Inc.

The planned merger is scheduled to close by April 16, 2001, following negotiation of definitive contracts, corporate filing requirements and completion of due diligence, Host Funding reports. While that organization will be the surviving corporation, Carnegie’s management team, led by chairman E. David Gable and president Lowell Farkas, will guide the consolidated company. The new Host Funding will be based at Carnegie’s headquarters in suburban Baltimore.