AVALON <AVL> STAKE SOLD BY DELTEC
Avalon Corp said that <Deltec
Panamerica SA> has arranged to sell its 23 pct stake in Avalon
and that Deltec's three representatives on Avalon's board had
resigned.
    An Avalon spokeswoman declined to indentify the buyer of
Deltec's stake or give terms of the sale.
    In addition, Avalon said three other directors resigned. It
said Benjamin W. Macdonald, a director of <TMOC Resources Ltd>,
the principal holder of Avalon stock, and Hardwick Simmons, a
vice chairman of Shearson Lehman Bros Inc, were then named to
the board.
 Reuter
