deferred possible winding up, said the company's president.

The shareholders decided it was in the best interest of everyone involved to give the Bank of Bermuda more time to consider its potential investment before deciding the future of the company, said Mr. Rick Morbey.

A special general meeting to consider winding up and liquidator appointment resolutions has been set for Wednesday, June 28, at 3 p.m.

Should the present negotiations with the Bank of Bermuda and other potential investors lead to an injection of funds sufficient to settle all accounts payable and render the company solvent the media will be advised, he said.

On April 17, shareholders first chose to defer the voluntary winding up of the company while creditors, however, voted for voluntary winding up.

Shareholders and creditors must concur before the company goes ahead with voluntary winding up.

Five Rings vice president Mr. James Pearman, retired partner of Conyers, Dill & Pearman, said in April there were some business possibilities and some potential for investment in the company.

Incorporated December 11, 1986, Five Rings was formed to develop and publish software programmes for the CD-I, desktop computer and information superhighway interactive multimedia markets.

The company was set up to be a global player in CD ROM and CD-Interactive, the audio/visual uses of digital data, technology.

Five Rings, with offices in the Commerce Building on Reid Street, also provides multi-media consultation, design and production services.