Converse Inc (OTCBB:CVEO) today announced that it has not completed the previously announced proposed financing transaction with Euro American Investment Corp. Euro American's commitment expired on September 30, 2000. The transaction was subject to the approval of Converse's senior lenders. Euro American was prepared to proceed on the terms outlined, but the necessary approvals were not obtained. Discussions with financing sources are expected to continue. Converse is a global designer, manufacturer and marketer of high quality athletic footwear for men, women and children. The company is also a global licensor of sports apparel, accessories and selected footwear. The company's products are distributed worldwide in over 90 countries through specialty retail, sporting goods, department and shoe stores.