DALLAS--Jan. 2, 1996--Crown Casino Corporation
(NASDAQ:DICE) today announced they have reached an agreement in
principle with Casino America, Inc. whereby Crown will exchange its
remaining 50% interest in St. Charles Gaming Company, Inc. ("SCGC")
for 1,850,000 registered shares of Casino America common stock, and
the modification and enhancement of certain payment and other terms
of an existing $20 million note issued by Louisiana Riverboat Gaming
Partnership ("LRGP") to Crown, which increases the number of shares
of Casino America stock Crown may purchase pursuant to warrants from
416,667 shares to 833,334 shares. The warrants are exercisable by
converting a portion of the LRGP note into Casino America stock at
$12.00 per share. SCGC owns the Isle of Capri themed riverboat
gaming casino in Lake Charles, Louisiana which is being operated by
Casino America.
Presently, SCGC is owned 50% by Crown and 50% by LRGP, a joint
venture owned 50% by Casino America and 50% by Louisiana Downs, Inc.
LRGP owns the Isle of Capri themed dockside riverboat casino in
Bossier City, Louisiana. Casino America has announced that it (i)
has entered into an agreement with Louisiana Downs, Inc. which
grants to Casino America an exclusive option to purchase the 50%
interest in LRGP it does not already own, and (ii) has entered into
an agreement with Grand Palais
Riverboat, Inc. ("GPRI") and several
creditor groups to acquire GPRI out of bankruptcy and move its
riverboat casino to SCGC's site in Lake Charles, Louisiana.
Closing of the Crown/Casino America transaction is subject to
the satisfaction of a number of conditions including (i) execution
of a definitive purchase agreement, (ii) Casino America acquiring
GPRI and relocating its riverboat casino to SCGC's site in Lake
Charles, Louisiana, and (iii) obtaining necessary lender and
regulatory approvals.
Edward R. McMurphy, President of Crown Casino stated "We believe
this transaction will be beneficial to Crown as it provides us with
greater liquidity, which puts us in a better financial position to
pursue the acquisition and/or development of other casino gaming
projects. In addition, it diversifies our interest in SCGC over a
much broader base of casino gaming properties while still allowing
us to participate in the success of the Lake Charles project."
CONTACT: Crown Casino Corporation, Dallas,
Edward R. McMurphy, 214/352-7561
BILOXI, Miss., January 2, 1996 -- Casino America, Inc.
(Nasdaq: CSNO) today announced it has reached an agreement in
principle whereby Crown will exchange its remaining 50% interest in
St. Charles Gaming Company, Inc. ("SCGC") for 1,850,000 registered
shares of Casino America common stock and the modification and
enhancement of certain payment and other terms of an existing $20
million note issued by Louisiana Riverboat Gaming Partnership
("LRGP") to Crown, which increases the number of shares of Casino
America stock Crown may purchase pursuant to warrants from 416,667
shares to 833,334 shares. The warrants are exercisable by converting
a portion of the LRGP note into Casino America stock at $12.00 per
share. SCGC owns the Isle of Capri themed riverboat gaming casino
in Lake Charles, Louisiana which is being operated by Casino
America.
Presently, SCGC is owned 50% by Crown and 50% by LRGP, a joint
venture owned 50% by Casino America and 50% by Louisiana Downs, Inc.
LRGP owns the Isle of Capri themed dockside riverboat casino in
Bossier City, Louisiana. Casino America has announced that it (i)
has entered into an agreement with Louisiana Downs, Inc. which
grants to Casino America an exclusive option until March 31, 1996 to
purchase the 50% interest in LRGP it does not already own; and (ii)
has entered into an agreement with href="chap11.gpalais.html">Grand Palais Riverboat Inc.
("GPRI") and several creditor groups to acquire GPRI out of
bankruptcy and move its riverboat casino to SCGC's site in Lake
Charles, Louisiana.
Closing of the Crown/Casino America transaction is subject to the
satisfaction of a number of conditions including (i) execution of a
definitive purchase agreement; (ii) Casino America acquiring GPRI
and relocating its riverboat casino to SCGC's site in Lake Charles,
Louisiana; and (iii) obtaining necessary lender and regulatory
approvals.
Bernard Goldstein, Chairman of Casino America, stated, "The
transactions if consummated would substantially increase Casino
America's operations. With our new management team now in place we
are in a position to take full advantage of these opportunities.
Casino America, Inc. owns and operates four riverboat and
dockside casinos. The Company currently operates the Isle of Capri
Casino in Biloxi, Mississippi, the Isle of Capri Casino in
Vicksburg, Mississippi and the Isle of Capri Casino in Bossier City,
Louisiana. The Isle of Capri Casino in Bossier City; Louisiana is a
joint venture between Casino America, Inc. and Louisiana Downs.
This joint venture also has a separate joint venture with Crown
Casino Corporation to operate an Isle of Capri Casino near Lake
Charles, Louisiana.
/CONTACT: Allan B. Solomon, Executive Vice President, 407-995-6660,
or Beth Keith, Director of Financial Projects, 601-436-7000, both of
Casino America/
BILOXI, Miss., Jan. 2, 1996 -- Casino America,
Inc.
(Nasdaq: CSNO) and Grand Palais
Riverboat Inc., a wholly owned
subsidiary of Hemmeter Enterprises, Inc., announced today that they
had reached an agreement which includes parties representing several
groups of creditors to acquire the stock of Grand Palais Riverboat,
Inc. out of bankruptcy and to move the vessel to the existing Isle
of Capri location near Lake Charles, Louisiana.
The consideration to be paid in the transaction involves a
combination of cash, notes and 2,250,000 shares of Casino America
stock and warrants to purchase 500,000 shares of Casino America
stock at $10.00 per share. The total value of the transaction is
estimated to be in excess of $45,000,000 plus the assumption of up
to $10,000,000 in existing Grand Palais liabilities.
The agreement is subject to a number of conditions, including a
due diligence review by Casino America until January 19, 1996,
regulatory approvals, confirmation of a Grand Palais plan by the
Bankruptcy Court the Eastern District of Louisiana, and other
consents and approvals. The parties are currently anticipating a
closing of the transaction to occur within 90 days.
Casino America, Inc. owns and operates four riverboat and
dockside casinos. The Company currently operates the Isle of Capri
Casino in Biloxi, Mississippi, the Isle of Capri Casino in
Vicksburg, Mississippi and the Isle of Capri Casino in Bossier City,
Louisiana. The Isle of Capri Casino in Bossier City, Louisiana is a
joint venture between Casino America, Inc. and Louisiana Downs.
This joint venture also has a separate joint venture with Crown
Casino Corporation to operate an Isle of Capri Casino near Lake
Charles, Louisiana.
/CONTACT: Allan B. Solomon, Executive Vice President, 407-995-6660,
Beth Keith, Director of Financial Projects, 601-436-7000, both of
Casino
America; or Douglas Draper, Counsel for Grand Palais, 504-581-9595/
ATLANTIC CITY, N.J.--Jan. 2, 1996--American
Gaming & Entertainment Ltd. (the "Company") announced that on Dec.
29, 1995 American Gaming and Resorts of
Mississippi Inc., a wholly-
owned subsidiary of the company, petitioned the United States
Bankruptcy Court, Southern District of Mississippi to convert its
previously announced voluntary reorganization under Chapter 11 of
the U.S. Bankruptcy Code (case no. 9508081SEG) into a liquidation
under Chapter 7 of the code.
The company's common stock is traded over the OTC Bulletin Board
under the symbol "AGEL".
CONTACT: American Gaming & Entertainment Ltd.,
William I. Fasy, 609/272-7700
MOORESTOWN, N.J.--Jan. 2, 1996--Holly Products
Inc. (NASDAQ: HOPR, HOPRW; BSE: HOP, HOPP) majority stockholder of
Country World Casinos Inc., as previously announced, that it has
obtained, on behalf of Country
World, a standby loan commitment for
the permanent financing of $27.35 million, subject to certain terms
and conditions, formal documentation and approval of the bankruptcy
court having jurisdiction over Country World's Chapter 11 case.
The matter was submitted to the Court on December 21 and a
decision will be forthcoming shortly. This financing will allow
Country World to begin planning construction of the Casino in Black
Hawk, Colo. shortly following the Bankruptcy Court's approval.
William H. Patrowicz, president of Holly Products Inc., stated
"We are delighted to have obtained this commitment on behalf of
Country World and believe that in short order we will put the
bankruptcy issues behind us, get on with the business of building
the casino and generate revenues from its operations by 1997.
Holly Products Inc. headquartered in Moorestown has a wholly
owned subsidiary, Navtech Industries Inc. of Blanding, Utah and a
majority owned subsidiary, Country World Casinos Inc. of Denver.
Navtech is a manufacturer and tester of printed circuit boards and
wire harnesses for slot machine tracking systems and signage.
Country World Casinos Inc. is a development corporation, whose sole
asset is two parcels of property located in Blackhawk, Colo.
Country World's plan is to construct the largest casino in the State
of Colorado located in Black Hawk, as well as a Hotel Complex at a
future date.
CONTACT: Holly Products Inc.,
William H. Patrowicz, 609/222-9327
BURLINGTON, Mass.--Jan. 2, 1996 -- Concentra
Corporation (NASDAQ: CTRA), a leading supplier of sales and
engineering automation software solutions, today announced that its
results for its third quarter ended December 31, 1995 will be
significantly lower than anticipated.
The Company expects to report a loss in the range of $0.23 to
$0.25 per share, including a one-time $0.03 per share restructuring
charge. This compares to net income of $0.15 per share on a pro-
forma weighted average share basis for the same period last year.
Revenues for the third quarter are expected to be approximately $4.3
million compared with $5.3 million for the same period last year.
"The loss is primarily due to lower than expected revenues as well
as to certain restructuring charges," said Lawrence W. Rosenfeld,
Chairman and Chief Executive Officer. "Revenues fell short of our
target as a number of accounts delayed their purchasing decisions.
In our effort to improve our financial performance and better manage
our operations, we have implemented a program to control and reduce
costs, as well as enhance efficiency and sharpen our marketing
focus. We remain committed to our long-term strategy of being the
leader in engineering and sales automation and are continuing to
invest in ongoing product and market development that will allow us
to continue to improve our service to customers."
The Company expects to report third quarter results during the
week of January 15, 1996.
Concentra Corporation is the leading provider of object-oriented
sales and engineering software solutions. Using Concentra's
software, market-leading companies worldwide in the aerospace,
automotive, industrial equipment and construction industries are
creating customer-driven product configurations and sales proposals
in minutes, not months. Headquartered in Massachusetts, the company
maintains offices across the U.S., Europe and Asia.
CONTACT: G. M. Schimmoeller Janet Page
Vice President and CFO Marketing Communications
(617) 229-4647 (617) 229-4669
jpage@concentra.com