NEWS
NORTH MIAMI BEACH, Fla.--(BUSINESS WIRE)--Oct. 6, 1997--Lloyd
Lyons, CEO of Latin American Casinos, Inc. (NASDAQ:LACI) announced
Friday that the company will enter the cigar business.
The name of the new company, which is a wholly owned subsidiary
of LACI, is World's Best Rated Cigar Co. The company has found a
niche in this competitive, but highly profitable business. The
company has experienced buyers in Nicaragua, Honduras, The Dominican
Republic, Jamaica and the Canary Islands. The company will
concentrate on purchasing overruns of first quality rated cigars at
huge discounts and will sell them directly to the consumer at up to
60% less than retail prices.
In addition, the company has obtained a half interest in a major
cigar factory in Santo Domingo for the sole purpose of producing
premium cigars exclusively for World's Best Rated Cigar Co. Lyons
said that "Rated" will be in full operation by Jan. 1, 1998.
The company remains financially strong with over $9.7 million in
assets, of which nearly $4.0 million is in cash and cash-equivalents,
7,000 slot machines in inventory, no debt and a tax-loss
carry-forward of $960,000. In addition, the company has available
foreign tax credits of $250,000. The company has slot machine gaming
routes and remains the largest slot machine rental and
remanufacturing company in Central and South America. The company
has 3.3 million shares outstanding.
CONTACT:
Latin American Casinos, Inc., North Miami Beach
Lloyd Lyons, CEO, 305/945-9300
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