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Non-Tech : Sungold Gaming International (SGGNF)
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To: Jim Barker who started this subject6/4/2001 1:41:17 PM
From: Sure  Read Replies (1) of 5164
 
Sungold Announces Agreement In Place For Toledo Beach Land Purchase
Vancouver, British Columbia June 4, 2001
Sungold Entertainment Corp. (OTC Bulletin Board: SGGNF News)
announces that an agreement has been reached for the purchase
of 232 acres of land at Toledo Beach, Michigan. The agreement
calls for the final payment of approximately $2,400,000 to be
in place by July 1, 2001 subject to certain terms and conditions
being met by June 15, 2001. The feasibility study completed
by International Theme Park Services, Inc. (ITPS) and Montchai
Design justifies a $148 million USD, 6 phase family entertainment
complex to be built to serve the 9.6 million person local market
(within a 50 mile radius of the site) and the 17 million person
tourism market (that exists at present largely due to the 4 major
casinos in the area). ITPS projected that the Toledo Beach
entertainment center could draw 6 million visitors per year
to Monroe County. ITPS projected first year revenues of
$115 million USD and cash flow (EBITDA) of $26 million USD.
This agreement will clear the way for the zoning application
necessary to attract a Big 8 operator to Toledo Beach.

GUN LAKE APPEAL

Sungold lawyers have submitted a brief in the Michigan Court
of Appeals, claiming appeal from the opinion and decision
granted by the Honorable Calvin E. Osterhaven of the Eaton
County Michigan Circuit Court. Written responses are expected
within 60 days. Sungolds legal argument claims that the trial
court erred in finding that the Plaintiffs action was by tribal
sovereign immunity and erred in finding that there was no waiver
of sovereign immunity in this case.

Sungold seeks to have damages in the aggregate of $447,800,000
USD plus costs and attorney fees, in addition Sungold seeks
specific performance as well as injunctive relief.
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