Wednesday July 28, 2:11 pm Eastern Time
Company Press Release
Oxford-Knight International, Inc. Announces $60
Million New Orleans Hotel Project
GRAND ISLAND, NY--(BUSINESS WIRE)--July 28, 1999--Oxford-Knight International, Inc. (OTC BB:OKTI), through
its President and CEO, Paul Syracuse announced today that it has entered into a contract with a new corporation, Poydras
Holdings, Ltd. to obtain control over a certain parcel of high visibility New Orleans real estate on which the corporation plans
to build and operate a 353 room hotel and related facilities.
According to Paul Syracuse, President and CEO of Oxford Knight, ''This contract requires OKTI to arrange funding of $60
million in combined equity and debt financing to build this project. That contract gives us one year to consumate financing and
buy out the land. If OKTI succeeds in this endeavor, OKTI will obtain a thirty five (35) percent interest in the project.''
Before commencing the search for the $60 million, OKTI must arrange for option payments of $20,000 per month starting
August 1, 1999. Discussions are underway to meet this tight deadline and the company is hopeful that this deadline will be met
in a timely fashion.
A representative of the land owner noted that the project when completed, would be a significant new presence in the area
which is in walking distance of the SuperDome, Harrah's (NYSE:HET - news) Casino, and the Convention Center.
For more information on Oxford-Knight, contact Paul Syracuse at 716-775-0750 or for investor relations, contact Jeff
Brommer of Investments 101, Ltd. at (630) 761-8062.
This release contains forward looking statements with respect to the results of operations and business of Oxford-Knight
International, Inc. that involves risks and uncertainties. The Company's actual future results could materially differ from those
discussed. Risks and uncertainties of the Company will be detailed from time to time in the Company's periodic reports. The
company intends that such statements about the Company's future expectations, including future revenues and earnings, and all
other forward looking statements be subject to the ''safe harbors'' provision of the Private Securities Litigation Reform Act of
1995.
Investments 101, Ltd. has been retained by Oxford-Knight to provide investor relations services for a one month period
beginning July 8, 1999. Investments 101, Ltd. is being compensated for services rendered with 25,000 shares of rule 144
common stock. Jeff Brommer, his family, friends, and associates may from time to time buy and sell the above mentioned
security in the open market.
Contact:
Investments 101, Ltd.
Jeff Brommer, 630/761-8062 |
