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Gold/Mining/Energy : Software Gaming Corp. SGMS/CDN-OTC
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To: Hylas who wrote (1883)9/7/1999 8:00:00 PM
From: Mark Hollenbeck  Read Replies (1) of 1968
 
Her is the NR
Software Gaming Corp -

Software Gaming terminates effort to take over Albert's Parlour

Software Gaming Corp
SGMS
Shares issued 63,680,436
1999-09-03 close $0.11
Tuesday Sep 7 1999
Mr. Dan Amadori reports
Software Gaming Corp. has met with the Ontario Jockey Club and has been
advised that it will be unable to obtain Ontario Jockey Club approval for its
ownership of an off-track betting parlour at the present time or in the sufficiently
near future to warrant continued extensions to closing its agreement to purchase
Albert's Parlour 2000 Ltd. As a result, Software Gaming Corp. has decided to
terminate its effort to take over the business of Albert's Parlour.
To date, Software Gaming Corp. has had to advance in excess of $275,000 to
the corporate vendors of Albert's Parlour to facilitate the sale to Software Gaming
Corp. In order to recoup this cash without protracted litigation and difficult
enforcement proceedings, Software Gaming Corp. has agreed to complete the
purchase of Albert's Parlour for consideration of $275,000 and 7.6 million shares
of its capital stock, and contemporaneously sell its interest in Albert's Parlour to
the current operator of Albert's Parlour as is with no warranties, for a purchase
price of $1.1-million (that is, the purchase price paid by Software Gaming Corp.),
satisfied by a promissory note bearing interest at 10 per cent per year, and
appropriate security including personal guarantees.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com

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