Good point. Fred appears to have become a Nevada resident agent for the sole purpose of registering two new incorporations: Countryland Wellness Resorts and Jackpot Acquisition Corp. Note also that according to the company's proxy statement, Jackpot and LVEN have the same address in LA: 1801 Century Park East.
On another front, we have a press release:
Monday October 11, 9:24 am Eastern Time
Company Press Release
LVEN Investors Confirm More Than One Source for LVEN $190,000,000 Investment
Jackpot Offer to Proceed
LOS ANGELES--(BUSINESS WIRE)--Oct. 11, 1999--Las Vegas Entertainment Network, Inc. (Nasdaq: LVEN - news) confirmed today its investors have several long standing sources to provide the necessary $190,000,000 investment in LVEN. The Company's investors also reconfirm that U.S. Guarantee Corp., a Nevada corporation doing business in Arizona, is servicing only a portion of the company's financing, and has not been dissolved as mistakenly reported.
LVEN officials spoke to the Arizona authorities, and according to David Adams at the Arizona Securities Division, U.S. Guarantee Corp., as of Oct. 8, 1999, is a corporation in good standing, and Mr. Pinckard's US Guarantee Corp.'s C.P.A. report as of March 15, 1999, reports approximately $1.8 billion in shareholder equity. Some parties mistakenly characterized the existing U.S. Guarantee Corp. as being dissolved, which is completely untrue. This information may be verified by calling Mr. Adams at the Arizona Securities Division, Phoenix, Arizona.
The $190,000,000 LVEN investment is partially budgeted by the company to acquire Jackpot Enterprises, Inc. for an all cash offer of $11.00 per share. Jackpot a Nevada-based slot machine distributor and operator reported $95.7 million of revenues for the fiscal year ending June 30. The Jackpot slot machine business could become a natural extension to LVEN's intended Brazilian bingo slot machine route.
Statements made in this release, other than those concerning historical information, should be considered forward looking and are made pursuant to the ''safe harbor'' provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are made based upon management's current beliefs as well as assumptions made by, and information currently available to,
management and are subject to various risks and uncertainties. Actual results may differ materially from the results anticipated in these forward-looking statements. Note: Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward-looking statements involve risks and uncertainties.Investors who seek more information about the company's business and relevant risk factors may wish to review the company's periodic reports filed with the Securities and Exchange Commission including, but not limited to, its most recent Annual Report on Form 10-KSB and Quarterly Reports on Form 10-QSB. This is not a solicitation to invest and certain material facts may be omitted or not fully disclosed. LVEN's joint venture agreement will be provided in the company's upcoming 10-Q and 8-K filing with the Securities and Exchange Commission. The company urges caution in trading its securities until it provides further details.
Contact:
Las Vegas Entertainment Network Inc., Los Angeles
Tim Noyle, 310/551-0011
biz.yahoo.com
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