Sungold Gaming International Ltd. - New Toledo Beach Agreement
VANCOUVER, British Columbia, Dec 6, 1999 (BUSINESS WIRE) -- NEW TOLEDO
BEACH AGREEMENT --------------------------
Sungold has entered into a new agreement with Toledo Beach Investments
for the purchase and development of certain properties at Toledo Beach,
Michigan. This agreement gives Sungold the option to purchase 70 acres
of land for U.S.$692,953 by June 1, 2000 and an additional 172 acres by
June 30, 2001 for approximately U.S.$1.4 million.
FEASIBILITY ANALYSIS AWARDED TO INTERNATIONAL THEME PARK
-------------------------------------------------------- SERVICES INC.
("I.T.P.S.") --------------------------
I.T.P.S. (an International leader in theme park planning, design and
implementation) has been retained by Sungold to conduct a feasibility
analysis at Toledo Beach.
This study will include:
-- Analysis of the local market
-- Estimation of local tourism support
-- Potential market penetration and attendance estimates
-- Revenue projections, warranted investment and analysis of
internal rate of return to equity investors
-- Specific concept definition, overall theme and land use plan
for a mixed use entertainment complex.
Toledo Beach is on I-75 south of the new Detroit casino district at
exit 9, adjacent to the 1,200 slip Toledo Beach Marina.
OPTION APPROVED --------------- Sungold director Kenneth Chan has been
granted an option to purchase up to 75,000 common shares of the
Company, exercisable at U.S.$0.50 per share, on or before September 24,
2004.
HOLIDAY HOURS ------------- Sungold's office will be closed for the
holidays (December 15, 1999 - January 4, 2000). Sungold management
wishes you and yours the very best during the holiday season.
SUNGOLD GAMING INTERNATIONAL LTD. Per: "Kim N. Hart" Kim Noble Hart,
President & CEO
Visit our website: www.sungoldgaming.com
Copyright (C) 1999 Business Wire. All rights reserved.
Distributed via COMTEX.
-0-
CONTACT: Sungold Gaming International Ltd.
Anne Kennedy, 604/669-9580
WEB PAGE: businesswire.com
GEOGRAPHY: MICHIGAN INTERNATIONAL CANADA
INDUSTRY CODE: GAMING
ENTERTAINMENT
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