Related Quotes
OAIS.OB
0.750000
+0.200000
delayed 20 mins - disclaimer
Thursday December 30, 10:19 am Eastern Time
Company Press Release
Oasis Resorts International Agrees to Acquire Stake in Virtual Gaming Technology
Virtual Transaction Also Includes $4 Million Equity Infusion
NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Dec. 30, 1999--Oasis Resorts International Inc. (OTCBB:OAIS - news) announced Thursday that it has signed an agreement with The Brinton Group Inc. to exchange $15 million in Oasis stock for approximately 1.1 million shares of Virtual Gaming Technology Inc. (OTCBB:VGAMD - news) and $4 million in cash.
The Brinton Group, an Asian-based investment and asset management company, said that it was acquiring the shares of Oasis for investment and diversification purposes. Brinton acquired the 1.1 million shares of Virtual Gaming earlier this year for its own account and for the accounts of its clients, in its initial entry into U.S. gaming stocks.
Commenting on the agreement finalized last week, Gary Zinn, director of public relations for The Brinton Group, said: ``Our group has a keen interest in developing strategic alliances and then funding the growth of these alliances. This transaction fits our short term and long term investment objectives: it combines our Virtual Gaming investment with a brick and mortar gaming company.'
According to Jon Lawver, a director of Oasis, Oasis plans to utilize the $4 million equity investment to develop its internet gaming activities thru Virtual Gaming Technology, and to satisfy obligations related to its Oasis, Nevada hotel and casino project, and its Tunisian properties. Lawver also said that Oasis expects to close on the purchase of the Virtual Gaming interest together with partial funding on the $4 million equity investment within the next few weeks.
Oasis Resorts International Inc. is a hospitality and gaming company with development-stage and operational properties located in the U.S. and North Africa, with plans to expand into the Caribbean and to Asia.
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 Current Report(s) on Form 8-K, its Annual Report on Form 10-KSB and Quarterly Report on Form 10-QSB. Such disclosure information can be accessed from the ``Edgar' database through the Internet at sec.gov.
--------------------------------------------------------------------------------
Contact:
Oasis Resorts International Inc., Newport Beach
Jonathan Small, 949/833-5381 Ext. 723 |
