February 18, 2000 18:39
NuOasis Resorts Inc. to Spinoff Non-Gaming
Subsidiaries
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NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Feb. 18, 2000--
Shares of NuOasis Las Vegas, NuOasis Laughlin, NuOasis
Properties, Casino Management of America and ACI Asset
Management, Distributed to NuOasis Shareholders
NuOasis Resorts Inc. (OTC BB:NUOA) Friday announced that the spinoff of the
company's wholly owned subsidiaries, NuOasis Las Vegas Inc., NuOasis Laughlin
Inc., NuOasis Properties Inc., Casino Management of America Inc. and ACI Asset
Management Inc. has been completed.
The company began distributing the shares of all of its non-gaming related
subsidiaries to its shareholders of record on June 30, 1999. The distribution was
completed by the company's transfer agent last week as to five U.S. subsidiaries.
The spinoff was effected through the distribution of 812,500 shares of common stock
and 300,000 shares of Series A preferred stock of each subsidiary to the respective
NuOasis shareholders of record on June 30, 1999, on the basis of approximate one
share of common stock of each subsidiary for every 100 shares of NuOasis common
stock.
According to the company it does not expect a market to develop for the shares of the
subsidiaries until each of the subsidiaries files a registration statement on Form
10-SB.
According to Luke, President of NuOasis, the company will continue to hold its
present interests in Fantastic Foods International Inc. and NuOasis International Inc.
NuOasis International's primary asset is the ownership of Oasis Resorts International
Inc.(OTC BB:OAIS), which is an operator of domestic and international resort hotel
and gaming casinos.
"The spinoffs of the company's subsidiaries," said Luke, "is the best strategy at this
point in time to restore shareholder value, and it is consistent with our plans
announced early on to eventually separate the core hotel and casino business from
the operations of the various subsidiaries and reduce the dependence of the
subsidiaries on the parent, NuOasis Resorts."
All of the subsidiaries are Nevada corporations which, according to the company, have
or intend to file registration statements on Form 10-SB and apply for separate listing
of their shares.
NuOasis Resorts Inc. is a leisure and entertainment holding company. Through its
wholly owned subsidiary, NuOasis International Inc., the company holds voting control
in Oasis Resorts International Inc. (OTC BB:OAIS) which holds controlling interest in
various U.S. and foreign operating entities, including Cleopatra Cap Gammarth Ltd.,
the operator of the development-stage Cleopatra Cap Gammarth Casino in Cap
Gammarth, and Cleopatra's World Inc. the operator of the Le Palace Resort Hotel in
Cap Gammarth, Tunis, Tunisia.
Oasis Resorts also owns NuOasis Resorts & Casinos N.V., a corporation in
organization, and Oasis Hotel, Resorts & Casinos III Inc., both of which are
development stage resort hotel and casino management companies formed to exploit
hotel and gaming opportunities in the United States, the Caribbean and Asia.
Note: The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for
forward-looking statements. Certain information included in this press release (as well
as information included in oral statements of other written statements made or to be
made by the company) contains statements that are forward-looking, such as
statements relating to plan for future expansion and other business development
activities as well as other capital spending, financing sources and the effects of
regulation (including gaming and tax regulation) and competition. Such forward-looking
information involves important risks and uncertainties that could significantly affect
anticipated results in the future and, accordingly, such results may differ from those
express in any forward-looking statements made by or on behalf of the company.
These risks and uncertainties include, but are not limited to, those relating to
development and construction activities, dependence on existing management,
leverage and debt service (including sensitivity to fluctuations in the interest rates),
domestic or global economic conditions, activities of competitors and the presence of
new or additional competition, fluctuations and changes in customer preferences and
attitudes, changes in federal or state tax laws of the administration of such laws and
changes in gaming laws or regulations (including the legalization of gaming in certain
jurisdictions). For more information, review the company's filings with the Securities
and Exchange Commission, including the company's Annual report on Form 10-K and
certain registration statements of the company.
CONTACT: NuOasis Resorts Inc., Newport Beach
Jonathan Small, 949/833-2094 (ext. 723)
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