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Wednesday February 23, 7:58 pm Eastern Time
Company Press Release
Oasis Resorts International, Inc. Announces Reverse Split
WENDOVER, Nev.--(BUSINESS WIRE)--Feb. 22, 2000--Oasis Resorts International, Inc., (OTCBB:OAISE - news) Tuesday announced that its board of directors has approved a one-for-five reverse split of its issued and outstanding common stock.
The company expects the reverse stock split to become effective on March 4, 2000 at which time the company's shares of common stock will trade under a new Cusip number. The company said that its share price should be adjusted upward to approximately $4 per share as a result of the five-fold effect of the stock split based upon the recent 30-day moving average closing bid price of its shares.
Any fractional interest in a share of the company's common stock will be treated as a whole for the purpose of this stock split.
Jon Lawver, the company's secretary, said the reverse stock split was approved in preparation for the company filing an application for listing of its shares on the Nasdaq Small Cap© Market.
Oasis Resorts International is a hospitality and gaming company with development-stage and operational properties located in the United States and North Africa, with plans to expand into the Caribbean and to Asia.
Note: The Private Securities Litigation Reform Act of 1995 provides a ``safe harbor' for forward-looking statements. Certain information included in this news release (as well as information included in oral statements or other written statements made or to be made by the company) contains statements that are forward-looking, such as statements relating to plans 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 expressed 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.
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Contact:
Oasis Resorts International, Inc., Newport Beach
Jonathan Small, 949/833-2094 ext. 723 |
