FEVI news :
July 07, 2000 12:33
Far East Ventures Offers $54 Million for Northfield
Raceway
LAS VEGAS--(BUSINESS WIRE)--July 7, 2000--Far East Ventures Inc. (OTC BB:FEVI) today announced that it has recently made an offer of $54 million to acquire Northfield Raceway.
In conjunction with the offer, one of FEVI's investment bankers has forwarded a letter to Northfield management stating FEVI was in a position to move forward dependent upon audited financial statements and related due diligence
materials.
FEVI is most interested in acquiring additional simulcast signals (incoming and outgoing) that Northfield offers, which enhances paramutual betting revenues and will facilitate an economy of scale at all tracks FEVI acquires.
In related news, definitive agreements have been executed on the Texas track and the British Columbia facility. Fred Bilawey, president of FEVI, stated, "The pending offer on Northfield and the positive movement by FEVI on closing the
Texas and Vancouver tracks solidify our overall business plan of identifying and acquiring profitable gaming and related businesses."
Further he stated that the meeting by the board of FEVI with the British Columbia Racing Commission last week moved approval of the licenses required by FEVI to the next level. Bilawey stated that the meeting went extremely well and that the FEVI board and current owners of Fraser Downs signed a 90-day closing extension pending regulatory approval.
In its first six months as a start up, FEVI management has signed definitive agreements and is working toward anticipated closings of two facilities with more than $250 million in profitable gross handle.
In the same six-month time frame as a start up, FEVI management and its consultants have negotiated with its investment bankers to provide sufficient acquisition dollars and corporate strategic moves to accomplish FEVI's goals.
FEVI's partner, Preston Research, has provided additional capital this quarter to cover all operating, legal, accounting and overhead. Preston has also committed additional funding through the current quarter to meet FEVI's financial obligations.
With the first track closing, FEVI will qualify for and move immediately for a listing on Nasdaq Small Cap.
FEVI is a start-up venture with a business plan that calls for identification and acquisition of profitable gaming business.
This news release includes "forward-looking statements" that include risks and uncertainties. The forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Actual results may differ materially due to a variety of factors, including, without limitation, the company's ability to produce and market products and/or services and other risk factors detailed from time to
time in the company's reports filed with the Securities and Exchange
Commission.
CONTACT: Far East Ventures Inc.
Tim Garland, 877/788-1940 |
