Tuesday October 3, 12:37 pm Eastern Time
Press Release
NorAm Gaming & Entertainment
Announces Completion of Agreement
to Purchase El Salvador Airport
Contract and Completion of Private Placement
MIAMI--(BUSINESS WIRE)--Oct. 3, 2000--NorAm Gaming and Entertainment Co.
(OTCBB:NORE - news), CEO, Julius C. Csurgo, announced today the completion of the
Agreement between NorAm Gaming and Entertainment, Co., and Game Touch Technologies, Inc.,
for the installation of 200 slot machines in the El Salvador International Airport; Central America's
most modern and most active airport.
The term of the Agreement is for 25 years.
NorAm expects the machines to be fully operational by November 15, 2000, and projects net
revenues from this Agreement to be in excess of $50,000.00/month USD.
Mr. Csurgo stated, ``the completion of this Agreement initiates the first of many deals the Company
is considering and puts NorAm on track to begin achieving substantial cash flows.''
Mr. Csurgo also announced the completion of a Private Placement for $400,000 USD, which will
be allocated for the purchase of the 200 machines for the El Salvador Agreement. Details of the
Private Placement were not announced.
NorAm Gaming is involved in Gaming Facilities, Internet Gaming Applications and Real Estate
Development primarily in the Central and South American Markets.
This Press Release contains forward looking statements that are subject to risk and uncertainties.
Actual results may differ materially from such forward looking statements as a result of those risks
and uncertainties, including those described in NorAm Gaming and Entertainment, Co., reports filed
with the SEC.
Contact:
Joyce Research Group: 561/361-9277
or
NorAm Gaming and Entertainment Co.
Julius C. Csurgo, 305/402-2085 |
