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Thursday December 14, 12:57 pm Eastern Time
Press Release
NorAm Gaming Acquires Interest in Mexico Slot Operations
MIAMI--(BUSINESS WIRE)--Dec. 14, 2000--NorAm Gaming & Entertainment Corp. (OTCBB:NORE - news), Mr. Julius Csurgo, CEO, announced today that the Company has acquired a minority interest in Corporacion Centroamerica S.A. de C.V. Mexico.
The company is one of the only slot machine operators in Mexico. Centroamerica is presently embarking on expanding its redemption slot machine operation into new cities in Mexico. The company intends to open in Laredo, Reynosa, Tampico, Matamoros, Salitillo and Torrean over the next 6 months, with each location having approximately 100 machines. They operate as Boutique Casinos that feature redemption machines. Players purchase tokens to play, but the machines return no cash; they are played for prizes and or future replays. The company expects to open the Laredo operation in early January, 2001.
Corporacion Centroamerica is one of the only groups operating these types of casinos. Mr. Csurgo stated that ``this represents a significant opportunity for NorAm, not only from revenue sharing, but also allows the Company to be a part of a growing group that intends to be one of the largest gaming operators in Mexico.'' Mexico is considered to be moving towards legalized gaming with intentions of having resort gambling facilities open within three years. The Company believes it is well positioned to becoming one of the first operators when this occurs.
NorAm Gaming is involved in Gaming, primarily slot operations and boutique casinos and Real Estate development, primarily in the Central and South American markets.
Except for historical information contained herein, certain matters set forth in this press release are or may be ``forward looking statements'' within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to substantial risks and uncertainties, including government regulation, taxation, competition, market risks, customer attendance, volatile customer spending patterns, general economic conditions and other risks detailed in the Company's Securities & Exchange Commission filings and reports. Actual results may be materially different from those expressed or implied by these ``forward looking statements.''
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