!!!!!NEWS RELEASE!!!!!
Subject:
Stockwatch: Castello Casino Corp - News Release
Date:
Fri, 21 Nov 1997 10:45:27 -0800
From:
newsout@canada-stockwatch.com
To:
edpak@georgian.net
9mo results, gaming licence being processed
Castello Casino Corp CSTC
Shares issued 10,575,645 Nov 20 close $0.20
Fri 21 Nov 97 News Release
An anonymous director reports
In September 1997, a new gaming commission was appointed by the Venezuelan
government. The gaming commission will regulate the gaming industry in
Venezuela pursuant to the new gaming law signed by president Caldera in
late July which caused the immediate closure of all casino and bingo
facilities and requires application and approval of licencing by the new
gaming commission. The new federal law has replaced the limited gaming
licences previously issued by respective states and municipalities.
An application for a licence is now being processed. The licence would
allow bingo, slots and innovative technology games, including roulette,
blackjack and poker. The facility is 20km southwest of Caracas and is
expected to re-open in February 1998 under the new federal gaming law.
Negotiations are in progress relating to a joint venture partner wherein
the partner would supply state of the art electronic gaming equipment which
would be approved by the gaming commission at the time of issuing the new
licence.
STATEMENT OF EARNINGS
Nine months ended September 30
1997 1996
Revenue $ - $ -
---------- ----------
Costs and
expenses
Admin and
general 56,458 78,700
Consulting fees,
travel and
promotion 843,313 153,375
Interest 85,822 -
---------- ----------
985,593 232,075
---------- ----------
Operating loss 985,593 232,075
Note receivable
written down 5,313 -
---------- ----------
Net loss $ 990,906 $ 232,075
========== ==========
Net loss
per share $0.13 $0.05
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com
Excellent looking financials....(biiiiig pun)...ed |
