CDWN - Colonial Downs (1st Horse Track in VA since 1800s) Message Board

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Non-Tech : CDWN - Colonial Downs (1st Horse Track in VA since 1800s)

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To: H.J. Schellenberg who wrote ()	12/10/1997 5:49:00 PM
From: Paul Lee	of 158

NEW KENT, Va.--(BUSINESS WIRE)--Dec. 10, 1997--Colonial Downs Holdings, Inc. (NASDAQ NMS: CDWN) which holds the only unlimited licenses to own and operate a pari-mutuel horse racing course and satellite wagering facilities in Virginia, today announced that O.J. Peterson, President and Chief Operating Officer for Colonial Downs has decided to retire effective Jan. 1, 1998. Jeffrey Jacobs, Chief Executive Officer and Board Chairman, will assume the duties of President on an interim basis on Jan. 1, 1998. Ian Stewart, Chief Financial Officer, will assume duties as Chief Operating Officer/Chief Financial Officer. The Company has also promoted Jerry Monahan to Vice President of Racing Operations. Jeffrey Jacobs said, "OJ has done a great job for the Company in a very challenging situation given the constraints he had to deal with over the last 12 months or so. I wish him well in his future endeavors. I am confident that Ian Stewart has the leadership skills and management ability to continue to move the company forward."

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