BALA CYNWYD, Pa.--(BUSINESS WIRE)--September 30, 1996--Holly
Products Inc. (NASDAQ:HOPR, HOPRW, HOPRP; BSE: HOP, HOPW, HOPP)
today announced the completion of formal testimony of its claims
hearing in United States Bankruptcy Court, District of Colorado for
its majority owned subsidiary, Country World Casinos Inc.
Final written closing arguments must be submitted to the Court in
the next ten days and a decision of the Court is expected shortly
thereafter.
William H. Patrowicz, president of Holly Products Inc., stated,
"The facts in a case always speak for themselves. I believe we
presented a strong case and look forward to a favorable ruling in
short order, as well as a finalization to these Chapter 11
Proceedings in the near future."
Holly Products Inc., headquartered in Bala Cynwyd, has a wholly
owned subsidiary, Navtech Industries Inc. of Shiprock, N.M. and a
majority owned subsidiary, Country World Casinos Inc., of Denver.
Navtech is a manufacturer and tester of electronic components for
casino equipment, hotel equipment and signage. Country World
Casinos Inc. is a development corporation, whose plan is to
construct a casino in Black Hawk, Colo., as well as a hotel complex.
CONTACT: Holly Products Inc.
William H. Patrowicz, 610/617-0400
or
Martin E. Janis & Company Inc.
Elliott Jacobson, 312/943-1100
KEYWORD: PENNSYLVANIA COLORADO NEW MEXICO
INDUSTRY KEYWORD: ENTERTAINMENT COMPUTERS/ELECTRONICS COMED
ENTERTAINMENT TRAVEL/AIRLINES |
