Wednesday March 11, 7:30 am Eastern Time
Company Press Release
SOURCE: Gaming Venture Corporation
Gaming Venture Corp. Announces Shareholders Meeting and Expected Close of Casino Journal Merger
FORT LEE, N.J., March 11 /PRNewswire/ -- Gaming Venture Corp., U.S.A. (OTC Bulletin Board: GVCU - news) today announced that their shareholders meeting to approve the acquisition of Casino Journal Publishing Group will take place on March 25th in Las Vegas, Nevada during the International Gaming and Business Expo (IGBE) show at the Sands Convention Center in Las Vegas, Nevada.
At the meeting, shareholders will be asked to approve the acquisition of Casino Journal Publishing Group, a new board of directors, a name change to Casino Journal Publishing Group and other company business. It is anticipated that the actual merger of the two companies will take place on April 1, 1998. The Company will also submit for a symbol change for the company to take place on or around that date.
Casino Journal Publishing Group had audited revenues of around $7 million in fiscal 1996. In the first ll months of l997, Casino Journal recorded revenues of $6.4 million compared to revenues of $5.5 million in the first 11 months of fiscal 1996.
Casino Journal Publishing Group publishes Casino Journal, a leading trade magazine for the Gaming Industry; Casino Player, a consumer publication for the Gaming Industry with total circulation of around 200,000; Nevada Hospitality, the publication of the Nevada Hotel/Motel & Restaurant Association; The National Gaming Summary, a weekly trade newsletter for the Gaming Industry, The Atlantic City Insider, a monthly consumer publication as well as custom magazines and presentations for such companies as Harrah's Ent., Boyd Gaming and others. Casino Journal Publishing Group also produces The American Gaming and Lodging Summit in conjunction with Bear Stearns and the law firm of Lionel Sawyer and Collins; The Southern Gaming Summit with the Mississippi Casino Operators Association; The Atlantic City Chamber of Commerce Business Expo and UNLV's Casino Operators Conference trade shows.
Commenting on the anticipated closing, Gaming Venture Corp., U.S.A. President Alan R. Woinski said, ''After months of negotiations, discussions, meetings with analysts, lawyers and accountants, the merger of the two companies is finally about to take place. There is no doubt in my mind that these two companies combined, including the publications, trade shows, marketing, consulting and public relations services that we will offer to the gaming and leisure industries will be a dominant player in all of the mentioned fields. With the highest circulation consumer magazine to gaming enthusiasts, the 3 top newsletters in the gaming field plus the new trade shows, I look forward to the future of the new company. Over the next 6 months, the management of Gaming Venture Corp., U.S.A. and Casino Journal Publishing Group will begin to combine all aspects of the business to be able to offer more advertising services to the industry, more options for gaming consumers and investors and more marketing and public relation services to the industry, all at very competitive and attractive pricing options. While the growth of both companies separately have been dramatic, we feel that the employees and management of the combined companies are up to the challenge of continuing that growth in the future.''
The statements contained in this press release which are not historic facts contain forward-looking information with respect to plans, projections, or future performance which involves certain risks and uncertainties. Investors are urged to consult Gaming Venture Corp., U.S.A.'s filings with the Securities and Exchange Commission including their 1OQ's, 1OK's, 8K's and proxy filing.
SOURCE: Gaming Venture Corporation
-------------------------------------------------------------------------------- |
