Monday March 30, 8:03 am Eastern Time
Company Press Release
SOURCE: Gaming Venture Corp., U.S.A.
Gaming Venture Corp., U.S.A. Announces Approval of Casino Journal Merger
FORT LEE, N.J., March 30 /PRNewswire/ -- Gaming Venture Corp., U.S.A. (OTC Bulletin Board: GVCU - news) today announced the results of their shareholders' meeting on March 25, 1998 to vote on the proposed merger with Casino Journal Publishing Group. Approximately 69% of the total shares outstanding were represented in the vote with a unanimous approval of the acquisition of Casino Journal Publishing Group, approval of the name change to Casino Journal Publishing Group, election of directors, approval of Friedman, Alpren and Green LLP as Independent Certified Accountants and approval of the new stock option plan.
It is anticipated that barring any last minute delays, the merger with Casino Journal Publishing Group will be consummated on Friday morning, April 3, 1998. The subsequent name change and application for a new trading symbol is expected to take place within 10 days after the merger is completed.
The new board of directors which was approved at the shareholders' meeting is as follows: Alan Woinski, Kim Santangelo-Woinski, Glenn Fine, Adam Fine, Roger Gros and Lisa Robertson. At the Board of Directors meeting, which will take place following the completion of the merger, the new structure of the officers of the merged company will be completed. This will be disclosed in an upcoming press release detailing the structure and duties of each officer along with the structure of the new merged company. It is expected that the structure of the company will be in line with what was agreed upon in the Definitive Purchase Agreement and filed in the Company's 8K filing with the Securities and Exchange Commission.
Casino Journal Publishing Group publishes Casino Journal, the leading trade magazine for the Gaming Industry; Casino Player, the leading consumer publication for the Gaming Industry with total circulation of over 200,000; Nevada Hospitality, the official magazine 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. (NYSE: HET - news), Boyd Gaming (NYSE: BYD - news) and others. Casino Journal Publishing Group also produces the American Gaming and Lodging Summit in conjunction with Bear Stearns & Co. 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. Casino Journal Publishing Group had audited revenues of approximately $7 million in 1996 and revenues of over $7.4 million in 1997.
SOURCE: Gaming Venture Corp., U.S.A.
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