Press Release from Flexweight:
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WENDOVER, NEV. AND NEWPORT BEACH, CALIF. (Oct. 23) BUSINESS WIRE - Oct. 23, 1998--Flexweight Corp. (OTC BB: FXWA) and NuOasis Resorts Inc. (OTC BB:NUOA) Friday jointly announced that the shareholders met on Monday, Oct. 19, 1998 and approved the closing of the previously announced agreement to effect a business combination between FXWA and a NUOA subsidiary, NuOasis International Inc. (International).
At the shareholders' meeting the FXWA shareholders also approved the reincorporation of FXWA in Nevada, a move of its corporate headquarters to Las Vegas, and name change Oasis Resorts International Inc.
FXWA reported today that it is in the process of filing for a new cusip number and trading symbol to reflect its name change.
"The business combination is intended to create a stronge additional shares of FXWA common stock which, when exercised, will bring International's ownership of FXWA to approximately 85%. The warrants are exercisable anytime prior to Sept. 1, 2003.
According to FXWA President Walt Sanders, FXWA's U.S. operations will be combined immediately with International's interests, which include the Tunisian operating subsidiaries Cleopatra Gammarth Ltd. (which operates the Casino Cleopatra Cap Gammarth), Cleopatra Hammamet Ltd. (which operates the Le Palace Hotel and Resort at Cap Gammarth).
At the shareholders' meeting, the FXWA shareholders also approved an expansion of the FXWA board of directors from two to five, including three new members: Jon Lawver, Ken Scholl, and Richard Weed. The existing directors who will remain on the FXWA board are Walter Sanders and Charles Longson.
Following the FXWA shareholders' meeting, the company's board approved the filing of an application or trading of its shares on the NASDAQ National Market (R).
A total of 35,000 FXWA shares traded during the week ended Friday, Oct. 16, 1998, closing at $5.72 prior to the FXWA shareholders' meeting. NUOA shares closed at $0.04 on Oct. 16, 1998.
NuOasis Resorts Inc. is a leisure and entertainment company with operations, conducted through subsidiaries, in international gaming and hotel management, food manufacturing, and development-stage commercial real estate.
Oasis Resorts International Inc. is developing into a global resort hotel and gaming management concern. |
