Finally a little action:
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NUOA @ .04 up 29.03 % - .035 bid .04 ask - volume 3,238,700
FXWA @ 6.50 up 1.96% - 6.50 bid 6.625 ask - volume 37,500
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Friday October 23, 2:54 pm Eastern Time
Company Press Release
Flexweight and NuOasis Resorts Finalize Agreement to Combine International and Domestic Hotel and Casino Operations
WENDOVER, Nev. and NEWPORT BEACH, Calif.--(BUSINESS WIRE)-- Oct. 23, 1998--Flexweight Corp. (OTC BB:FXWA - news) and NuOasis Resorts Inc. (OTC BB:NUOA - news) Friday jointly announced that the FXWA shareholders met on Monday, Oct. 19, 1998 and approved the closing of the previously announced agreement to effect a business combination between FXWA and an 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 headquarter to Las Vegas, and a change of its name to 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 new name.
''The business combination creates a stronger global resort and gaming management company,'' said Fred Luke, president and chairman of NUOA. ''It is designed to attract the management and create an organization with the financial resources to expand International's foothold in the growing overseas hospitality market, and capture new U.S. opportunities identified by FXWA which are resulting from the shakeout of the domestic gaming industry.''
Under terms of the agreement, FXWA issued to International 6,817,248 shares of FXWA common stock, giving International 49% of FXWA, together with promissory notes with an aggregate face value of $180 million, and warrants to purchase 36 million 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 Casino Cleopatra Hammamet), and Cleopatra's World Inc. (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, Kenneth 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 for 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 holding 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.
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