This is significant news. Thanks, Jens.
James
Wednesday January 6, 9:07 am Eastern Time
Company Press Release
Oasis Resorts International Inc. Plans Commercial and Residential Development
WENDOVER, Nev.--(BUSINESS WIRE)--Jan. 6, 1999--Oasis Resorts International
Inc. (OTC BB:OAIS) Wednesday announced that it is planning to purchase 80 additional
acres in Oasis, Nevada as part of a joint development of 217 residential units and
additional commercial facilities for employees of its planned resort hotel, casino and golf
course, and for current employees of businesses in Wendover.
According to the company there is currently a shortage of over 700 residential units in the
Wendover-Oasis, Nevada area.
According to the company, it and Cottonwood Development are discussing with hotel and
casino employers in Wendover the immediate need for homes for Wendover employees.
According to Wendover City figures, the city's businesses, hotels and casinos currently
employ over 2,000, of whom approximately 40 percent live in surrounding towns requiring
employees to expend up to three hours each day driving to and from work.
The company said its proposed joint venture with Cottonwood Development will purchase
the land and subdivide it into 217 lots, most of which it hopes to market for approximately
$25,000 per lot.
The company also plans to hold some of the lots to construct both custom and tract homes
with an approximate size of 2,300 to 1,500 sq. ft., which will be sold in the range of
$120,000 to $170,000 per home. The company said construction of the homes could begin
as early as May of this year subject to completion of its current negotiations with
Wendover-area employers and sources of construction financing.
Walt Sanders, president of the company, said in preliminary discussions with some of the
Wendover business owners, ''we have proposed that they provide guarantees for the
short-term construction costs as well as the mortgage financing for each of their
employees, as potential homeowners. However, these are just preliminary discussions and
we are also pursuing conventional construction financing too.''
Oasis Resorts International Inc. is a hospitality and gaming company with
development-stage and operational properties located in the U.S. and North Africa, with
plans to expand into the Caribbean and to Asia during fiscal 1999.
Note: Certain statements made herein that are not historical are forward-looking within
the meaning of the Private Securities Litigation Reform Act of 1995. Investors are
cautioned that all forward-looking statements involve risks and uncertainties.
Investors who seek more information about the company's business and relevant risk
factors may wish to review the company's periodic reports filed with the Securities and
Exchange Commission including, but not limited to, its most recent Current Report(s) on
Form 8-K, its Annual Report on Form 10-KSB and Quarterly Report on Form 10-QSB.
Such disclosure information can be accessed from the ''Edgar'' database through the
Internet at sec.gov.
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Contact:
Oasis Resorts International Inc., Wendover
Walter Sanders, 801/541-7419 |
