Will do
Here's a bit of follow up CYAA
After bell news
Wednesday April 21, 6:30 pm Eastern Time
Company Press Release
CyberAmerica Corp. Receives Bid to Sell 80 Acres of Residential Development Land
Value of Transaction to Exceed U.S. $2 Million
OASIS, Nev.--(BUSINESS WIRE)--April 21, 1999--CyberAmerica Corp., (OTC BB: CYAA) Wednesday announced that it has received a bid to sell 80 acres of residential development land near Wendover, Nev., to Oasis Resorts International Inc.
The bid will crystallize with final approval by Elko County Planning Commission for its Oasis Master Plan Development. Approval was granted on April 15, 1999, and will take 30 days to finalize.
The Master Plan includes zoning change and development approval of the company's 1,079 acres which it currently owns at the Intersection of I-80 and State Road 233 in Oasis.
Approval by the commission included the following;
-- 306 acres of the company's property zoned for Hotel and Casino development.
-- 342 acres for single and medium density residential development -- 367 acres for Signature Golf Course development including approx.
230 residential estate lots surrounding the course.
MGM Grand (NYSE:MGG - news) reports that its flagship property in Las Vegas, MGM Grand Hotel and Casino - The City of Entertainment is experiencing record first quarter 1999 occupancy of 96.5% vs. 90.6% in the comparable 1998 period, with average daily rates-to-year.
Occupancy rates at the company's New York - New York Hotel and Casino are currently 97.8% compared with 88.9% in 1998. Others in this industry group include Trump Hotels (NYSE:DJT - news), Circus Circus (NYSE:CIR - news), Mirage (NYSE:MIR - news), Harrahs (NYSE:HET - news), Hilton (NYSE:HLT - news), Park Place Ent. (NYSE:PPE - news), Caesars/Starwood (NYSE:HOT - news).
When asked to comment, Richard Surber, president, stated, ''We are very excited with the endorsement Cyberamerica, Inc. has received from the Planning Commission. This bid for 80 acres adds to the 22 acres already sold for commercial purchases. We feel the Master Plan approval can only attract greater positive attention to the Company's Oasis development, and possible joint venture partners.''
Certain statements made herein that are not historical are forward-looking with 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, its most recent annual Report of Form 10-KSB and Quarterly Report on Form 10-QSB.
--------------------------------------------------------------------------------
Contact:
CyberAmerica Corp.
Richard Surber, 801/575-8073 ext. 106
Fax: 801/575-8092
--------------------------------------------------------------------------------
|
