So what's next???
Applies to -- AAAC -- ADHCE
ANDROS HOTELS & CASINOS REPORTS $9,140,000 UNREALIZED GAIN ON INVESTMENT SECURITIES EQUAL TO 16-CENTS PER SHARE FOR FOURTH QUARTER Ending June 30, 1999
ANDROS HOTELS & CASINOS REPORTS $9,140,000 UNREALIZED GAIN ON
INVESTMENT SECURITIES EQUAL TO 16-CENTS PER SHARE FOR FOURTH QUARTER
Ending June 30, 1999
WICHITA, Kan., Jun 16, 1999 /PRNewswire via COMTEX/ -- Andros Hotels
& Casinos, Inc. (OTC Bulletin Board: ADHCE) announced today that for
the Company's fourth quarter ending June 30, 1999, the Company will
report an unrealized gain on investment securities of approximately $9,
140,000 or about 16-cents per Andros share. The Company said that it
had previously purchased 1,180,000 restricted common shares of
AutoAuction.com, Inc. (OTC Bulletin Board: AAAC) which closed Tuesday
at $8.00 bid per share, resulting in a market value of about
$9,440,000. The Company said that the market value of the stock will
result in the Company reporting an "unrealized gain" of about
$9,140,000 or about 16-cents per Andros common share.
The Company explained that the term "unrealized gain" is a profit "on
paper" and that for the gain to become a "realized gain" the shares
wouldhave to be sold for cash. Although the Company intends to sell the
shares in the future, either through open market transactions or
through private transactions, it does not expect to sell the shares in
the near term as Andros management feels the AAAC shares will bring a
higher price in the future.
The Company did, however, want its shareholders and the investment
community to know about the unrealized gain, which the Company plans to
report when its June 30, 1999 audit has been completed. The Company
expects to have that audit completed and reported to its shareholders
between July 31, 1999 and August 31, 1999.
This press release contains certain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, which are
intended to be covered by the safe harbors created thereby. Investors
are cautioned that all forward-looking statements involve risks and
uncertainties, including, without limitation, the ability of Andros
Hotels & Casinos, Inc., to accomplish its stated plan of business.
Although Andros Hotels & Casinos, Inc. believes that the assumptions
underlying the forward-looking statements contained herein are
reasonable, any of the assumptions could be inaccurate and, therefore,
there can be no assurance that the forward-looking statements included
in this press release will prove to be accurate. In light of the
significant uncertainties inherent in the forward-looking statements
included herein, the inclusion of such information should not be
regarded as a representation by Andros Hotels & Casinos, Inc. or any
other person that the objectives and plans of Andros Hotels & Casinos,
Inc. will be achieved.
Andros Hotels & Casinos, Inc. common stock is traded in the
over-the-counter market under the trading symbol "ADHCE". To receive a
current Corporate Profile and complete due diligence package on the
Company, please call Fifth Avenue Communications at 800-992-6616 or
visit their web site at: www.stocksfifthavenue.com (like "SAKS Fifth
Avenue" only its "stocksfifthavenue") or e-mail a request for
information to: fifth@juno.com
SOURCE Andros Hotels & Casinos, Inc.
(C) 1999 PR Newswire. All rights reserved.
http://www.prnewswire.com -0-
CONTACT: Jeffery N. Young, President of Andros Hotels & Casinos,
Inc.,
316-688-0800; or Deana Wilson of Fifth Avenue
Communications, 800-992-6616,
for Andros Hotels & Casinos, Inc.
(ADHCE)
GEOGRAPHY: Kansas
INDUSTRY CODE: CNO
LEI
SUBJECT CODE: ERN
OTC
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