Heard from Eiten regarding Flexweight - Press release later today or tomorrow stating how NuOasis shareholders affected.
This mornings press release follows: Fred delivered!
Cap Gammarth to open!!
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Tuesday September 1, 9:03 am Eastern Time
Company Press Release
NuOasis Resorts Signs Term Sheet for $7 Million Financing
NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Sept. 1, 1998--NuOasis Resorts, Inc. (OTC BB:NUOA - news) announced today that it has signed a term sheet for a $7 million credit facility which should enable the Company to complete its Cleopatra Palace Casino in Cap Gammarth, Tunisia within 30 to 40 days after the funds are received.
The Company signed the term sheet with a European commercial banking organization. Upon closure of the definitive agreement, which is expected shortly, the bank will fund an initial $7 million credit facility, and has offered to syndicate additional loans for the benefit of the Company and its subsidiaries, particularly Cleopatra Cap Gammarth Ltd. and Cleopatra's World, Inc.
The term sheet calls for a $3.5 million credit facility for Cleopatra Cap Gammarth. These funds will be allocated for completion of the subsidiary's casino which is adjacent to the Le Palace Hotel.
An additional $3.5 million is to be provided to Cleopatra's World for completion of its Gammarth resort complex. This resort comprises the 5-star hotel with a total of 600 beds, commercial center, beach club with two restaurants, sports center, night club with an 800 person capacity and a restaurant and bar, 250 apartments, and approved planning permission to build 11 villas. The commercial center comprises 42 boutiques for rent and up to 12 restaurants.
The Cleopatra Palace Resort at Cap Gammarth is situated on the beach of the southern Mediterranean, approximately 10 miles north of Tunisia's capital city of Tunis and 20 minutes from the Carthage international airport. The first of its kind in North Africa, this all-inclusive destination resort includes a palatial-style hotel and the region's largest convention facilities.
The 200,000 square foot, 5-story Cleopatra Palace Casino at Cap Gammarth, stands 20 yards from the main hotel, has a capacity of 2,500 and includes a 60,000 square foot gaming area, a VIP room, shopping boutiques, and a restaurant and variety of bars. The gaming area is patterned after a Las Vegas-style operation and includes 290 slot machines and 42 table games, several high-stakes gaming tables, lounges, a coffee shop and bars, and the showroom. The VIP room features Blackjack tables, Roulette Wheels, Punto-Banco tables, Bacarat tables, and a separate bar and lounge.
The 45,000 square foot, 650 seat Cleopatra Palace Las Vegas-style showroom will include a full production theater designed for star-studded shows similar to those currently running in Las Vegas.
The 5-star Le Palace Hotel, which opened in 1996, also houses Tunisia's largest conference facility as well as a ballroom, meeting rooms, and a future virtual and video arcade entertainment facility. Revenues for the Le Palace Hotel for the nine months ended March 31, 1998 were in excess of $4.6 million, with approximately $800,000 in operating profit - on target with NUOA's projection of $6.0 million in revenues during fiscal 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.
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 Annual Report on Form 10-K/SB and Quarterly Report on Form 10-QSB.
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Contact:
OTC Financial Network
Mario "Ike" Iacoviello, 888/356-2390
ike@otcfn.com
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