for those that like gambling stocks !!!
This looks very strong:
Friday October 23, 1:45 pm Eastern Time
Company Press Release
NuOasis Resorts and Flexweight Finalize Agreement to Combine
International and Domestic Hotel and Casino Operations
NEWPORT BEACH, Calif. & WENDOVER, Nev.--(BUSINESS WIRE)--Oct. 23,
1998--NuOasis Resorts, Inc. (OTC BB:NUOA - news) and Flexweight Corporation (OTC BB:FXWA $$6.625 - news) jointly announced today that the FXWA shareholders met on Monday, October 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 September 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 Limited (which operates the Casino Cleopatra Cap Gammarth), Cleopatra Hammamet Limited (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 October 16, 1998, closing at $5.72 prior to the FXWA shareholders' meeting. NUOA shares closed at $0.04 on October 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.
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.
Contact:
OTC Financial Network
Mario "Ike" Iacoviello, (888) 356-2390
ike@otcfn.com
or
NuOasis Resorts, Inc.
Jonathan Small, (949) 833-5381
otcfn.com
or
Flexweight Corp.
Walter Sanders, (702) 664-3484 |
