To: Mr. Jens Tingleff who wrote (5004 ) 1/6/1999 12:15:00 PM From: James Lee Baldwin Read Replies (1) | Respond to of 7609
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 . -------------------------------------------------------------------------------- Contact: Oasis Resorts International Inc., Wendover Walter Sanders, 801/541-7419