(COMTEX) B: ANDROS ISLAND HOTEL & CASINO CLARIFIES 10-FOR-1 FORWARD S
B: ANDROS ISLAND HOTEL & CASINO CLARIFIES 10-FOR-1 FORWARD STOCK SPLIT AND NAME
CHANGE EFFECTIVE MAY 31, 1999; DIVIDEND SHARES TO BE PAID AUGUST 16, 1999
WICHITA, Kan., May 26 /PRNewswire/ -- Andros Island Hotel & Casino,
Inc. (OTC Bulletin Board: ADHC), stated today that some shareholders
were confused about the upcoming ten-for-one forward stock split and
the planned dividend of shares in two other public companies. To
clarify these matters the company provides the following information:
Forward Stock Split
Effective May 31, 1999 the Company's common stock will split
forward on a ten-for-one basis. Each one share owned on May 31, 1999
will be converted to ten shares. The market makers for the Company's
shares will adjust the market price of the stock to reflect the forward
split (e.g. if the last bid price for one share on Friday, May 28, 1999
is $2.00, the opening market on Tuesday, June 1, 1999 will probably be
20-cents and the market will then reflect buys and sells from that
point forward as the market makers determine the market).
The Company had previously reported that a shareholder must own the
shares on May 25, 1999 to be eligible for the forward stock split.
This was not accurate. All shares owned on May 31, 1999 will be
forward split on the 10-for-one basis regardless of when the shares
were purchased. Shareholders holding stock in their names, rather in
"street name" at a brokerage firm will be required to send in their
certificates to be exchanged for the new shares (for each one share
sent to the transfer agent ten shares will be returned to the
shareholder). The Company's transfer agent is: Securities Transfer
Corp., 16910 Dallas Parkway, Suite #100, Dallas, Texas 75248, Telephone
972-447-9890, Fax 972-248-4797. The transfer agent charges $15.00 for
each new certificate issued, therefore shareholders should include a
check for $15.00 with each certificate requested.
Corporate Name Change
Effective May 31, 1999, Andros Island Hotel & Casino, Inc. will
change the name of the corporation to Andros Hotels & Casinos, Inc.
Dividend Shares
The Company has previously announced that all shareholders of
record on July 31, 1999 (the "record date") shall be paid as a dividend
on August 16, 1999 (the "pay date"), one restricted common share of
AutoAuction.com, Inc. (OTC Bulletin Board: AAAC) and one restricted
common share of New Horizons Airways, Inc. (OTC Bulletin Board: symbol
pending), for each 1,000 common shares owned of Andros Hotels &
Casinos, Inc. Prior to the initial announcement regarding the 10-for-1
forward stock split, the Company had announced that it would pay out
the aforementioned dividend shares for each 100 shares of Andros owned.
Due to the 10-for-1 forward split, this has been adjusted so that now
each shareholder will receive the dividend shares for each 1,000 shares
owned of Andros on July 31, 1999.
This press release contains certain forward-looking statements
relating to such matters as anticipated financial performance, business
prospects, technological developments, new products, research and
development activities and similar matters. The Private Securities
Reform Act of 1995 provides a safe harbor for forward-looking
statements. In order to comply with the terms of the safe harbor, the
Company notes that a variety of factors could cause the Company's
actual results to differ materially from the anticipated results of
other expenditures expressed in the Company's actual results to other
expenditures expressed in the Company's forward-looking statements.
Andros Island Hotel & Casino, Inc., common stock is traded in the
over-the-counter market under the trading symbol, "ADHC." 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: stocksfifthavenue.com or e-mail
your request to: fifth@juno.com
SOURCE Andros Island Hotel & Casino, Inc.
-0- 05/26/99 /CONTACT: Edward B.
Williamson, Director of Andros Island Hotel & Casino, Inc.,
316-688-0800; or Deana Wilson of Fifth Avenue Communications,
800-992-6616, for Andros Island Hotel & Casino, Inc./
/Web site: stocksfifthavenue.com (ADHC AAAC)
CO: Andros Island Hotel & Casino, Inc.; Andros Hotels & Casinos,
Inc.;
Security Transfer Corp. ST: Kansas, Texas IN: LEI CNO SU: DIV
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