Press Release: NorAm Gaming and Entertainment, Co.
August 9, 2000
TOLEDO, OH -- NorAm Gaming and Entertainment (OTC Bulletin Board: NORE) announced yesterday that the company has
entered into a Letter of Intent to acquire all of the outstanding shares of Grande Resorts Corp. of St. Christopher
and Nevis, W. I. Upon completion of the deal, Grande Resorts will become a wholly owned subsidiary of NorAm Gaming
and Entertainment, Co. Both companies are working toward final closure of the acquisition within 30 days. Terms
have not been disclosed.
Grande Resorts, Corp. acquires, develops and manages casino operations in Central and South America on its own
behalf and for others wishing to enter the region for gaming purposes.
Grande Resorts management recently announced that the Company is currently in the process of acquiring a major
interest in 6 fully operating casinos in South America. Mr. Samuel S. Zweig, Vice President, Operations for Grande
Resorts stated, ``Our management is very excited about combining our expertise and contacts in the casino industry
in this region along with NorAm's overall experience and ability in other gaming areas.'' According to Mr. Zweig,
``This is a natural melding of talents and contacts that should produce tremendous results for all concerned.''
NorAm's Chairman, George C. Zilba, stated, ``This is an outstanding opportunity for NorAm to acquire a foothold
in the rapidly evolving gaming business in Central and South America. The final acquisition of Grande Resorts will
fit well into our new and broader direction within the gaming industry.''
Included in the many changes presently taking place at NorAm is the redefining of the Company's goals and operations.
Mr. Zilba, emphasized that ``The Company will bring new and exciting opportunities to the table in order to aggressively
move forward. NorAm's management will be expanded in the near future, allowing the company to broaden its ability
to manage projects outside the present bingo-related format. While we plan to continue our efforts in the bingo
industry with our Vaprel distributorship, we recognize that the opportunities provided by the Internet and the
casino industry cannot be overlooked if we are to grow and prosper''.
Regarding the financial impact the Grande Resorts acquisitions would have on NorAm, Mr. Zilba stated, ``This is
an excellent financial and strategic transaction for NorAm and it is expected to be accretive to our operating
results upon closing.''
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SOURCE: NorAm Gaming and Entertainment, Co.