NORE - NorAm Gaming & Entertainment Is Set To Acquire 100% Interest In Grande Resorts, Corp.
TOLEDO, Ohio, Aug 8, 2000 /PRNewswire via COMTEX/ -- NorAm Gaming and
Entertainment (OTC Bulletin Board: NORE) announced today 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.
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