| WENDOVER, Nev - Jan. 8, 1999--Oasis Resorts International
Inc. (OTC BB: OAIS) Friday announced the unaudited results of its resort
hotel operations conducted by its subsidiary, Cleopatra's World Inc.
For the fiscal year ending June 30, 1998, Cleopatra's World had gross revenues of US$5,287,025 and net loss of US$2,011,823. The company said its net loss for the year was a reflection of expensing over $2 million in capital costs to complete the resort which are the responsibility of the owner of the property. The company has elected to expense these capital costs and has included these costs in its Request for Arbitration Award in the amount of $15 million. The company said that the revenues were as expected given the unfinished nature of the balance of the resort which is the current subject of dispute with the lessors. The company said that it expects to resolve the dispute with the lessors by acquiring all of the lessors' interest in the property. The parties continue to negotiate while in arbitration. The company's Casino Hammamet, located in Hammamet, Tunisia, reported
revenues of US$554,762 and a net loss of US$2,845,756 for the approximate
7 months of operation ending June 30, 1998, but did accrue and expense
rent and all start-up expenditures during the 7 months from inception to
June 30, 1998. The Casino Hammamet opened Dec. 7, 1997 and was open for
7 months during fiscal 1998, only 2 of which were "in season." Additionally,
the delayed completion of the approximate 40 new surrounding hotels in
the area and the adverse impact on local tourism resulting from the World
Cup held in the Summer in France contributed to the loss.
The company's Las Vegas-style casino and showroom at Cap Gammarth which it expected to open this summer is expected to open in the late Spring of this year. The company reported that the casino facility has been completed and should be ready for occupancy the beginning of the 1999 tourist season. The company also announced, following its formal notice to its shareholders and the Securities and Exchange Commission on Oct. 26, 1998, that its name was changed from Flexweight Corp. and its corresponding symbol and cusip numbers were changed to OAIS and 67421N 10 9, respectively, effective Nov. 30, 1998. The company said it plans to relocate its headquarters from Wendover to Las Vegas sometime this month. Company officials said that they anticipate the company's audit of its fiscal year ended Aug. 31, 1998 to be completed within the next 30 days along with its Proforma Consolidated Balance Sheet and Statement of Operations, including the "Cleopatra" and "NuOasis"-themed investments and operations in the Mediterranean and Caribbean. While the current figures are still subject to consolidation and audit adjustment, total assets are expected to be approximately $54 million with Shareholder's Equity of approximately $31 million. Oasis Resorts International Inc. is a hospitality and gaming company with development-stage and operational properties located in the United States and North Africa, with plans to expand into the Caribbean and to Asia during fiscal 1999. 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 http:/www.sec.gov. |
