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| WENDOVER, Nev - April 1, 1999--Oasis Resorts International
Inc. (OTC BB:OAIS) Thursday announced that its 75%-owned subsidiary, Cleopatra
Palace Resorts and Casinos Limited, has received a commitment from Morgan
Weinstein Co. to fund a One Hundred Million Dollar ($100,000,000) loan
to allow Cleopatra to acquire and complete the real estate complex including
the Hotel Le Palace presently operated by Cleopatra's World Inc. (a 60%-owned
subsidiary of Oasis) and the Cap Gammarth Casino property.
The commitment includes the funds required to equip the casino and provide working capital. The loan will also provide funds to pay off indebtedness of Cleopatra Hammamet Casino and provide working capital for the casino. The company said today that it deposited on Friday with the lender the sum of $100,000 and expects to complete the loan documentation and proceed to funding during the next 90-180 days. According to the terms of the loan commitment, the company's subsidiaries will be able to draw down on the $100,000,000 facility at the rate of $4 million per month as needed to complete its Cleopatra-themed projects. 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 to Editors: 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. |
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