ARC International Secures Property to Build Ice-based Entertainment Facility Near East Lansing, Michigan.TORONTO and EAST LANSING East Lansing, city (1990 pop. 50,677), Ingham co., S central Mich., a suburb of Lansing, on the Red Cedar River; inc. 1907. The city was first known as College Park, but was renamed when it was incorporated. , Mich.--(BUSINESS WIRE)--June 12, 1998-- ARC International This article is about the publicly traded processor company. For the privately held French housewares company of the same name, see ARC International (household). Corporation (AMEX AMEX See: American Stock Exchange : ATV (1) (Advanced TV) An early name for the digital TV standard proposed by the Advisory Committee on Advanced Television Service (ACATS). See ACATS. See also ATV Forum. (2) (Analog TV) Refers to the NTSC, PAL and SECAM analog TV standads. ) announced today that it has secured title to an eight acre site in Meridian Township immediately east of East Lansing, Michigan East Lansing is a city in the U.S. state of Michigan. The city is located directly east of Lansing, Michigan, the state's capital. Most of the city is within Ingham County, though a small portion lies in Clinton County. for its fourth U.S. hockey and figure skating figure skating Sport in which ice skaters, singly or in pairs, perform various jumps, spins, and footwork. The figure skate blade has a special serrated toe pick, or toe rake, at the front. facility. East Lansing is part of the Greater Lansing metropolitan area (population 400,000) and is located 60 miles west of Detroit at the intersection of U.S. Interstates 96 and 69. ARC expects to open the 85,000 square foot complex in late 1998. The proposed facility will feature two NHL NHL Non-Hodgkin's lymphoma, see there regulation-sized ice sheets (one with the capacity to seat 800 spectators), a sports- themed diner, approximately 1,700 square feet of sports merchandise retail space, an arcade area, party and meeting rooms, twelve dressing rooms, a skate changing area and a fitness area. The site is adjacent to the Michigan Athletic Club (MAC), a 330,000 square foot sports medicine sports medicine, branch of medicine concerned with physical fitness and with the treatment and prevention of injuries and other disorders related to sports. Knee, leg, back, and shoulder injuries; stiffness and pain in joints; tendinitis; "tennis elbow"; and and fitness complex, and four blocks away from Michigan State University Michigan State University, at East Lansing; land-grant and state supported; coeducational; chartered 1855. It opened in 1857 as Michigan Agricultural College, the first state agricultural college. (MSU MSU Michigan State University MSU Mississippi State University MSU Montana State University MSU Minnesota State University MSU Morehead State University (Kentycky) MSU Montclair State University ), the largest university in Michigan with 41,000 students AND home to one of the top U.S. collegiate hockey programs. The total anticipated cost of developing the facility is approximately $8,000,000, which ARC will fund through working capital and debt. On February 9th, ARC signed an agreement with a private developer giving it the exclusive right to develop the site, pending approval from various governmental authorities. ARC currently owns and operates skating complexes in the Toronto, Ontario and Washington, D.C. metropolitan areas. The Company is constructing additional facilities in Chesapeake, Virginia and Danbury, Connecticut, which will open in Fall 1998, and has announced plans to build facilities in Temecula, California and Las Vegas, Nevada in 1999. Arnold S. Tenney, Chairman and Chief Executive Officer of ARC International Corp., commented, "East Lansing presents ARC with one of its most attractive development opportunities to-date. The community's attractive demographics, strong hockey tradition, stable economy as a center for higher education and government, waiting lists of up to three years for local hockey leagues, and shortage of comparable facilities in the immediate area will ensure a steady stream of patrons from the day we open. "Having completed our due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. , we are ready to begin construction immediately. We have already secured the necessary permits and commitments that will allow us to prepare the foundation and take delivery of steel. "Our location next to the MAC and Michigan State campus will transform our corner of East Lansing into a community sports and recreation destination. We have already explored the possibility of cooperating with the University to absorb demand for ice-time not currently met by MSU's single rink facility, and will look for additional ways to cross promote our arena with MSU programs and events." ARC International Corp. is a leading developer and operator of, and full-service equipment supplier to, ice skating facilities in North America. In addition to its U.S. and Canadian skating operations, ARC also has significant equity holdings in Cabletel Communications Corp., Canada's leading supplier of broadband equipment, and Ballantyne of Omaha, the nation's leading manufacturer of motion picture projection and specialty entertainment lighting equipment. Additional corporate information is available at the Company's web site - http://www.arc-atv.com Except for the historical information in this press release, it includes forward-looking statements that involve risks and uncertainties, including, but not limited to, quarterly fluctuations in results, the management of growth, and other risks detailed from time to time in the Company's Securities and Exchange Commission filings. Actual results may differ materially from management expectations. CONTACT: ARC International Corporation Arnold S. Tenney, 416/630-0200 |
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