All-American SportPark Acquires Preferred Shareholder's Stock.Business Editors LAS VEGAS--(BUSINESS WIRE)--March 9, 2001 All-American SportPark Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :AASP AASP Apple Authorized Service Provider AASP Associação dos Advogados de São Paulo (Brazil) AASP Alliance of Automotive Service Providers AASP American Association of Stratigraphic Palynologists AASP American Association of Swine Practitioners ) today reported that it completed a transaction with one of its preferred shareholders, Three Oceans Inc. ("TOI", an affiliate of Sanyo North America), whereby AASP acquired all 500,000 of TOI's shares of convertible preferred stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". for $5,000. Upon completing this transaction, AASP retired these shares. In connection with this transaction, Motoharu Iue, TOI's designee on the board of directors, resigned as a director. The impact of this transaction is favorable because (1) AASP management was able to negotiate a purchase price at a significant discount to market, and (2) the purchase and retirement of the shares has an anti-dilutive result for all remaining AASP shareholders. AASP is owned approximately two-thirds by Sports Entertainment Enterprises Inc. (OTCBB:SPEN). The company and its subsidiaries are the 100 percent owners and operators of the All-American SportPark, a family and sport-oriented action theme park, and the Callaway Golf Center, located on 65 acres on the south end of the Las Vegas "Strip." Sport and entertainment major attractions included in the All-American SportPark are NASCAR NASCAR (National Association for Stock Car Auto Racing), organization that sanctions American stock-car races, est. 1948. It held its first race in Daytona Beach, Fla. SpeedPark, Major League Baseball "MLB" and "Major Leagues" redirect here. For other uses, see MLB (disambiguation) and Major Leagues (disambiguation). Major League Baseball (MLB) is the highest level of play in North American professional baseball. Slugger Stadium, and Pepsi's All Sport Arena. |
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