Alpha Hospitality Closes On $4 Million Financing - To Fund Startup of Florida Gaming Cruise.Business Editors NEW YORK--(BUSINESS WIRE)--Feb. 10, 2000 Alpha Hospitality Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on - ALHY ALHY Alpha Hospitality Corporation (stock symbol; previously ALH) ; BSE See Bombay Stock Exchange. BSE See Boston Stock Exchange (BSE). - ALH; WARRANTS: OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB - ALHYW; BSE ALHW) (&uot;Alpha&uot;), which is operating as a holding company and a vehicle to effect acquisitions, announced today that it has completed a private placement sale of $4 million in Preferred stock to Societe Generale. The Company said the funds would be used primarily in the start-up of its &uot;Florida Cruise to Nowhere&uot; gaming cruise venture through the acquisition of the Viking Galaxy vessel. The construction of the vessel should be complete in three to four months. The Company anticipates its inaugural cruises to begin in early summer. In announcing the private placement, a spokesperson of Alpha said, &uot;The financing will enable us to start-up our gaming day-cruise departing from Haulover Beach Park and Marina in Bal Harbour, FL.&uot; Alpha received final approval in May 1999 from the Miami-Dade County Commission for an exclusive lease to operate this series of cruises. The lease will run for five years beginning with the launching of the inaugural cruise. The spokesperson added, &uot;We are particularly gratified grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. that a financial institution with the breadth, resources and reputation of Societe Generale has taken a substantial stake in one of our promising businesses.&uot; To the extent the content of this press release includes forward-looking statements, they involve risks and uncertainties that are described from time to time in the Company's reports filed with the Securities and Exchange Commission. The Company wishes to caution readers not to place undue reliance on such forward-looking statements, which statements are made pursuant to the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1994, and as such, speak only as of the date made. This release, and prior releases are available on the KCSA KCSA Krannert Center Student Association KCSA Kentucky Crushed Stone Association (Frankfort, KY) KCSA Kyiv City State Administration KCSA Kalamazoo Christian School Association KCSA Kentucky-Canadian Studies Association Public Relations Worldwide Website at www.kcsa.com |
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