Alpha Hospitality signs letter of intent for acquisition of casino in Central City, Colo.NEW YORK--(BUSINESS WIRE)--Dec. 12, 1994--Alpha Hospitality Corp. (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 ALH Advanced Light Helicopter ALH Amplitude of Lateral Head (Displacement) ALH Alpha Hospitality Corporation (former stock symbol; now ALHY) ALH Advanced Liquid Hydrogen ; WARRANTS: NASDAQ: ALHYW; BSE:ALHW) announced today that it has entered into a letter of intent with F.V. Scutti for the acquisition of all of the outstanding shares of Doc Holliday Inc., the owner and operator of an 18,000 square foot casino in Central City, Colo. The casino contains 224 slot machines and four black jack tables. The acquisition is subject to the satisfactory completion of 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. by Alpha, the execution of final purchase documents, and the issuance of the required licenses and approvals by the Colorado licensing authorities. It is expected that a formal contract for the acquisition will be entered into during the current month. It is anticipated that licensing procedures will require several months. Central City is located at an altitude of 8,000 feet in the Rocky Mountains. It is a historic mining town approximately 45 minutes by automobile from Denver and Boulder and one hour from Vail and Breckenridge. It is one of only three locations in Colorado at which gaming is allowed. The casino is located in two renovated historic buildings which date back to Central City's years as a mining center. The purchase price will be satisfied by the issuance of common shares and an option for the purchase of common shares of the company. CONTACT: Alpha Hospitality Corp. Sanford Freedman, 914/747-4506 |
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