American Gaming & Entertainment issues correction of Bloomberg Business News Report.ATLANTIC CITY Atlantic City, city (1990 pop. 37,986), Atlantic co., SE N.J., an Atlantic resort and convention center; settled c.1790, inc. 1854. Situated on Absecon Island, a barrier island 10 mi (16. , N.J.--(BUSINESS WIRE)--April 17, 1996--William Fasey, the Chairman, President and Chief Executive Officer of American Gaming & Entertainment Ltd. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :"AGEL"); (the "Company") today issued the following statement: "Bloomberg Business News incorrectly reported today that the Company is considering bankruptcy to keep the creditors of The Bennett Funding Group Inc. ("Bennett Funding") from going after the Company's assets and that the Company must `become an adversary adversary traditional appellation of Satan [O.T.: Job 1:6; N.T.: I Peter 5:8] See : Devil of Bennett.' Both statements are incorrect. Bennett Funding is neither a stockholder nor a creditor An individual to whom an obligation is owed because he or she has given something of value in exchange. One who may legally demand and receive money, either through the fulfillment of a contract or due to injury sustained as a result of another's Negligence of the Company. The Company's major stockholder and creditor is Bennett Holdings Inc. ("Bennett Holdings") which, the Company believes, based on oral representations and a review of various public records, has not filed for bankruptcy and is not owned by the same members of the Bennett family as Bennett Funding. As disclosed in the Company's Form 10-KSB for the year ended December 31, 1995, the Company and Bennett Holdings are negotiating the terms of a comprehensive restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). of the Company's obligation to Bennett Holdings. Such negotiations are continuing and Bennett Holdings has taken no actions adverse to the Company or its other stockholders or creditors. At this time, the Company is not actively pursuing an imminent bankruptcy filing. However, as disclosed in the Company's Form 10-KSB, there are circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or under which a bankruptcy filing could occur." CONTACT: American Gaming & Entertainment Ltd. William J. Fasy, 609/272-7700 |
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