American Gaming & Entertainment reports loss for 1995 and disclaimer of opinion from auditors; changes in Board of Directors.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--American Gaming & Entertainment Ltd. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :"AGEL"); (the "Company") reported today that, as previously disclosed in its Form 10-KSB filed with the Securities and Exchange Commission, it had net losses for common stockholders of approximately $30,658,000 or ($2.47) per share for the year ended Dec. 31, 1995, as compared to net losses for common stockholders of approximately $26,775,000 or ($5.33) per share for the year ended Dec. 31, 1994. The operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. incurred during 1995 included the writedown of certain impaired assets of approximately $3,671,000 and equity in losses, writeoff and estimated liabilities of subsidiaries in bankruptcy (AMGAM Associates and American Gaming and Resorts of Mississippi Inc.) of approximately $8,168,000. The Company received a disclaimer of opinion Disclaimer of opinion An auditor's statement that does not express any opinion regarding the company's financial condition. disclaimer of opinion from its independent auditors on the Company's 1995 financial statements. The audit report of such independent auditors stated, in part, "The (Company's) financial statements have been prepared assuming that the Company will continue as a going concern - (The) Company's recurring losses, negative working capital, stockholders' deficiency, defaults under its debt agreements, uncertainties relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the liquidation of its subsidiaries ... and uncertainties relating to the bankruptcy of and charges relating to affiliates of its major stockholder and creditor - raise substantial doubt about the ability of the Company to continue as a going concern .... The (Company's) financial statements do not include any additional adjustments that might result from the outcome of these uncertainties. Because of the possible material effects of the uncertainties referred to (above), we are unable to express, and we do not express, an opinion on the (Company's) financial statements for 1995." The Company also announced that Robert C. Sprague, the Chairman of the Company's Board of Directors and Albert C. Cerimeli, the director elected by the holders of the Company's Series A Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. , both resigned in April 1996 from the Company's Board of Directors due to personal reasons. The Company's Board of Directors elected William Fasy as Chairman, President and Chief Executive Officer of the Company and elected J. Douglas Wellington, the Company's General Counsel and Secretary, and Paul L. Patrizio, a partner with the law firm of Rick, Steiner & Tannenbaum P.C. in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , as directors of the Company. The company's common stock is traded on the OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. under AGEL. CONTACT: American Gaming & Entertainment Ltd. William J. Fasy, 609/272-7700 |
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