American Gaming commences litigation against subsidiaries of President Casino.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)--May 22, 1997--American Gaming & Entertainment, Ltd. (the "Company") announced that it has commenced litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. against President Mississippi Charter Corp. ("PMCC PMCC Product Moment Correlation Coefficient PMCC Postmark Collectors Club PMCC Professional Military Comptroller Course PMCC Packet Mode Channel Connect PMCC Project Management Core Competency PMCC Pensky-Martens Closed Cup test ") and President Riverboat Casino - Mississippi, Inc. ("PRCM PRCM Power, Reset and Clock Management PRCM Master Chief Parachute Rigger (Naval Rating) PRCM Passive Radiation Countermeasures PRCM Parallel Relay Channel Model "), subsidiaries of President Casino, Inc., in the Chancery Court of Harrison County, Miss., Second Judicial District alleging, among other things, that PMCC has refused to comply with its obligations under a Charter Agreement with the company pursuant to which PMCC agreed to hire and charter the "Gold Coast Casino" barge from the company for approximately $329,000 per month through June 18, 2000. The company has alleged that PMCC has not made the October 1996 through January 1997 payments under the Charter Agreement in full and has not made the required charter payments since such time (collectively totaling, as of the present date, unpaid charter payments of approximately $1,972,000). The company is seeking, alternatively, (i) that PMCC and PRCM be specifically required to comply with the terms and conditions of the Charter Agreement and to pay all sums due thereunder or (ii) judgment against PMCC and PRCM of approximately $23,425,000. 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 the symbol "AGEL". CONTACT: American Gaming & Entertainment Ltd. J. Douglas Wellington, 609/272-9099 |
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