American Vantage Companies Announces Closure of WCW Nitro Grill.Business Editors LAS VEGAS--(BUSINESS WIRE)--Sept. 28, 2000 American Vantage Companies (Nasdaq:AVCS AVCS Advanced Vehicle Control System AVCS Advanced Vidicon Camera System AVCS Automatic Vehicle Control Systems AVCS Active Vibration Control System AVCS Attitude and Velocity Control Subsystem AVCS Air Vehicle Control System AVCS Active Valve Control System ) announced today that it will close the WCW WCW World Championship Wrestling WCW Wellesley Centers for Women WCW West Coast Watchers Nitro Grill restaurant on September 30, 2000. The restaurant was an 88% owned venture operated by its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Sitka Restaurant Group, Inc. Karl Rogers, President of Sitka Restaurant Group, Inc. stated that "WCW Nitro Grill operations were less than anticipated and the closure is part of a corporate restructuring plan of the company to divest itself of its non-core assets. Details of the closure are being coordinated between Sitka Restaurant Group, Inc., the Excalibur Hotel & Casino and World Championship Wrestling For the Australian professional wrestling promotion, see World Championship Wrestling (Australia). For the poet, see William Carlos Williams. World Championship Wrestling (WCW) was an American professional wrestling promotion which existed from 1988 to 2001. ." The WCW Nitro Grill restaurant opened in June 1999. The company will include the costs related to the closure in its financial statements for the fiscal year ended July 31, 2000. American Vantage Companies is a diversified company which owns a 49% interest in the Border Grill, a restaurant in the Mandalay Bay Resort and Casino Mandalay Bay Resort and Casino is a 39-story hotel casino on the Las Vegas Strip in Las Vegas, Nevada, USA. It is owned by MGM Mirage. The top five floors (floors 35-39) of the main hotel building are used by the Four Seasons Hotel Las Vegas. , located on the Las Vegas Strip The Las Vegas Strip (also known as The Strip) is a 4 mi (6.7 km) section of Las Vegas Boulevard South, most of which has been designated an All-American Road. in Las Vegas, Nevada. The company owns an 80% interest in Placement 2000.Com, Inc., a New York company, developing Web-based properties to enhance its traditional Information Technology recruiting business, and also owns 60 acres of land in North Las Vegas North Las Vegas, city (1990 pop. 47,707), Clark co., SE Nev., a residential suburb of Las Vegas; inc. 1946. Tourism is the economic mainstay of this growing suburb. The city's population more than tripled between 1990 and 2003. , which is being held for resale or future development. This press release may contain forward-looking statements, which are subject to risks and uncertainties, including the lack of the company's experience in managing Internet businesses, the uncertain acceptance of the Internet, as well as the existing and potential competitors in the Internet business. The company's actual results may differ materially from those described in any forward-looking statements. Additional information concerning potential risk factors that could affect the company's business and financial results are included in the company's filings with the Securities and Exchange Commission. They can also be found on the company's Web site at www.americanvantage.com and on the Securities and Exchange Commission's Web site at www.sec.gov. |
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