Asdar Group announces termination of letter of intent.SAN DIEGO--(BUSINESS WIRE)--Sept. 11, 1996--Asdar Group (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:XBET) on Wednesday announced that CasinoWorld Holdings Ltd. (CWH CWH Coastal Western Hemlock (botany) CWH Cup With Handle (stock market watchlist) CWH Computer World Hosting CWH Complementary Walsh-Hadamard (coding scheme) ) has notified Asdar that CWH has terminated the non-binding letter of intent dated April 29, 1996, pursuant to which CWH expressed its intent to grant to Asdar a non-exclusive license to operate a virtual gaming casino over the Internet. CWH notified Asdar that its decision to cancel the proposed grant of the non-exclusive license was based on negative information concerning Asdar that was contained in an article published Aug. 18, 1996, in the San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. Union Tribune. Management of Asdar believes that the newspaper article contained libelous In the nature of a written Defamation ,a communication that tends to injure reputation. statements concerning Asdar and has referred the matter to counsel. Management of Asdar believes that CWH's decision not to grant the non-exclusive gaming license will not have an adverse effect on the settlement of the class action 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. previously announced by Asdar on Aug. 12, 1996. However, as a result of CWH's decision to terminate all plans for the grant of the gaming license, Asdar presently does not have any ongoing business operations or any other plans or arrangements for the commencement of business operations in the foreseeable future. CONTACT: Nicholas F. Coscia 619/792-7300 |
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