Boardwalk Casino enters into agreement with Jacobs Entertainment.LAS VEGAS--(BUSINESS WIRE)--July 15, 1996--Boardwalk Casino Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BWLK) today announced that it has entered into a letter of intent with Jacobs Entertainment Ltd. The terms of the letter call for Jacobs Entertainment to invest a total of $9.0 million into Boardwalk Casino Inc. The investment will come in the form of 571,429 newly issued common shares of Boardwalk Casino Inc. and a $5.0 million convertible subordinated note. The note will carry a variable interest rate of LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). plus 2.25% and will be convertible into common stock at $7.50 per share. Upon closing, Jeffrey P. Jacobs will be appointed to the Boardwalk's Board of Directors. Norm Jansen, chief executive officer of Boardwalk Casino Inc. commented "The association with Jacobs Entertainment, will enhance Boardwalk's immediate plans and help solidify our future growth." Jeffrey P. Jacobs, chairman and chief executive officer of Jacobs Entertainment Ltd., stated "Boardwalk's premier strip location and growth possibilities were the major factors in this investment decision." Closing of the transaction is subject to completion of on-going due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. , requisite approvals from governmental and regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities , and the approval of both boards of directors. Boardwalk Casino Inc. currently owns and operates a 656-room hotel -- operating as a Holiday Inn(TM) franchise -- and a 33,000 square foot casino located on Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. Boulevard (The "Strip"). The company's common stock and warrants are traded on NASDAQ under the symbols "BWLK" and "BWLKW," respectively. CONTACT: Nan McKown Investor Relations Investor relations The process by which the corporation communicates with its investors. 702/730-3108 702/739-7918 (fax) |
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