Butler National Corporation Receives Funding for Oklahoma Indian Gaming Facility; Construction Near Completion and July Opening Anticipated.OLATHE, Kan.--(BUSINESS WIRE)--June 2, 1998--Butler National Corporation (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 - BUKS) announces that it has completed and received funds from a financing agreement, previously reported March 10, 1998. The financing by Miller & Schroeder Investments Corporation of Minneapolis, Minnesota “Minneapolis” redirects here. For other uses, see Minneapolis (disambiguation). Minneapolis (pronounced IPA: /ˌmɪniˈæpəlɪs/) is the largest city in the U.S. , provides funding to 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. , Butler National Service Corporation ("BNSC BNSC British National Space Centre BNSc Bachelor of Nursing Science BNSC Binary Non-Symmetric Channel "). The Miller & Schroeder financing of $1,850,000 was used by BNSC to advance funds to complete the Stables, a joint venture gaming establishment owned by the Miami and Modoc Tribes of Oklahoma and managed under an NIGC NIGC National Indian Gaming Commission NIGC National Iranian Gas Company approved contract by BNSC. The financing is a commercial loan to BNSC with a Butler National guarantee at a favorable interest rate for a term of five years. The Stables is a limited Class III (off-track-betting) and Class II (high stakes High Stakes is a British sitcom starring Richard Wilson that aired in 2001. It was written by Tony Sarchet. The second series remains unaired after the first received a poor reception. Indian bingo) casino located in Miami, Oklahoma
Miami is a city in Ottawa County, Oklahoma, United States. The population was 13,485 at the 2006 census. It is the county seat of Ottawa CountyGR6. . When completed, the Stables will be approximately 24,000 square feet and cost approximately $3,500,000. BNSC has previously advanced funds for land improvements and the completion of the building. All Governmental and Regulatory approvals to construct and operate the Stables have been received by the Tribe and BNSC. Miller & Schroeder Investments Corporation has extensive experience with the financing of Indian gaming projects as reflected by its placement of over $725,000,000 in gaming related loans. Management Comments: "We are proud to announce the funding of the $1,850,000 financing by Miller & Schroeder. We are very pleased with our relationship with Miller & Schroeder, one of the major investment banking firms providing financing for Indian gaming enterprises. This financing will allow the planned completion and opening of the Stables in mid to late July. The formal grand opening is planned for Labor Day Labor Day, holiday celebrated in the United States and Canada on the first Monday in September to honor the laborer. It was inaugurated by the Knights of Labor in 1882 and made a national holiday by the U.S. Congress in 1894. . The Stables is located in Miami, Oklahoma, only one mile from I-44 (the former Route US 66), one of the busiest highways from the Midwest to the West coast. We expect the Stables to draw customers from the nearby popular tourist areas of Missouri, Oklahoma and Arkansas, including famous Branson, Missouri. We expect the opening of the Stables to acknowledge Butler National as a participant in Indian gaming management and to make a contribution to earnings in fiscal 1999," commented Clark D. Stewart, President. Our Business: Butler National Corporation operates in the aerospace and services business segments. The Services segment includes electronic monitoring of wastewater pumping stations, temporary employee services, Indian gaming services and administrative management services. Aerospace includes the manufacture of airborne electronic switching equipment for Boeing-McDonnell Douglas and structural modification of business aircraft. Forward Looking Information: The information set forth above may include "forward-looking" information as outlined in the recently enacted Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. The Cautionary Statements filed by the Company as Exhibit 99 of its FORM 10-Q Form 10-Q See 10-Q. filing are incorporated herein by reference and investors are specifically referred to such Cautionary Statements for a discussion of factors which could affect the Company's operations and forward-looking statements contained herein. FOR MORE INFORMATION, OR FOR A COMPLETE COPY OF BUTLER NATIONAL'S LATEST 10-Q, SEE CONTACT BELOW: CONTACT: Butler National Corp., Olathe William A. Griffith, 913/780-9595 Fax: 913/780-5088 |
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