Clarification of July 6, 1998 News Release; CEC Properties Announces Filing of Registration Statement with the SEC for Public Offering.NEWPORT BEACH Newport Beach, residential and resort city (1990 pop. 66,643), Orange co., S Calif., on Newport Bay and the Pacific Ocean; inc. 1906. It is a popular seaside resort and yachting center. Manufactures include electrical and medical equipment, computers, boats, and adhesives. , Calif.--(BUSINESS WIRE)--July 7, 1998--CEC Properties Inc. (the "Company") (OTC/BB:CECI CECI Centre Canadien d'Étude et de Coopération Internationale (French) CECI Centre Canadien d'Etudes et de Cooperation Internationale CECI Center for Educational Computing Initiatives CECI Consulting Engineers Council of Illinois ) Tuesday Tuesday: see week. announced that it filed a registration statement with the Securities and Exchange Commission for the public offering of up to 2,835,500 shares of its common stock. The Company, which engages in the management of golf courses with a current portfolio of two public (daily fee) courses in the Atlanta, Ga. area, said that the shares are not being offered by the Company but by selling shareholders who acquired securities convertible into the Company's common stock in connection with a $1,000,000 private placement by the Company. Included within the convertible securities are five year warrants to purchase 502,500 shares of common stock, at $3.125 per share (an aggregate of $1,570,313) and a five year warrant to purchase 100,000 shares at $2.50 per share (an aggregate of $250,000) as well as up to 2,110,500 shares based upon the maximum number of shares into which the convertible preferred conversion formula permits. The shares will be sold from time to time at market. A registration statement relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This communication shall not constitute an offer to sell or the solicitation solicitation In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual to buy or shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state. A copy of the registration statement may be obtained from the Company at 1500 West Balboa Balboa, town (1990 pop. 2,751), Colón prov., in the former Panama Canal Zone, on the Gulf of Panama. The port for Panama City, Balboa was the administrative headquarters of the Panama Canal Zone. It was also the site of a U.S. navy base (closed 1999). Blvd., Suite 201, Newport Beach, Calif. 92663.
CONTACT: CEC Properties Inc., Newport Beach
John Clark/Tom Quinn
714/673-2282
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