Country World Casinos files a bankruptcy petition under Chapter 11 for the protection of its shareholders.

MOORESTOWN, N.J.--(BUSINESS WIRE)--Oct. 12, 1995--Holly Products, Inc. (NASDAQ: HOPR, HOPRW, HOPRP; BSE:HOP, HOPP) majority stockholder of Country World Casinos, Inc. (Bulletin Board CWRC) today announced that Country World Casinos, Inc. filed a bankruptcy petition under Chapter 11 of Title II of the United States Code.

The Board of Directors voted unanimously to file this action in order to avoid the public sale of Country World's major assets and protect the interest of the shareholders. Country World Casinos, Inc. still seeks to construct the largest casino for limited stakes gambling in Black Hawk, Colo. and Holly Products, Inc. continues to aggressively pursue the financing necessary on behalf of Country World.

This action is taken to protect the interest of the shareholders of both companies as a result of a Rule 120 Motion, finding of fact, conclusion of law and order authorizing sale of certain real property in Black Hawk, Colo., on behalf of New Allied Development Corp. and Tommy Knocker Casino Corp., the holder of a second deed of trust on behalf of the Country World property.

In May 1995, Country World Casinos, Inc. filed a civil action against Tommy Knocker Casino and its parent New Allied Development Corp. for, amongst other things, failure to secure a $475,000 first deed of trust on the subject property in accordance with the terms of a warranty deed, an overcharge of approximately $300,000 with regard to an environmental remediation program and failure to disclose the gaming regulatory history of certain control individuals within New Allied Development Corp., which would hamper Country World Casinos ability to obtain a gaming license. In accordance with the above, Country World ceased making payments to New Allied for subject property and sought relief through the courts.

As a result of this action, Tommy Knocker filed a notice of election and demand of sale with the Gilpin County Public Trustee in June 1995 and there after a motion under Rule 120 in the city and county of Denver, Colo. seeking an order authorizing the sale of subject property. In Oct. 1995, Tommy Knocker and New Allied Corp. were granted the motion by a Denver County Magistrate without regard for the Civil Action filed by Country World Casinos, Inc. and subsequently planned to conduct a public sale at 10:00 A.M., Oct. 12, 1995.

William H. Patrowicz, president of Holly Products, Inc. stated "We are disappointed in the Magistrate's ruling which forces this bankruptcy filing. However, we remain optimistic that we will be able to secure the necessary financing and provide greater earnings potential for shareholders."

CONTACT: Holly Products , Inc.

William Patrowicz, 609/234-1450