DION ENTERTAINMENT AND DOUBLE EAGLE ENTERTAINMENT JOINTLY ANNOUNCE CONVERSION OF DEBT.VANCOUVER, B.C.--(BUSINESS WIRE)--MARCH 20, 1995--DION ENTERTAINMENT (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :DIO DIO Diode DIO Digital Input/Output DIO Defence Intelligence Organisation (Australia) DIO Designated Institutional Official DIO Days Inventory Outstanding DIO Data Input-Output DIO Defence Industries Organisation ) DOUBLE EAGLE ENTERTAIN (VSE See DOS/VSE. VSE - Virtual Storage Extended :DBE DBE abbr. Dame Commander of the British Empire DBE Dame (Commander of the Order) of the British Empire )Dion Entertainment Corp. (Dion) and Double Eagle Entertainment Corp. (Double Eagle) announced today that Dion has converted U.S. $3.5 million of debt held by Dion in Double Eagle Entertainment Corp. of Barbados (DEEC DEEC Digital Electronic Engine Control DEEC Duty Exemption Entitlement Certificate DEEC Diplôme Européen d'Etudes Commerciales (French) DEEC Direct-Expansion Extrusion-Cooking ), a 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. of Double Eagle, into common shares of Double Eagle. On conversion Dion will acquire up to 10 million common shares, which will then represent approximately 45% of the outstanding shares of Double Eagle. Dion acquired the debt in DEEC pursuant to its agreement with Sodak Gaming International, 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 - SODK) (Sodak) as announced an February 3, 1995. Under that agreement, Sodak transferred to Dion's wholly-owned subsidiary, Dion First American Inc. (DFA). Its rights under a loan agreement with DEEC. The proceeds of such loan have been invested by DEEC in a "TV Bingo/Lottery Game Show" based in Prague, Czeth Republic. DEEC provides management services to TV Bingo, s.r.o, the Czech operations company, and DEEC receives a management fee based on ticket sales which is presently shared equally with Dion. The debt of DEEC held by Dion is convertible at the price of ($0.50) per share, which is the weighted average trading price of the common shares of Double Eagle in the two week period ending March 20, 1995. Conversion of the debt remains subject to regulatory approval. The conversion will eliminate U.S. $3.5 million in debt owed by DEEC subject to the Foreign exchange rate for U.S. currency at the date of conversion. Dion Entertainment Corp. is the first Canadian publicly traded gaming company and is one of the largest providers of gaming facilities in Canada. Double Eagle is a multi-national gaming company which is strategically positioned to capitalize on current trends in international gaming, as evidenced by its participation in the "TV Bingo/Lottery Game Show" in the Czech Republic. Leo Dion, President Louis Dion, President Dion Entertainment Corp. Double Eagle Entertainment Corp CONTACT: Frank Port Lindsay MacLeod V.P. Corp. Communications Investor Relations Manager Dion Entertainment Double Eagle Entertainment 604/535-7333 604/681-9003 800/696-7333 (U.S.only) 800/668-5567 (U.S. only) |
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