DION ENTERTAINMENT CORP. ANNOUNCES THE APPROVAL OF THE SELF- LICENSING AGREEMENT WITH ST.MARY'S FIRST NATION.WITH ROCK, BC--(BUSINESS WIRE)--Aug. 4, 1995--DIO ENTERTAINMENT CORP(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 ) Dion Entertainment Corp. is pleased to report that the self-licensing agreement between the Province of New Brunswick New Brunswick, province, Canada New Brunswick, province (2001 pop. 729,498), 28,345 sq mi (73,433 sq km), including 519 sq mi (1,345 sq km) of water surface, E Canada. and the St.Mary's First Nation near Fredericton has now been completed. The self-licensing agreement outlines the terms under which a band agency will have authority to license and regulate certain forms of gaming activities. Chief Arthur Bear stated, "this agreement would be a catalyst for economic development on the reserve for such facilities as bingo and retail outlets". In addition to granting gaming authority, the self-licensing agreement permits St.Mary's First Nation to collect provincial tobacco, sales and gasoline taxes on sales to non-natives. Dion has the right of first refusal Right of First Refusal In general, the right of a person or company to purchase something before the offering is made available to others. Notes: For example, a football team may have the right of first refusal on a player's contract. to be involved in these developments activites with profit sharing profit sharing, arrangement by which employees receive, in addition to their wages, a share of the net profits of a business. The purpose is to give them an incentive to increase their output through enhanced morale, less wasteful use of materials, better care of arrangements under similar terms as the gaming facility. Under the terms of the gaming agreement Dion will receive a net carried interest of 49 per cent of the gaming profits under its fifteen year management contract. The gaming industry is one of the fastest growing industries in North America and Native gaming continues to be the fastest growing sector. Dion Entertainment Corp. is the first Canadian publicly traded gaming company and is one of the largest providers of gaming facilities in Canada. CONTACT: Frank Port 604/535-7333 or 1-800-696-7333 (US Only) |
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