Dion Entertainment Corp.- Shareholder Update.
VANCOUVER, British Columbia--(BUSINESS WIRE)--April 3, 1996--Leo A. Dion, President and C.E.O of Dion Entertainment Corp. which is one of the largest providers of gaming facilities in Canada, is pleased to provide a review of the year's business. This update reflects the continuation of advancing the company in both charitable and native gaming. Dion has positioned itself as a competitor within a growth industry. We are taking a longer term approach, our plans for 1996 and beyond include capitalizing on opportunities with our strategic partners.
In May of 1994 the board of directors and management set out on a path to re-engineer the company with a back to basics Back to Basics may refer to:
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.
Native Gaming is the second area of growth for the company. There are currently only seven publicly traded gaming companies involved in Native Gaming Management and in excess of 100 gaming facilities in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . In September of 1994 the company embarked on a new direction for Native gaming. That direction has lead to a number of opportunities in Canada. One of the first opportunities came with the announcement of Ft. Folly First Nations, now known as Four Winds Entertainment Facility just outside of Moncton, New Brunswick. This facility was developed, financed, built and is presently operated by Dion. Opened in September of 1995, this thirty-two thousand square foot facility has been remarkably embraced by the community. The gross sales Gross Sales
A measure of overall sales that isn't adjusted for customer discounts or returns, calculated simply by adding all sales invoices, and not including operating expenses, cost of goods sold, payment of taxes, or any other charge. since opening have been $2,723,979. With the player base now established we anticipate this facility to be profitable before the end of the second quarter. St. Mary's New Brunswick
The company is now in the development stages with its second project, the gaming facility on the lands of the St. Mary's First Nation St. Mary's First Nation is one of six Maliseet Nations on the Saint John River in Canada.
Roughly half the members of the St. Mary's First Nation reside on the St. Mary's reserve, which is a very modest 125 hectares or 310 acres.
St. in Fredericton, New Brunswick. Now fully enclosed en·close also in·close
tr.v. en·closed, en·clos·ing, en·clos·es
1. To surround on all sides; close in.
2. To fence in so as to prevent common use: enclosed the pasture. , this thirty three thousand square foot facility will open before the end of the second quarter. On February 26, 1996 the Canadian Supreme Court handed down a ruling upholding provincial jurisdiction over all gaming, including native gaming. This ruling confirms the continuation of developing 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. bingo and entertainment facilities in cooperation with provincial gaming authorities and native boards in applicable jurisdictions. Woodstock New Brunswick
Dion continues to move forward, recently completing an agreement with PDS (1) (Processor Direct Slot) A single expansion slot on certain, early Macintosh models that was used to connect high-speed peripherals as well as additional CPUs. Providing a channel directly to the CPU, the PDS coexisted with NuBus slots on some models. Financial 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 :PDSF PDSF Prix de Détail Suggéré par le Fabricant (French: mannufacturer's suggested retail price)
PDSF Post Deployment Software Facility ) to acquire its third native gaming project in New Brunswick on the lands of the Woodstock First Nation. The existing facility a Sprung Structure, in excess of thirty-thousand square feet should re-open before the third quarter. In a effort to continue to be competitive within the gaming industry the latter part of 1994 and early on in 1995 saw the management broaden its base of activities into two new investments, Wolf Gaming L.L.C. and T.V. Bingo within the Czech Republic Czech Republic, Czech Česká Republika (2005 est. pop. 10,241,000), republic, 29,677 sq mi (78,864 sq km), central Europe. It is bordered by Slovakia on the east, Austria on the south, Germany on the west, and Poland on the north. . Wolf Gaming
Our two million dollar (U.S.) investment in Wolf was designed to give Dion exposure and obtain licensing in the broad U.S. gaming market. Wolf Gaming is an emerging company that proved to be competitive within the supply and distribution market in North America. Wolf was successful in securing exclusive distribution agreements with high profile Sigma Game Inc. and Williams/WMS Industries Inc. for the North American North American
named after North America.
North American blastomycosis
see North American blastomycosis.
North American cattle tick
see boophilusannulatus. Native gaming market. The association with Wolf has provided Dion with a window of opportunity to seek licensing within the U.S. gaming market of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Dion is now licensed in six jurisdictions and we have two key employees licensed within the state of Colorado.
On February 9, 1996 Wolf announced that Mr. Jack Mr. Jack was a funny animals comic strip by Jimmy Swinnerton which ran from about 1903 until 1935. History
When Jimmy Swinnerton moved from the San Francisco Examiner to the New York Journal in 1896, he changed his The Little Bears to Deremer was selling his interest in the company to a third party (Northern Gaming Inc, a publicly traded company publicly traded company
A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. .) This sale further strengthens Dion's position with Wolf. Dion anticipates recouping their original investment over the next year, while still retaining our interest of 4.9 percent. The TV Bingo Lottery
Our third area of growth is in the lottery industry. Dion, through it's affiliation with Double Eagle Entertainment was given the opportunity to expand into the single fastest growing sector within our industry. With few opportunities for involvement in the lottery industry in North America, the company turned its focus to Eastern Europe Eastern Europe
The countries of eastern Europe, especially those that were allied with the USSR in the Warsaw Pact, which was established in 1955 and dissolved in 1991. . Dion became involved with the TV/Bingo Lottery in December 1994 by that time the show had become one of the most popular programs on Czech television. The population base of that country is over 10.5 million people and the show managed to capture 50 percent of the viewing audience. The first year of operations presented the company with some unique challenges. Despite language barriers, fluctuating ticket sales and some negative publicity, the public's enthusiasm for the game remained very strong.
The Company's mandate is for expansion of TV Bingo Lottery game into other countries while strengthening our management team in Eastern Europe. We were very pleased to have the Hon. Otto Jelinek Otto John Jelinek, PC (born Prague, Czechoslovakia, May 20, 1940-) is a businessman and former figure skater and Canadian Politician.
Jelinek's family fled to Canada from Czechoslovakia in 1948 at the beginning of the Cold War. join our board of directors in 1995, his responsibilities were to maintain strong working relations with the Czech government. Mr. Jelinek's expanded role now includes negotiation and liaison with new governments and countries in Europe. To that end we will be moving to a new T.V. station (within the Czech Republic) in mid April. In June of 1995 we tentatively announced our new joint venture partner as being a significant major media partner to develop T.V. Bingo opportunities in other parts of Europe. The partnership today remains intact and we anticipate an announcement with a new license going forward into a new market in 1996.
Mr. Otto Jelenik head of Eastern Europe operations states "The opportunity to participate in the TV/Bingo Lottery in the Czech Republic has been invaluable. Regardless of the outcome, our involvement in Czech has provided us with an entree into other countries where we will see positive long term growth." SHAREHOLDER UPDATE STRENGTHEN OUR FINANCIAL CONDITION
During 1996 Dion will make every effort to strengthen its financial position by; - forming strategic alliances with companies such as (PDS) to assist in financing all gaming related products and to assist in long term financing; - taking on a strategic partner for financing and developing real estate in native gaming projects; - expand our charitable market outside of the Province of Saskatchewan; - increase management depth and opportunities for employment and growth to existing and future employees.
In summary, Dion will strengthen its balance sheet and complete the difficult job of rebuilding and strengthening itself. STRATEGY FOR THE FUTURE
Mr. Alan Campney Chairman of the board states "Management is committed to making Dion Entertainment Corp. one of the premier gaming companies in Canada. We are a development company dedicated to creating a profitable, growth oriented o·ri·ent
1. Orient The countries of Asia, especially of eastern Asia.
a. The luster characteristic of a pearl of high quality.
b. A pearl having exceptional luster.
3. business. We will continue to devote all our time and efforts to projects that will have value for our shareholders. As with our arrangement with companies such as PDS Financial Corp. our mandate will be to continue to align ourselves with strategic partners who can assist us in developing gaming projects in Canada. This will allow us to move forward and create the value and bottom line performance our shareholders deserve."
CONTACT: Dion Entertainment Corp.
Mr. Frank Port, 604/535-7333
800/696-7333 (US Only)