Double Eagle Entertainment and Dion Entertainment jointly announce conversion of debt.VANCOUVER, British Columbia--(BUSINESS WIRE)--March 21, 1995--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 percent of the outstanding shares of Double Eagle. Dion acquired the debt in DEEC pursuant to its agreement with Sodak Gaming International, Inc. (NASDAQ-SODK) (Sodak) as announced on February 3, 1995. Under that agreement, Sodak transferred to Dion's wholly owned subsidiary, Dion First American First American may refer to:
The proceeds of such loan have been invested by DEEC in a "TV Bingo/Lottery Game Show" based in Prague, Czech 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 Trading price The price at which a security is currently selling. 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. -0- Neither the Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). nor the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. have approved nor disapproved the information contained herein. CONTACT: Double Eagle Entertainment Lindsay MacLeod (604) 681-9003 1-800-668-5567 (U.S. only) or Dion Entertainment Corp. Frank Port, 604/535-7333 1-800-696-7333 (U.S. only) |
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