Far East Ventures, Inc. Enters $150 Million Firm Funding Agreement.

Business Editors

LAS VEGAS--(BUSINESS WIRE)--June 1, 2000

Far East Ventures, Inc. (OTCBB:FEVI) announced today that it has entered into a Firm $150 million funding agreement with Basic International Development Corporation which they are considering.

The funds, if utilized, will be arranged through a European based pension fund (the "Funder"). Should FEVI utilize the funds, the initial draw down of $30 million will be utilized by FEVI to close the Vancouver and Texas facilities. The combined Gross Profitable Revenues of both tracks will exceed $240 million over the next twelve months.

Among the terms of the agreement, FEVI will place 6 million of its common shares in trust coupled with the assets of the facilities as collateral and will pay an interest rate of 8% on funds utilized. At the end of two years, the 6 million shares could be converted at market to pay down outstanding balances. Any unpaid balance that FEVI has drawn shall convert to a ten-year loan.

FEVI will also grant an option for one year to the Funder to acquire an additional 6 million shares of restricted common stock for a price of $4.5 million. These shares would be subject to insider rules. In the same agreement, the Funder has advised FEVI that they will be buying "any number of unrestricted shares from the open market."

FEVI is currently conducting due diligence on the Funder as well as pushing forward with final funding documents that must be approved by both parties prior to funding. FEVI does still have numerous other funding options available should it choose not to accept this commitment.

Should the funding be utilized, FEVI will apply the balance of the funding commitment to analyze and attempt to acquire additional racing facilities in North America. FEVI management and its consultants have identified and are reviewing two other tracks with combined gross revenues of $450 million. There is no guarantee that it will enter into acquisition agreements with either.

FEVI is a development stage company and is in the business of identifying and attempting to acquire profitable gaming businesses.

This news release includes "forward-looking statements" that include risks and uncertainties. The forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially due to a variety of factors, including without limitation the company's ability to produce and market products and/or services and other risks detailed from time to time in the company's reports filed with the Securities Exchange Commission.