Great American Resorts reports sale of brokerage firm, denial of NASDAQ Listing, S.E.C. Inquiry, signature of contracts to sell 10 of 23 Hilton Head Units at profit and letter of Intent to buy Kissimmee Hotel.NORCROSS, Ga.--(BUSINESS WIRE)--Aug. 24, 1995--On July 26, 1995 Great American Resorts sold its Broker/Dealer, Great American Financial Network, to concentrate on its core business of hotels, resorts and travel. Jack Perry, the manager of the Atlanta office, purchased the broker/dealer for $150,000.00. Initially Mr. Perry obtained the cash to pay for the brokerage firm in a short term loan from a majority owned subsidiary of the company, Casinos A list of casinos. Antigua and Barbuda
v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. 8K was filed additionally disclosing the short term loan from Casinos International to Mr. Perry and thereafter another 8K was filed to report the repayment of the loan to Casinos International. The brokerage firm had run substantial losses in the previous fiscal year and was expected to continue to do so. On August 18, 1995 the company was informed that the 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 listing qualifications committee did not approve the company's request for the listing of its Class A Common stock on the NASDAQ Small Capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. Market. One of the reasons cited was an S.E.C. Investigation of the company. The inquiry referred to has been informal and has covered several areas. The S.E.C. asked the company to provide information on a voluntary basis. The company has fully cooperated and provided the information requested. The company has an appeal process available for the failure to list the company's stock on NASDAQ but has not yet decided whether to appeal the decision. Great American Resorts has recently signed 10 contracts with Spinaker Development Group, Inc. to sell 10 of its Hilton Head Units for $1,070,000.00. The Company originally paid $850,000.00 for the 10 units. Spinaker has placed a $50,000.00 non-refundable deposit for the purchase of the 10 units. The company has already used the $50,000.00 down payment, in addition to $18,634.00 of its own funds, to pay off one of the 23 units. Staggered closings on the units are scheduled between August 30, 1995 and June 30, 1996. The company intends to use all net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from the sales (approximately $940,000.00 after the $50,000.00 deposit, commissions, taxes and closing costs Closing Costs The numerous expenses (over and above the price of the property) that buyers and sellers normally incur to complete a real estate transaction. Costs incurred include loan origination fee, discount points, appraisal fee, title search, title insurance, survey, taxes, ) to reduce the current indebtedness INDEBTEDNESS. The state, of being in debt, without regard to the ability or inability of the party to pay the same. See 1 Story, Eq. 343; 2 Hill. Ab. 421. 2. of approximately $1,506,583.00 on all of the units to approximately $566,583.00 on the remaining 13 units. The company believes this should increase cash flow significantly on the remaining 13 units. If Spinaker does not close on any or all of the units, the company's only remedy is to retain the $5,000.00 on each unit not closed. On August 23, 1995 the company signed a letter of intent to purchase the Olympia Hotel in Kissimmee, Florida Kissimmee redirects here. For other uses, see Kissimmee (disambiguation). Kissimmee is a city in Osceola County, Florida, United States. As of 2006, the population recorded by the U.S. Census Bureau is 60,894. It is the county seat of Osceola County. for $2,400,000.00. The hotel consists of 117 rooms, a restaurant, 2 pools and is situated on 6 acres on Hwy. 92. The hotel is located approximately 5 miles from the Disney World complex and is centrally located to all of the Orlando attractions including Universal Studios, Sea World, Epcot, The Magic Kingdom, MGM MGM in full Metro-Goldwyn-Mayer, Inc. U.S. corporation and film studio. It was formed when the film distributor Marcus Loew, who bought Metro Pictures in 1920, merged it with the Goldwyn production company in 1924 and with Louis B. Mayer Pictures in 1925. Studios, and Majestic China. To complete the purchase and renovations of the hotel and completion of its other development plans the company will require additional financing. There can be no assurance that such financing will be obtained. CONTACT: Great American Resorts Edward L. Bates Bates , Katherine Lee 1859-1929. American educator and writer best known for her poem "America the Beautiful," written in 1893 and revised in 1904 and 1911. , 404/476-3936 |
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