MegaWorld Acquires a European Castle as the First Development of a New Time Share Operation.NEW YORK--(BUSINESS WIRE)--May 5, 1998--MegaWorld, Inc. (MEGW MEGW Mega-Watt ) today announced it has acquired Castello Ratti Enterprises Srl, which holds a controlling interest controlling interest The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail in a 1,000-year-old Castle near Milan, Italy, for the purpose of commencing the operation of a new time-share facility. The Castle is the first of a number of new unique time-share locations to be operated internationally by MegaWorld, Inc. Located in a picturesque area between Milan and Genoa, (less than two hour's drive of Monte Carlo Monte Carlo (môNtā` kärlō`), town (1982 pop. 13,150), principality of Monaco, on the Mediterranean Sea and the French Riviera. , and one hour's drive from the Swiss border) the Castle will ultimately include up to 100 resort timeshare units, many in surrounding villas, to be sold on a weekly basis at a sales price starting from $17,000 per unit. The grounds of the Castle will house facilities including a restaurant, conference centre, tennis, archery, swimming, horse back riding, a future Health Club, and a planned 18-hole golf course. The whole complex has been independently valued at US $11.9 Million. In announcing the commencement of a time-share subsidiary, Mr. Irwin C. Roll, President of MegaWorld, Inc., said, "We believe that with the increase of leisure time activity the future for the time share industry is indeed very bright. We expect to be a major factor in that industry". MegaWorld, Inc. is an Electronic Bulletin Board Company listed under the symbol MEGW. Note: Forward looking statements in this release are made pursuant to the "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions of Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Investors are cautioned that such forward looking statements invite risks and uncertainties, including without limitation, continued acceptance of the Company's products, increased levels of competition for the Company, and other risks. CONTACT: MegaWorld, Inc., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of 212/750-3333 |
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