NuOasis Resorts Signs Term Sheet for $7 Million Financing.NEWPORT BEACH Newport Beach, residential and resort city (1990 pop. 66,643), Orange co., S Calif., on Newport Bay and the Pacific Ocean; inc. 1906. It is a popular seaside resort and yachting center. Manufactures include electrical and medical equipment, computers, boats, and adhesives. , Calif.--(BUSINESS WIRE)--Sept. 1, 1998--NuOasis Resorts, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:NUOA) announced today that it has signed a term sheet for a $7 million credit facility which should enable the Company to complete its Cleopatra Palace Casino in Cap Gammarth, Tunisia within 30 to 40 days after the funds are received. The Company signed the term sheet with a European commercial banking organization. Upon closure of the definitive agreement, which is expected shortly, the bank will fund an initial $7 million credit facility, and has offered to syndicate additional loans for the benefit of the Company and its subsidiaries, particularly Cleopatra Cap Gammarth Ltd. and Cleopatra's World, Inc. The term sheet calls for a $3.5 million credit facility for Cleopatra Cap Gammarth. These funds will be allocated for completion of the subsidiary's casino which is adjacent to the Le Palace Hotel. An additional $3.5 million is to be provided to Cleopatra's World for completion of its Gammarth resort complex. This resort comprises the 5-star hotel with a total of 600 beds, commercial center, beach club with two restaurants, sports center, night club with an 800 person capacity and a restaurant and bar, 250 apartments, and approved planning permission planning permission Noun formal permission granted by a local authority for the construction, alteration, or change of use of a building planning permission n → licencia de obras to build 11 villas. The commercial center comprises 42 boutiques for rent and up to 12 restaurants. The Cleopatra Palace Resort at Cap Gammarth is situated on the beach of the southern Mediterranean, approximately 10 miles north of Tunisia's capital city of Tunis and 20 minutes from the Carthage international airport. The first of its kind in North Africa, this all-inclusive destination resort includes a palatial-style hotel and the region's largest convention facilities. The 200,000 square foot, 5-story Cleopatra Palace Casino at Cap Gammarth, stands 20 yards from the main hotel, has a capacity of 2,500 and includes a 60,000 square foot gaming area, a VIP room, shopping boutiques, and a restaurant and variety of bars. The gaming area is patterned after a Las Vegas-style operation and includes 290 slot machines and 42 table games, several high-stakes gaming tables, lounges, a coffee shop and bars, and the showroom. The VIP room features Blackjack blackjack, one of the world's most widely played gambling card games; also known as twenty-one or vingt-et-un. Despite contesting claims between the French and Italians, its origins are unknown. tables, Roulette roulette (r  lĕt`), game of chance popular in gambling casinos, and in a simplified form elsewhere. In gambling houses the roulette wheel is set in an oblong table. Wheels, Punto-Banco tables, Bacarat tables, and a separate bar and lounge. The 45,000 square foot, 650 seat Cleopatra Palace Las Vegas-style showroom will include a full production theater designed for star-studded shows similar to those currently running in Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. . The 5-star Le Palace Hotel, which opened in 1996, also houses Tunisia's largest conference facility as well as a ballroom, meeting rooms, and a future virtual and video arcade This article is about video arcades. For other uses of the term arcade, see Arcade. A video arcade (also known as an amusement arcade in the United Kingdom or a game center in Japan) is a place where people play arcade video games. entertainment facility. Revenues for the Le Palace Hotel for the nine months ended March 31, 1998 were in excess of $4.6 million, with approximately $800,000 in operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. - on target with NUOA's projection of $6.0 million in revenues during fiscal 1998. NuOasis Resorts, Inc. is a leisure and entertainment holding company with operations, conducted through subsidiaries, in international gaming and hotel management, food manufacturing, and development-stage commercial real estate. Note: Certain statements made herein that are not historical are forward-looking within the meaning of the 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 all forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. involve risks and uncertainties. Investors who seek more information about the Company's business and relevant risk factors may wish to review the Company's periodic reports filed with the Securities and Exchange Commission including, but not limited to, its most recent Annual Report on Form 10-K/SB and Quarterly Report on Form 10-QSB. CONTACT: OTC Financial Network Mario "Ike" Iacoviello, 888/356-2390 ike@otcfn.com |
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