Trans World Corporation Announces the Divesture of Its Casino in Spain.Business Editors NEW YORK--(BUSINESS WIRE)--Jan. 7, 2002 Trans World Corporation Trans World Corporation was the original name of the holding company set up to own Trans World Airlines. When the airline sought to diversify into other areas of business, a key investment was Hilton International Hotels (formerly Trans World Gaming Corp., herein referred to as the "Company" or "TWC TWC The Weather Channel TWC Time-Warner Cable TWC Texas Workforce Commission (also seen as TWFC) TWC The Wellness Community TWC The Washington Center TWC Teachers & Writers Collaborative TWC Trustworthy Computing "), (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. : TWCP TWCP The Woodlands College Park (High School, Texas) TWCP TRU Waste Charcterization/Certification Program TWCP Tank Waste Characterization Planning ) today announced the divesture of its subsidiary, Casino de Zaragoza ("CDZ CDZ Calmidazolium Chloride "). CDZ, which has been operating at a loss for the last three years, was sold for $10,000,000 on December 31, 2001 to a local casino company. Commenting on the sale of CDZ, Rami Ramadan, the president and chief executive officer of TWC, said, "This sale will have a positive impact on TWC's balance sheet as long and short term debt will be reduced by 23% and net income for year 2001 will be positive for the first time since 1997." According to Mr. Ramadan, a substantial portion of the sale proceeds was allocated to eliminate the accrued tax and other liabilities of CDZ on TWC's books. "With the remaining three business units showing positive improvements in their operations, TWC will be in a better position to focus on the primary goal of the Company--which is future expansion through the addition of profitable business units, including the possible diversification into the hotel industry", added Mr. Ramadan. Trans World Corporation owns and operates three casinos in Europe and specializes in small to medium sized casinos and gaming parlors in local venues worldwide. The Company's headquarters is located in New York. "Safe Harbor" Statement under 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: The statements contained in this release which are not historical facts contain forward looking information with respect to plans, projections or future performance of the Company, the occurrence of which involve certain risks and uncertainties detailed in the Company's filings with the Securities and Exchange Commission. |
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