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CALENDAR CAPITAL, INC. TO MERGE WITH COLORADO CASINO

 MINNEAPOLIS, May 13 /PRNewswire/ -- Calendar Capital, Inc. (NASDAQ: AORT) announced today that it has entered into a letter of intent with Lilly Belle's, Inc., a Colorado corporation, whereby the two companies have agreed to enter into sequential transactions that they intend to result in a merger. Lilly Belle's, Inc. owns and operates a Casino under the same name in Black Hawk, Colo.
 The two companies have agreed to pursue approval by the Colorado Limited Gaming Control Commission for the merger and for a lease agreement whereby Calendar Capital will become the lessee of the Lilly Belle's Casino, which in turn, will continue to be managed by Lilly Belle's, Inc. under a management agreement. Robert Keyport, Interim CEO of Calendar Capital, stated that "this arrangement will allow Calendar Capital to immediately realize significant revenues during the peak season for Colorado gaming establishments."
 Lilly Belle's Casino is currently undergoing a major expansion that will be completed in June. When completed, the Casino will offer over 300 slot machines plus 8 black jack and poker tables which the company believes will generate in excess of $10 million per year in revenues.
 Arun Pande, CEO of Lilly Belle's, stated that "This will be one of the first public companies to establish a presence in the Colorado gaming business. The new gaming industry in Colorado, that was established in 1991, is now consolidating, which will result in larger and better financed casinos offering more comprehensive customer entertainment and services."
 Colorado voters approved limited stakes gambling in November 1991 to be located only in three historic mining towns - Central City, Black Hawk and Cripple Creek. Central City and Black Hawk are contiguous, located about 35 miles west of Denver. As of Jan. 31, 1993, there were about 63 limited gaming establishments open in Colorado. At that date, there were about 10,000 gaming devices in operation; presently, only slot machines, keno machines, poker and black jack tables are allowed with a maximum bet of $5. Nineteen casinos are located in Black Hawk and they currently account for more than 40 percent of the approximately $20 million in revenues net of winnings currently being realized by Colorado casinos each month.
 Lilly Belle's casino opened in Black Hawk in September 1992 and is currently realizing above average revenues on 70 slot machines and 3 card tables. Completion of the expansion to 300 slot machines and 8 card tables in June, along with a new parking lot is expected to yield significant increases in revenues. Following this expansion, Lilly Belle's will be one of the larger casinos in Black Hawk.
 Under the terms of the proposed combination, the principals of Lilly Belle's, Inc. will receive cash and stock in Calendar Capital in an amount to be set at closing based on the market price of Calendar Capital stock.
 Calendar Capital, Inc., formerly AorTech, Inc., sold its operating business in 1992 and has been seeking a suitable business opportunity.
 -0- 05/13/93
 /CONTACT: Robert J. Keyport, CEO of Calendar Capital, 612-481-1208; Arun P. Pande, CEO of Lilly Belle's, 719-576-4890; or Tom de Petra of de Petra & Associates, 612-338-7630 or 800-969-7630, for Calendar Capital/
 (AORT)


CO: Calendar Capital, Inc.; Lilly Belle's, Inc. ST: Minnesota, Colorado IN: CNO SU: TNM

AL -- MN002 -- 8173 05/13/93 14:01 EDT
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Publication:PR Newswire
Date:May 13, 1993
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