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Country World Casinos announces the signing of a definitive agreement between New Allied Development and Holly Products for the exchange of new Allied shareholdings in Country World Casinos.

DENVER--(BUSINESS WIRE)--Feb. 10, 1995--Country World Casinos Inc. (Bulletin Board: CWRC) Friday announced that New Allied Development Corp. (Bulleton Board: NEAL) Country World's largest shareholder, has signed a definitive agreement in connection with a proposed exchange of New Allied shareholdings in Country World Casinos Inc. for shares of Holly Products Inc. (NASDAQ: HOPR, HOPRW, HOPRP; BSE: HOP, HOPP).

New Allied owns 250,000 shares of the common stock of Country World Casinos and New Allied's wholly owned subsidiary, Tommyknocker Casino Corp., owns 2,250,000 shares of Country World Casino's Series A preferred stock, representing 31 percent ownership of Country World Casinos.

The agreement is related to Holly's proposed acquisition of at least 52 percent of the outstanding shares of Country World Casinos.

The transaction is subject to satisfactory completion of due diligence by New Allied, approval of its board of directors; Holly Products and its board of directors, and other conditions. There is no assurance that the exchange of stock will be consummated.

Country World Casinos seeks to construct a casino for limited-stakes gambling in Black Hawk, Colo.

Holly Products Inc., headquartered in Moorestown, N.J., has two subsidiaries. Holly Wood Manufacturing Inc. is a manufacturer of casino related products, retail store fixtures, institutional casework and architectural millwork. Navtech Industries Inc. of Blanding, Utah, is a manufacturer and tester of printed circuit boards in wire harnesses for slot machine tracking systems and signage.

CONTACT: Country World Casinos Inc., Denver

Roger D. Leclerc, 303/777-6111 or fax, 303/777-1344
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Publication:Business Wire
Date:Feb 10, 1995
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