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HOLLY PRODUCTS, INC. ANNOUNCES SIGNING A DEFINITIVE AGREEMENT TO ACQUIRE MAJORITY CONTROL OF COUNTRY WORLD CASINOS, INC.

MOORESTOWN, N.J.--(BUSINESS WIRE)--FEBRUARY 10, 1995--HOLLY PRODUCTS, INC. (NASDAQ: HOPR, HOPRW, HOPRP; BSE: HOP, HOPP) today announced that it has signed a definitive agreement in connection with its proposed acquisition of 52% of the outstanding shares of stock of Country World Casinos, Inc. (Bulletin Board: CWRC) in exchange for approximately 1,511,000 shares of restricted Holly Common Stock. As a part of the overall transaction, an agreement was entered into with the largest shareholder of Country World Casinos, which beneficially controls approximately 31% of the Country World Common Stock. In addition, contingent on the consummation of this transaction, Holly Products, Inc. is preparing an exchange offer for the remaining outstanding shares of Country World.

The transaction is subject to satisfactory completion of due diligence by the Company, the approval of the board of directors, and other conditions. There can be 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, Colorado.

Holly Products, Inc., headquartered in Moorestown, New Jersey, has two subsidiaries. HollyWood 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 and wire harnesses for slot machine tracking systems and signage.

CONTACT: HOLLY PRODUCTS, INC.

William H. Patrowicz, President

(609) 234-1450

or

WOLFE AXELROD ASSOCIATES

Stephen D. Axelrod, CFA

Jennifer Hendrickson

(212) 370-4500
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Publication:Business Wire
Date:Feb 10, 1995
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