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INDEMNITY HOLDINGS INC. ANNOUNCES ACQUISITION OF 'THE STAR OF CRIPPLE CREEK CASINO'

 TUCSON, Ariz., Jan. 13 /PRNewswire/ -- Indemnity Holdings Inc. (NASDAQ Bulletin Board: IDMH) yesterday announced that it had reached an agreement in principle to acquire the interest of four separate entities which own "The Star of Cripple Creek Casino" and undeveloped land slated for hotel/casino development in Cripple Creek, Colo. The acquisition price for the casino and development sites is $17,900,000, less liabilities assumed of $6,379,033, for a net acquisition price of $11,520,967.
 The consideration for the purchase is 4,500,000 shares of restricted common stock of the company to be delivered at closing which is currently scheduled for Jan. 14, 1994.
 The merger and acquisition is being arranged by Bachik Enterprises Inc. of Colorado Springs, Colo., and Dylan International Finance Inc. of Tucson. Dylan International Finance Inc. was instrumental in the arrangement of bridge financing to consummate the project and will serve as the company's public relations and financial advisor.
 -0- 1/13/94
 /CONTACT: John Bagalini, project manager, Dylan International Finance, 602-790-9950/
 (IDMH)


CO: Indemnity Holdings Inc.; Dylan International Finance Inc.;
 Bachik Enterprises Inc. ST: Arizona IN: CNO SU: TNM


JM-EH -- LA006 -- 1714 01/13/94 09:30 EST
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Publication:PR Newswire
Date:Jan 13, 1994
Words:198
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