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ITEC ATTRACTIONS' 10 PERCENT CONVERTIBLE DEBENTURE $3.5 MILLION OFFERING SOLD OUT IN TWO DAYS

    SALT LAKE CITY, Aug. 13 /PRNewswire/ -- International Tourist Entertainment Corp. (NASDAQ: ITEC) ("ITEC Attractions") announced today that its 10 percent convertible debenture $3.5 million offering has been completely sold in two business days.
    Kelvyn H. Cullimore, president of ITEC Attractions, stated:  "We are very pleased with the response of investors to have sold out the offering so quickly.  The proceeds of the offering will be used to complete the financing for the construction of the Ozarks Discovery IMAX(R) Theater complex in Branson, Mo.  In addition, proceeds will be used to produce an IMAX(R) format signature film and to lease the IMAX(R) projection equipment, screen and sound system to be used in the theater."
    The company anticipates that the debentures will trade over the counter beginning next week.  Each debenture is convertible into common stock of the company at the price of $6.50 per share.  The debentures will mature on June 1, 2008, and are secured by a second lien deed of trust on the Branson facility.
    Gene Morgan Financial, Los Angeles, is the underwriter of the offering.
    ITEC Attractions is a developer and operator of giant screen IMAX(R) theaters at popular tourist destinations.
    -0-             08/13/93
    CONTACT:  Bob Cardon, corporate secretary of ITEC Attractions, 800-574-4832; or Gene Morgan, president of Gene Morgan Financial, 800-468-6329
    (ITEC) CO:  INTERNATIONAL TOURIST ENTERTAINMENT CORP. IN:  ENT LEI SU:  OFR ST:  UT,CA


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Publication:PR Newswire
Date:Aug 13, 1993
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