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NEW YORK BUSINESSMAN PROPOSES LOTTERY TO SOLVE REAL ESTATE PROBLEMS

NEW YORK BUSINESSMAN PROPOSES LOTTERY TO SOLVE REAL ESTATE PROBLEMS
 NEW YORK, March 16 /PRNewswire/ -- New York businessman Fred Sternau, chairman of Euro-American Communications Group, Inc., has proposed the creation of a new business -- Real Estate USA Inc. -- that would help solve the nations real estate problems by conducting lotteries.
 "Subject to governmental approvals, by buying lottery tickets, in states that permit it, anyone would have the chance of winning ownership in a hotel, shopping center, condominium, or any of the other properties that the U.S. government is presently trying to dispose through the Resolution Trust Corporation," Sternau said.
 After obtaining necessary regulatory approvals, Sternau said he will be organizing the new corporation and will be seeking the assistance of public officials and a prominent investment firm.
 "It will be like a giant monopoly game played daily in selected hotels, convention centers, on cruise lines, etc.," he said.
 With proceeds from the lottery, Real Estate USA Inc. would purchase from the government and manage on behalf of the lottery winners the hotels, shopping centers, condominiums and other real estate holding.
 Sternau said he invited politicians from both parties to support this program with the objective to obtain massive public participation in this proposed lottery for helping the United States regain its economic health.
 -0- 3/16/92 R
 /CONTACT: Fred Sternau of Euro-Communications Group, 212-697-5506/ CO: Euro-Communications Group Inc. ST: New York IN: FIN SU:


KD-SM -- NY069 -- 9734 03/19/92 13:34 EST
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Publication:PR Newswire
Date:Mar 19, 1992
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