THE SANDS REGENT ANNOUNCES NEGOTIATIONS TO PURCHASE ADDITIONAL GAMING OPERATIONS
THE SANDS REGENT ANNOUNCES NEGOTIATIONS TO PURCHASE
ADDITIONAL GAMING OPERATIONS
RENO, Nev., May 13 /PRNewswire/ -- The Sands Regent (NASDAQ: SNDS) announced today that it is in the process of negotiating an agreement to acquire all of the outstanding stock of CMS International. CMS International owns and operates three casino properties in northern Nevada and operates a casino in Antigua in which it owns a 50 percent interest.
The acquisition, if consummated, would result in The Sands Regent issuing approximately 600,000 shares of its common stock to the present stockholders of CMS International. This will result in increasing the outstanding stock of The Sands Regent by approximately 28 percent. The present majority owner of CMS International is International Game Technology (NYSE: IGT). No assurance can be given that the acquisition will be consummated.
/CONTACT: Pete Cladianos, Jr. of The Sands Regent, 702-348-2294/
(SNDS IGT) CO: The Sands Regent; CMS International ST: Nevada IN: LEI SU: SH -- NYON1 -- 9481 05/13/92 08:31 EDT