TRIPLE THREAT ENTERPRISES ANNOUNCES AN AGREEMENT WITH GREAT AMERICAN RECREATION, INC.
TRIPLE THREAT ENTERPRISES ANNOUNCES AN AGREEMENT WITH GREAT AMERICAN RECREATION, INC. CRANFORD, N.J., Sept. 25 /PRNewswire/ -- Triple Threat Enterprises, Inc., doing business as Gaming Devices Funding, Inc. (NASDAQ: GDFI), today announced that it entered into an agreement on Sept. 23, 1992 with Great American Recreation, Inc., a publicly held company engaged in the operation of an action park and ski area in New Jersey and its wholly owned subsidiary, Great American Boxing, Inc. This agreement amends an earlier agreement entered in July 1992 between the parties and results in the exchange of 500,000 shares of Great American Recreation's common stock issued to the company pursuant to the earlier agreement for a note in the principal amount of $1,500,000 due five years from the date of issuance for out of the proceeds of a public offering of securities by Great American Recreation. Great American Recreation also issued to the company a warrant to purchase 1 million shares of Great American Recreation's common stock at a price of $1.75 per share plus 10 percent of the closing bid price on the date the warrant is exercised. Another warrant to purchase 1 million shares of Great American Recreation's common stock at the same exercise price was issued to the company in cancellation of a warrant previously issued under the July 1992 agreement. The company has also provided a $400,000 loan to Great American Recreation in connection with this transaction. This loan, the $1,500,000 note of Great American Recreation and all other obligations of Great American Recreation to the company under prior agreements between the parties are now secured by 2,500,000 shares of Great American Recreation's common stock. Pursuant to its new corporate strategy, the company intends to provide financial support to video lottery and electronic gaming machine manufacturers in the United States and Europe. The company's Chairman and Chief Executive Officer, John E. Dell, believes that as a result of the significant growth in electronic gaming machine and video lottery industries, there will be unique opportunities for the company. -0- 9/25/92 /CONTACT: Robert DeFilippis, chief financial officer of Triple Threat Enterprises, 908-276-7174/ (GDFI) CO: Triple Threat Enterprises, Inc.; Great American Recreation ST: New Jersey IN: CNO SU:
TS-OS -- NY013 -- 3451 09/25/92 10:44 EDT
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|Date:||Sep 25, 1992|
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