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VIRAL TESTING SYSTEMS CORPORATION COMPLETES SPIN-OFF OF SUBSIDIARY

 HOUSTON, May 3 /PRNewswire/ -- The Securities and Exchange Commission today declared effective the Registration Statement covering the issuance of the shares of common stock of Lone Star Casino Corporation (OTC: LONE). Shares of Lone Star are being issued to the shareholders of Viral Testing Systems Corporation (AMEX: VTS), at the ratio of 1/2 share of Lone Star for every share of VTS owned, pursuant to a spin-off distribution announced on Dec. 1, 1992.
 Certificates representing the Lone Star shares are being mailed tomorrow, Tuesday, May 4, 1993, accompanied by a final prospectus, to holders of record of shares of VTS common stock as of the Dec. 28, 1992 record date. Persons who purchased shares of VTS common stock on or before Dec. 21, 1992 and who have not sold them before the "ex-dividend" date (as described below) will receive their Lone Star shares from Lone Star's Registrar and may continue to hold them or dispose of them as they wish.
 Persons who purchased shares of VTS common stock after Dec. 21, 1992 and before the "ex-dividend" date (as described below) will be entitled to receive their Lone Star shares, pursuant to the settlement of "due bills," from the party from whom they purchased their VTS shares. Such persons should consult their brokers to make sure they receive their Lone Star shares.
 Persons who sold shares of VTS common stock after Dec. 21, 1992 and before the "ex-dividend" date will be required to deliver their Lone Star shares, pursuant to the settlement of such "due bills," to persons to whom they sold their VTS shares. Such persons should consult their brokers concerning their settlement obligations.
 It is expected that the shares of VTS common stock will be quoted "ex-dividend" on the American Stock Exchange as of the commencement of trading the day after tomorrow, Wednesday, May 5, 1993. Immediately as of the "ex-dividend" date, purchasers of VTS common stock will no longer be eligible to receive shares of Lone Star pursuant to the spin-off, and sellers of VTS common stock will no longer be required to deliver shares of Lone Star. Interested parties should consult their brokers to verify the status of VTS common stock before executing any "ex-dividend" transactions.
 Until the "ex dividend" date (as described above), shares of VTS acquired via the exercise of VTS Stock Purchase Warrants will be eligible to receive the distribution of Lone Star shares, at the same ratio of one half share of Lone Star per share of VTS. Holders of VTS common stock purchase warrants must have the full amount of the exercise price of $1.89 per VTS share on deposit with the Warrant Agent, not their broker, accompanied by a Notice of Guaranteed Delivery, by not later than 5 p.m. EDT on Tuesday, May 4, 1993 in order to exercise their warrants in time to receive the Lone Star distribution attributable to the VTS shares. The Warrant Agent is American Stock Transfer & Trust Company; 6201 15th Avenue, 1st Floor; Brooklyn, N.Y. 11219; 212-936-5100 attention: Isaac Kagan.
 Immediately as of the "ex-dividend" date, warrant holders will no longer be eligible to receive the distribution of Lone Star shares through the exercise of their warrants. Such warrant holders will however continue to be able to purchase one share of VTS common stock per warrant, at the exercise price of $1.89 per share, until their expiration date of Oct. 31, 1995.
 For further information: Viral Testing Systems Corporation; 600 Travis Street, Suite 4750; Houston, Texas 77002.
 -0- 5/3/93
 /CONTACT: Holly G. Vaughan, investor relations of Viral Testing Systems, 713-228-4633/
 (VTS LONE)


CO: Viral Testing Systems Corporation; Lone Star Casino Corp. ST: Texas IN: SU:

WB-LR -- NY085 -- 3954 05/03/93 16:18 EDT
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Publication:PR Newswire
Date:May 3, 1993
Words:625
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