Country World Casinos Inc. receives notice of default on its casino site

Business Wire, Nov 23, 1994

DENVER--(BUSINESS WIRE)--Nov. 23, 1994--Country World Casinos Inc. (Bulletin Board: CWRC) announced it has received from New Allied Development Corp. (NADC) a notice of default of the promissory note made by the company to NADC.

The note is secured by a deed of trust on the site of the company's proposed Country World Casino in Black Hawk, Colo.

Country World has until Dec. 8, 1994, in which to remit the delinquent payments of $332,000. Should the company be unable to bring the note current, New Allied Development Corp. has informed the company it has elected to accelerate the indebtedness evidenced by the note in the principal amount of $2.9 million plus accrued interest and will proceed to exercise its rights under the note and deed of trust and security agreement.

Although the company is currently looking for sources of funding to solve both its immediate problem and funding to complete its $30 million casino project in Black Hawk, Colo., there can be no assurances that the company will be successful in its attempts.

CONTACT: Country World Casinos Inc., Denver

Jay Roberts or Stanley Richards, 303/777-6111