Holly Products obtains $5 million commitment for Country World Casinos

Business Wire, Dec 7, 1995

MOORESTOWN, N.J.--(BUSINESS WIRE)--Dec. 7, 1995--Holly Products Inc. (NASDAQ: HOPR, HOPRW, HOPRP; BSE: HOP, HOPP) majority stockholder of Country World Casinos, today announced that it obtained a loan commitment of $5 million for Country World to pay its debts. The closing of the loan is subject to formal documentation and approval of the Bankruptcy Court having jurisdiction over Country World's Chapter 11 case.

As previously disclosed on Oct. 12, 1995, Country World filed a bankruptcy petition under Chapter 11 of Title 11 of the United States Code on that date, in order to avoid the public sale of its major assets and protect the interest of its shareholders. As part of its re-organization plant, Country World intends to use this capital to satisfy the first and second deed of trust for the casino site, 100 percent of the unsecured debt to its creditors, and provide working capital while the company continues in its attempts to secure construction and permanent financing.

As previously stated, Country World will continue to pursue its Civil Action against Tommy Knocker Casino and its Parent, New Allied Development Corp. for approximately $600,000 in overcharges and certain disclosure issues.

William H. Patrowicz, president of Holly Products Inc., stated, "We are encouraged, with the raising of these funds, that Country World will be able to put the bankruptcy issue behind them and we remain optimistic that we will secure the balance of the necessary funding to construct the casino in short order."

Holly Products Inc., headquartered in Moorestown, has a wholly owned subsidiary, Navtech Industries Inc., of Blanding, Utah and a majority owned subsidiary, Country World Casinos Inc. of Denver. Navtech is a manufacturer and tester of printed circuit boards and wire harnesses for slot machine tracking systems and signage. Country World Casinos Inc. is a development corporation, whose sole asset is a parcel of property located in Blackhawk, Colo. Country World's plan is to construct the largest casino in the state of Colorado located in Black Hawk, as well as a hotel complex.

CONTACT: Holly Products Inc., Moorestown

William Patrowicz, 609/234-1450