Double Eagle Entertainment and Dion Entertainment jointly announce conversion of debt

Business Wire, March 21, 1995

VANCOUVER, British Columbia--(BUSINESS WIRE)--March 21, 1995--Dion Entertainment Corp. (Dion) and Double Eagle Entertainment Corp. (Double Eagle) announced today that Dion has converted U.S. $3.5 million of debt held by Dion in Double Eagle Entertainment Corp. of Barbados (DEEC), a wholly owned subsidiary of Double Eagle, into common shares of Double Eagle.

On conversion Dion will acquire up to 10 million common shares, which will then represent approximately 45 percent of the outstanding shares of Double Eagle.

Dion acquired the debt in DEEC pursuant to its agreement with Sodak Gaming International, Inc. (NASDAQ-SODK) (Sodak) as announced on February 3, 1995. Under that agreement, Sodak transferred to Dion's wholly owned subsidiary, Dion First American Inc. (DFA), its rights under a loan agreement with DEEC.

The proceeds of such loan have been invested by DEEC in a "TV Bingo/Lottery Game Show" based in Prague, Czech Republic. DEEC provides management services to TV Bingo, s.r.o., the Czech operations company, and DEEC receives a management fee based on ticket sales which is presently shared equally with Dion.

The debt of DEEC held by Dion is convertible at the price of ($0.50) per share, which is the weighted average trading price of the common shares of Double Eagle in the two week period ending March 20, 1995. Conversion of the debt remains subject to regulatory approval. The conversion will eliminate U.S. $3.5 million in debt owed by DEEC subject to the foreign exchange rate for U.S. currency at the date of conversion.

Dion Entertainment Corp. is the first Canadian publicly traded gaming company and is one of the largest providers of gaming facilities in Canada.

Double Eagle is a multi-national gaming company which is strategically positioned to capitalize on current trends in international gaming, as evidenced by its participation in the "TV Bingo/Lottery Game Show" in the Czech Republic.

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Neither the Vancouver Stock Exchange nor the Toronto Stock Exchange have approved nor disapproved the information contained herein.

CONTACT: Double Eagle Entertainment

Lindsay MacLeod (604) 681-9003

1-800-668-5567 (U.S. only)

or

Dion Entertainment Corp.

Frank Port, 604/535-7333

1-800-696-7333 (U.S. only)