Holly Products announces termination of formal investigation of Country World Casinos

Business Wire, August 21, 1996

BALA CYNWYD, Penn.--(BUSINESS WIRE)--Aug. 21, 1996--Holly Products Inc. (NASDAQ: HOPR, HOPRW, HOPRP; BSE: HOP, HOPP) today announced receipt of formal notification from the Securities and Exchange Commission with regard to its majority owned subsidiary, Country World Casinos Inc.

According to the notification, the formal investigation, which began in June 1994, has been terminated and no enforcement action is forthcoming against Country World Casinos Inc.

William H. Patrowicz, president of Holly Products Inc., said, "Since our involvement with Country World in January 1995, we have diligently tried to assist Country World in this investigation by cooperating with the S.E.C. on every level. This direct approach and the cooperation put forth brought this release to fruition."

Holly Products Inc., headquartered in Bala Cynwyd, has a wholly owned subsidiary, Navtech Industries Inc. of Shiprock, New Mexico and a majority owned subsidiary, Country World Casinos Inc. of Denver, Colorado. Navtech is a manufacturer and tester of electronic components for casino equipment, hotel equipment and signage. Country World Casinos Inc. is a development corporation, whose plan is to construct a casino in Black Hawk, Colorado, as well as a hotel complex.

CONTACT: Martin E. Janis & Co. Inc.

Elliott Jacobson, 312/943-1100

or

Holly Products Inc.

William H. Patrowicz, 610/617-0400