Holly Products announces status of Country World Casinos Chapter 11 bankruptcy proceedings

Business Wire, Sept 30, 1996

BALA CYNWYD, Pa.--(BUSINESS WIRE)--September 30, 1996--Holly Products Inc. (NASDAQ: HOPR, HOPRW, HOPRP; BSE: HOP, HOPW, HOPP) today announced the completion of formal testimony of its claims hearing in United States Bankruptcy Court, District of Colorado for its majority owned subsidiary, Country World Casinos Inc.

Final written closing arguments must be submitted to the Court in the next ten days and a decision of the Court is expected shortly thereafter.

William H. Patrowicz, president of Holly Products Inc., stated, "The facts in a case always speak for themselves. I believe we presented a strong case and look forward to a favorable ruling in short order, as well as a finalization to these Chapter 11 Proceedings in the near future."

Holly Products Inc., headquartered in Bala Cynwyd, has a wholly owned subsidiary, Navtech Industries Inc. of Shiprock, N.M. and a majority owned subsidiary, Country World Casinos Inc., of Denver. 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, Colo., as well as a hotel complex.

CONTACT: Holly Products Inc.

William H. Patrowicz, 610/617-0400

or

Martin E. Janis & Company Inc.

Elliott Jacobson, 312/943-1100