Country World Signs Contracts for $80 Million in Financing

Business Wire, Nov 9, 2000

Business Editors

BALA CYNWYD, Pa.--(BUSINESS WIRE)--Nov. 9, 2000

Country World Casinos, Inc. (OTC BB:CWRC) today announced the signing of a contractual agreement with Dartmouth General Capital Management, Ltd., a Bahamian Corporation, to provide $80 million in financing to finalize development of its Black Hawk, Colorado casino and hotel project.

Under the terms of this formal agreement, Dartmouth General will immediately provide Country World with five-year interest free collateralized cumulative debentures for an aggregate amount of $80,000,000. Additionally, Dartmouth will provide the source to fund the debentures. Closing for the first $15,000,000 has been set for December 31, 2000, with the balance to be provided 30 days thereafter.

In exchange for Dartmouth General's contribution, Country World will issue the balance of its authorized but unissued shares of common and preferred Series B stock to Dartmouth General (approximately 13.4 and 3.9 million respectively) and Company shareholders will contribute 6 million shares of common stock and 500,000 shares of Series B preferred stock to Dartmouth General. With completion of the aforementioned transactions, Dartmouth General will have acquired approximately 50.6% of the voting stock of the Company.

Country World Casinos, Inc., headquartered in Bala Cynwyd, Pennsylvania, is an OTC company whose plan is to acquire existing gaming properties, as well as develop a casino, hotel and entertainment complex which will include 1,000 slot machines, 32 gaming tables, fine dining, entertainment, gym and pool facilities valet and self parking for approximately 1,000 cars and bus facilities at Black Hawk, Colorado.

This press release contains forward-looking statements. All forward-looking statements involve risks and uncertainties, including, without limitation, the risks detailed in the Company's filings and reports with the Securities and Exchange Commission. Such statements are only predictions and actual events or results may differ materially from those projected.