SEARCH NEWS:

 

Aureus Ventures Enters Gaming Industry

VANCOUVER – (PRESS RELEASE) -- Aureus Ventures Inc. ("Aureus" or the "Company") is pleased to announce that it has entered into an agreement dated April 17th 2005 (the "Agreement") among John Asfar and a company controlled by him ("Asfar") and Jazz Siekham ("Siekham") (collectively, the "Vendors") pursuant to which the Company has agreed to acquire all of the Vendors' interest in certain agreements to purchase certain companies and other assets involved in the gaming industry in British Columbia, and contemplates other countries in the European Union, in exchange for shares of the Company. Upon completion of the transactions (other than the $35 million financing referred to below), shareholders of the Company will own approximately 19% of the Company's outstanding shares. Approximately 70% of the purchase price will be paid to Asfar with the balance being paid to Siekham. As part of the transaction the Vendors will also subscribe for 2 million shares of the Company at $0.30 per share.

The transaction is subject to completion of due diligence, regulatory approval, completion of a $35 million financing (terms to be established), execution of a formal agreement, and a change of the Company's name to "Worldwide Casino Corporation". The binding agreement provides that the parties, subject to satisfactory due diligence, will complete a definitive agreement on or before May 27, 2005, with closing of the transaction to occur on or before September 30, 2005. Upon completion of the transaction, it is expected that the Board of the Company will consist of two nominees of the Company, two nominees of the Vendors and two independent directors.

The transaction is not subject to shareholder approval however certain aspects of the transaction such as the name change must be approved by the Company's shareholders. This is an arm's length transaction and constitutes the Company's Qualifying Transaction. In the event sponsorship with the TSX Venture Exchange is required, First Associates Investments Inc. has agreed to act as Sponsor subject to completion of satisfactory due diligence.

Asfar is a Victoria, British Columbia based hotelier, who owns and operates 14 Traveller's Inn Hotels & Resorts on Vancouver Island, owns the Traveller's Inn Hotel Franchise in North America and has 20 years of experience in real estate development and acquisitions. Siekham is a Surrey based entrepreneur, who has owned and operated a number of regulated transportation companies in British Columbia. He has substantial experience in business development matters in the gaming industry.

Aureus is a Capital Pool Company focused on the identification and acquisition of assets or a business that will maximize shareholder value. It was formed by the principals of Nova Bancorp, a private investment company based in Vancouver. Nova Bancorp was founded by Harry Knutson in 1982. Its activities include investment banking, investment products and merchant banking.

< Gaming News