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Blind Pool Acquires Contract for Harness Track in Vancouver Area

27 December 1999

Far East Ventures Inc. (OTC BB:FEVI) announced today that it has acquired 100 percent of Churchill Resources, Inc. Terms were not disclosed.

With the purchase, Far East said, it will now own the contract to acquire certain assets of a harness racing facility that has about $80 million U.S. in annual revenue.

Alan Burdett, a spokesman for Far East, said the track is in the Vancouver, British Columbia, area. He declined to name the track, saying that more details will be announced soon. Churchill Resources has nothing to do with the famous Churchill Downs, Burdett said.

The only harness track listed on the Web site is Cloverdale Raceway, in the city of Surrey on the Vancouver lower mainland.

Burdett said Far East is a blind pool established four or five years ago. Blind pools, also known as shells, are public companies that avoid the disclosure and other requirements of an initial public offering. Churchill Resources is the first asset to be acquired by Far East, Burdett said.

The company is based in Las Vegas. Burdett said it has a $10 million line of credit, which can be extended. It plans to buy firms using a mix of cash and stock.

"We're very aggressively looking for gaming companies to buy on the North American continent,'' he said. Three other acquisitions are in the works, he said: A casino cruise ship in Miami, a "roll-up'' of five casinos in Colorado and Nevada, and a company that provides software for slot machines at tribal casinos.

Later, Burdett said, Far East will consider the acquisition of online gaming sites.

More details on the pending deals, and information on the principals of Far East, should be announced by Jan. 10, he said. The name of the company will be changed sometime in the next 12 months, he added.

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