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Casino Journal Completes Acquisition of Poker Digest7 August 2000LAS VEGAS, Nevada – (Press Release)--Aug. 7, 2000 -- Casino Journal Publishing Group, Inc. (OTC Bulletin Board: CJPG - news) today announced the completion of its acquisition of a controlling interest in Poker Digest, LLC of Las Vegas, Nevada. Poker Digest, LLC is the holding company for Poker Digest magazine and Classic Poker Cruises. Casino Journal issued 301,500 restricted common shares to the members of Poker Digest, LLC to complete the acquisition of 60% of the company. The remaining 40% interest is held by the founders of Poker Digest magazine and Classic Poker Cruises, Phil and June Field, who will continue to operate the company. Phil and June Field are also the founders of Card Player, the original magazine devoted to the poker and card club market. In 1993, the Fields sold the magazine but remained very active in the poker community and established Classic Poker Cruises. In 1998, they began publishing Poker Digest and formed Poker Digest, LLC. Poker Digest, LLC turned profitable in just its second full year of operation. While the company had combined magazine and cruise revenue of more than $900,000 in fiscal 1999, nearly double the revenues achieved in fiscal 1998, in the first 6 months of fiscal 2000, Poker Digest LLC had combined magazine, cruise and retail revenue of just under $700,000 and is expected to have a very strong second half. |