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Casino Journal Rejects Offer to Sell Trade Magazines, Shows

The management of Casino Journal Publishing Group reviewed the offer but rejected it as inadequate due to the fact that the unaffiliated third party was, in essence, a private company. Management felt that after paying the taxes on the sale, the offer did not generate a sufficient amount of cash to justify a sale of the B2B assets of the company. These assets represent about 1/5th of the Company's expected revenues in fiscal 2001 and beyond.

Commenting on the decision, Casino Journal Publishing Group, Inc. Chairman, CEO and Group Publisher Glenn Fine said, ``As we have said before, we will review any offer made to our company and will determine if it is in the best interest of our shareholders. While we feel that this offer displays just how grossly undervalued our stock is considering our market capitalization at the close on Monday was $13.8 million and this offer is only for the part of our business which accounts for 20% of our revenues, we really do not feel that the long term benefits would justify selling these income producing assets.

"If we are to enter into any transaction, it will have to benefit the shareholders and we did not feel that selling these assets primarily for shares in a privately held company would benefit our shareholders. While we have received various offers over the past couple of years, due to growing speculation in the gaming industry we felt that we should publicly disclose this offer and our reasons for our decision.''

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