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Far East Ventures Offers $54 Million for Northfield Raceway

In conjunction with the offer, one of FEVI's investment bankers has forwarded a letter to Northfield management stating FEVI was in a position to move forward dependent upon audited financial statements and related due diligence materials.

FEVI is most interested in acquiring additional simulcast signals (incoming and outgoing) that Northfield offers, which enhances paramutual betting revenues and will facilitate an economy of scale at all tracks FEVI acquires.

In related news, definitive agreements have been executed on the Texas track and the British Columbia facility. Fred Bilawey, president of FEVI, stated, ``The pending offer on Northfield and the positive movement by FEVI on closing the Texas and Vancouver tracks solidify our overall business plan of identifying and acquiring profitable gaming and related businesses.''

Further he stated that the meeting by the board of FEVI with the British Columbia Racing Commission last week moved approval of the licenses required by FEVI to the next level. Bilawey stated that the meeting went extremely well and that the FEVI board and current owners of Fraser Downs signed a 90-day closing extension pending regulatory approval.

In its first six months as a start up, FEVI management has signed definitive agreements and is working toward anticipated closings of two facilities with more than $250 million in profitable gross handle.

In the same six-month time frame as a start up, FEVI management and its consultants have negotiated with its investment bankers to provide sufficient acquisition dollars and corporate strategic moves to accomplish FEVI's goals.

FEVI's partner, Preston Research, has provided additional capital this quarter to cover all operating, legal, accounting and overhead. Preston has also committed additional funding through the current quarter to meet FEVI's financial obligations.

With the first track closing, FEVI will qualify for and move immediately for a listing on Nasdaq Small Cap.

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