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Great Canadian Gaming Acquires Interest in Cruise Ship20 June 2000VANCOUVER, B.C.--(Press Release)--June 20, 2000--(CDNX:GCD. - news) The Company is pleased to announce that it has entered into an agreement to acquire a 25% interest in a cruise ship known as The TSS Fair Princess. This cruise ship is 175 meters in length and measures 24,800 gross tonnes, has 475 cabins and can carry over 1000 passengers and over 400 officers and crew. The purchase price will be US$15,500,000 of which US$3,875,000 is the Company's portion. Closing is scheduled in the next 30 to 90 days. The ship is presently in dry-dock maintenance to maintain class and will be chartered back to P&O Holidays Ltd. UK on closing until the beginning of December, 2000 when it will be delivered to Hong Kong to be refurbished, upgraded and reconfigured for an additional expenditure of up to US$5,000,000. In addition to its 25% interest in the ship, the Company will manage the casino and entertainment operations. The ship will be based in the South China Sea to service the medium and short haul cruise ship and entertainment market. |