SEARCH NEWS:

 

Nevada Gold & Casinos enters restaurant deal

HOUSTON, Texas -- (PRESS RELEASE) -- Nevada Gold & Casinos, Inc. (AMEX:UWN) today announced that it has entered into a settlement agreement with Clay County Holdings, Inc. (CCH), Service Interactive, Inc. (SI) and Restaurant Connection International, Inc. (RCI), a company that owns 16 Pizza Huts in Sao Paulo, Brazil. The agreement terminates CCH and SI's respective debts to Nevada Gold, which combined equal approximately $4.6 million. In exchange, Nevada Gold has appointed a majority of the Board of Directors of RCI and was issued a promissory note from RCI in the amount equal to the CCH and SI debts combined.

Pursuant to the terms of the Settlement Agreement, Nevada Gold will dismiss its collection lawsuits against CCH and SI in the district court of Harris County, Texas.

Nevada Gold has increased its ownership in RCI from 34% to 56% and with a majority of seats on RCI's Board of Directors intends to vigorously pursue an outright sale of RCI.

Mr. Robert B. Sturges, Chief Executive Officer of Nevada Gold, commented, ``We are pleased that increasing our interest in RCI has enabled us to enter into this settlement agreement. Now that we are in control of RCI we are very well positioned to move ahead with intensive efforts to sell RCI as part of our broader strategy to dispose of non-core assets and focus exclusively on owning and operating gaming properties going forward.'

< Gaming News