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Torrey Pines to Acquire United Casinos Corp. and Net Bet Inc.

RAROTONGA, Cook Islands -- Torrey Pines Nevada Inc. (OTC BB:TPNN) announced that it has signed a letter of intent to use its best efforts to acquire both United Casinos Corp. (UCC) of Nevada and Net Bet Inc. of Nevada.

Management believes that an agreement between the 3 companies should be reached by no later than July 31, 1997. The combination of these 3 companies will bring an estimated $2.3 million in assets with less than $100,000 in liabilities to the surviving company. Torrey Pines directors believe this amalgamation plan will significantly benefit the estimated 1,400 shareholders of the newly structured company.

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