company, it will apply for its shares to be listed for trading on the
Nasdaq small cap market effective July 10 2005, and Donald J.
Williamson has offered the tribe an option to purchase up to
12,100,000 shares of common stock of SPRI equal to approximately
25% of the common stock of SPRI at a price per share equal to the
closing price of the common stock of SPRI on March 15, 2005, being
the date upon which the Casino proposal is submitted to the "Chippewa
Indian Tribe" for its acceptance. The Casino proposal and the stock
option will be open for acceptance up to 12 noon on June 30, 2005,
and will expire unless exercised by the tribe by that time.
The Colonels, Inc., will implement its plan to develop that portion
of the Mount Morris property that consists of a 200,000 square foot
Casino, 500-room hotel and shopping mall with parking for up to
6,000 cars with construction scheduled to commence as soon as
possible. Donald J. Williamson estimated that the project will take
two years to complete and will ultimately create approximately
5,000 to 8,000 jobs for hotel staff such as desk clerks, chefs,
managers, waiters, cleaning staff, porters, as well as highly paid
skilled employees to work in the casino as casino dealers, managers,
accounting, security officers and support workers. The high
unemployment rate in the area is due to shortage of quality jobs, and
the local community of Flint, Michigan, and surrounding areas will be
a major beneficiary of the economic stimulus, the construction
project alone will bring immediate benefits in the job market as
construction workers and related trades in plumbing, electrical and
roofing are employed at the project site with the major impact on the
local job market being experienced one the hotel, casino and shopping
center open for trading.
Donald J. Williamson and The Colonels, Inc., are to submit the formal
proposal to the Chippewa Tribe of Indians that will entail the Tribe
entering into an agreement to acquire and operate the 30 acres
property together with the 200,000 square foot casino that will be
constructed by The Colonels, Inc., and handed over on completion
ready for the interior of the Casino to be designed, equipped, and
fitted out according to the Tribes own specification and interior
theme. Indian gaming is a burgeoning industry and already accounts
for over 21 billion in revenues per year throughout the USA,
surpassing the revenues of the Las Vegas mega casinos this year for
the first time and proving to be economic stimulators in the local
communities they are operated.
3) Rugged Liner, Inc., a wholly owned subsidiary (http://www.ruggedliner.com/),
will be spun off to the shareholders of record as a special stock
dividend with one share of Rugged Liner common stock paid as a
special to all shareholders of record as of the record date of
June 30, 2005. Rugged Liner will focus on operating its
manufacturing business in Owasso, Michigan, as a specialized
manufacturer of bedliners and related products. Rugged Liner, Inc.,
will apply to trade its common shares on the Nasdaq Small cap Market,
with trading to commence on July 10, 2005.
The record date for the special stock dividend of SPRI and the record date for the special stock dividend of shares in The Colonels, Inc., and Rugged Liner, Inc., will be set for June 30, 2005, and all shareholders will be required to send their share certificate evidencing their shareholding in SPRI to the companies transfer agent in order to have the existing share certificate replaced by a new certificate consisting of the original share plus the dividend share in SPRI and the one share of The Colonels Inc., and one share of Rugged Liner, Inc., to be issued to each shareholder submitting a valid stock certificate representing a share of SPRI owned as of the record date.
SPRI will continue to trade on the Nasdaq Small Cap Market under the trading symbol SPRI and to operate its core business operation, Brainerd International Raceway, Inc., as well as pursuing new opportunities in the field of motor sports-related and sports-related fields. See http://www.brainerdraceway.com/ for more information.
Shareholders are advised that information regarding the progress of the company and its plans will be available on the corporate website at: http://www.sportsresortsinternational.com/.
For further information contact: Brian Mann Tel 310-451-7878
Data source: Donald J. Williamson