Chancellor Corporation Director Peter Lynch’s Operational Plan Approved
Released_By: USANews
Date: 6/27/98
Time: 2:22:21 AM
For_Immediate_Release
Chancellor Corp. announced today that officials of China as well as the State
Consul of Guangdong Province has given final approval on the Chancellor Lottery
and OTB operational plan. Director Peter Lynch, formerly head of the New York
State Lottery, submitted these detailed plans to help clarify the procedures
that will be allowed for operations throughout China. Officials have approved
these procedures to be implemented immediately.
On a conservative per capita basis, Chancellor Corp. projects revenues of
approximately 150 million dollars in its first full year of operations. 50% of
revenues will be used to fund prizes, 30% to be paid to social welfare, with the
remaining 20% to be paid to the joint venture, of which Chancellor owns 90%.
Lottery expenses will be funded by the joint venture. For further information,
please contact Donna Silverman 973.398.2758 or email inbeijing@aol.com.
Mr. Ronald Sparks, Chairman of Chancellor Corporation, has announced the
successful acquisition of more than 500 acres of land in the Guangdong Province
for a membership club and training facility. Importation of the top bloodlines
in the racing industry and top trainers will begin immediately. Mr. Sparks says
this is only our first step and fully expects China to be the future center of
the horse racing industry.
With over 600 locations approved for operations in Beijing and Guangdong
Province, Chancellor Corporation officials are predicting sales to begin within
six months to nine months.
Any forward-looking statements in this release are made pursuant to the "safe
harbor" provisions the Private Securities Litigation Act of 1995. Investors are
cautioned that actual results may differ substantially from such forward-looking
statements. Forward looking statements involve risks and uncertainties
including, but not limited to, dependence upon third party vendors, and
continued government support of company products and services, continued growth
in per capita disposable income and other risks detailed in the Company’s
periodic report filings with the Securities And Exchange Commission.
For Further Information: Chancellor Corporation, Donna Silverman, Investor
Relations, Email: inbeijing@aol.com
Telephone: 973.398.2758 Facsimile: 973.398.9630
