Xinhua Publication Reports Chancellor Corp. Joint Venture Signs $22 Million
Construction Contract For Jockey Club
Released_By: USANews Press Release Network
Date: 8/18/98
Time: 3:23:37 PM
For_Immediate_Release
The "Economic Information Daily", a publication of the Chinese News Agency
XINHUA, reports in Beijing that Chancellor Corp, along with joint venture
partners, has entered into a construction contract to build the Beijing Dadu
International Jockey Club. Construction is scheduled to begin immediately.
The Jockey club will be a "world class" facility offering commercial
horseracing operations, along with China Social Welfare Lottery sales. Spa
amenities and recreational activities, such as swimming, tennis, and golf, will
also be offered. Membership sales will range from $25,000 to $100,000 per
membership. The publication further reports that the " China Jingye Construction
Engineering Corporation will be the prime contractor for building the club
facilities in Dongxing village, Haidian District. The contract calls for an
eight month completion date."
Mr. Ronald Sparks, CEO of Chancellor Corp. states that "All necessary
licenses, permits and initial funding are now in place." Negotiations are
underway for the appointment of a club management and membership sales
organization and will be concluded shortly. This will enable Chancellor to
generate revenues this year. Opening date for the club will be in early 1999.
To view the article in its original form, please visit the XINHUA News Agency
website: http://www.xinhua.org.
For Further information, Please contact Chancellor's Investor Relations
Director, Donna Silverman at 973.398.2758. Email: inbeijing@aol.com
The Company is featured on the Internet at USANews Stock Research Network http://www.geraldsnet.com
For Further Information: Please Contact Investor Relations, Donna Silverman
973-398-2758, Email: inbeijing@aol.com Visit our Web Site at: http://www.celr.com
Any forward-looking statements in this release are made pursuant to the
"safe-Harbor" provisions of 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.
