Chancellor Corporation Appoints New Auditors

Released_By: USANews Press Release Network
Date: 9/1/98
Time: 4:04:57 PM

For_Immediate_Release

Chancellor Corporation, including its subsidiaries Morceli Ltd., U.S. Heritage Capital Corporation, and the Beijing Dadu Jockey Club Company, Ltd. announced today the appointment of new Auditors for the corporation.

Samuel Wong & Co. LLP Certified Public Accountants San Francisco, California

Wong and Company are S-X qualified auditors with offices in the U.S., Hong Kong, Beijing, Shanghai, Guangzhou. Wong & Company will work with Chancellor's securities attorney, Ken Christison to complete an audit and complete the filing of their Form 10 with the SEC.

OTHER EVENTS:

On September 22, 1997, an announcement stating, "Chancellor Corporation opened a Western Style Casino in Beijing" was released in error over the wire services. A misinterpretation of the authorization under the license occurred. No license had been given for a "Western Style" Casino by the Peoples Republic of China. Chancellor Corporation has recently announced its involvement in a new construction contract under a license with the Beijing Dadu Jockey Club.

The engagement of Wong & Company will provide a clear path of communication between management personnel in the Beijing and San Francisco offices, thus eliminating the controversial release of information to the public that has occurred in the past.

The company is in the process of drafting a historical shareholder letter and plans to announce the date of the 1998 shareholder meeting. This should be published within the month of September, 1998.

For Further information, Please contact Chancellor's Investor Relations Director Donna Silverman at (973) 398-2758. mailto:inbeijing@aol.com Visit our Web Site at: http://www.celr.com.