EX-99
2
ex99.txt
EXHIBIT 99
CONTACT: Ralph J. Vaclavik
President Casinos, Inc.
St. Louis, Missouri 63102
314-622-3018
FOR IMMEDIATE RELEASE
PRESIDENT CASINOS, INC.
COMPLETES SALE OF
PRESIDENT RIVERBOAT CASINO-MISSOURI, INC. STOCK
ST. LOUIS, MISSOURI, December 20, 2006 -- President Casinos, Inc.
(OTC:PREZQ.OB) announced that today it had completed the sale of the capital
stock of its St. Louis casino operations, President Riverboat Casino-Missouri,
Inc. to Pinnacle Entertainment, Inc. for approximately $31.5 million in cash,
subject to certain post-closing adjustments. President Riverboat
Casino-Missouri was a wholly-owned subsidiary of President Casinos, Inc. The
proceeds of the sale will be placed in a distribution trust to be distributed
in accordance with the bankruptcy reorganization plan previously confirmed by
the court for President Riverboat Casino-Missouri, Inc.
Following the sale of its St. Louis operations, President Casinos' remaining
assets consist primarily of cash and certain pending litigation claims.
President Casinos remains in bankruptcy reorganization proceedings under
Chapter 11 of the United States Bankruptcy Code. At this time, President
Casinos, Inc. has not determined whether it will liquidate or continue
operations in some form, or whether any assets will be available for
distribution to stockholders.
This press release may be deemed to contain forward-looking statements,
which are subject to change. These forward-looking statements may be impacted,
either positively or negatively by various factors. The forward-looking
statements are subject to numerous risks and uncertainties that could cause
actual results to differ materially from those expressed in or implied by the
statements herein. Additional information concerning potential factors that
could affect the Company's financial condition and results of operations are
included in the filings of the Company's Annual Report on Form 10-K for the
fiscal year ended February 28, 2006 and the Company's subsequent Report on
Form 10-Q for the quarters ended May 31, 2006 and August 31, 2006, all of
which risks are incorporated by reference into this press release.
# # #

EX - 99 2 ex99 . txt EXHIBIT 99 CONTACT : Ralph J . Vaclavik President Casinos , Inc . St . Louis , Missouri 63102 314 - 622 - 3018 FOR IMMEDIATE RELEASE PRESIDENT CASINOS , INC . COMPLETES SALE OF PRESIDENT RIVERBOAT CASINO - MISSOURI , INC . STOCK ST . LOUIS , MISSOURI , December 20 , 2006 -- President Casinos , Inc . ( OTC : PREZQ . OB ) announced that today it had completed the sale of the capital stock of its St . Louis casino operations , President Riverboat Casino - Missouri , Inc . to Pinnacle Entertainment , Inc . for approximately $ 31.5 million in cash , subject to certain post - closing adjustments . President Riverboat Casino - Missouri was a wholly - owned subsidiary of President Casinos , Inc . The proceeds of the sale will be placed in a distribution trust to be distributed in accordance with the bankruptcy reorganization plan previously confirmed by the court for President Riverboat Casino - Missouri , Inc . Following the sale of its St . Louis operations , President Casinos ' remaining assets consist primarily of cash and certain pending litigation claims . President Casinos remains in bankruptcy reorganization proceedings under Chapter 11 of the United States Bankruptcy Code . At this time , President Casinos , Inc . has not determined whether it will liquidate or continue operations in some form , or whether any assets will be available for distribution to stockholders . This press release may be deemed to contain forward - looking statements , which are subject to change . These forward - looking statements may be impacted , either positively or negatively by various factors . The forward - looking statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements herein . Additional information concerning potential factors that could affect the Company 's financial condition and results of operations are included in the filings of the Company 's Annual Report on Form 10 - K for the fiscal year ended February 28 , 2006 and the Company 's subsequent Report on Form 10 - Q for the quarters ended May 31 , 2006 and August 31 , 2006 , all of which risks are incorporated by reference into this press release . # # #
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