Evergreen Gaming Corporation
TSX VENTURE : TNA

Evergreen Gaming Corporation

April 17, 2009 17:07 ET

Evergreen Gaming Announces CCAA Filing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 17, 2009) -

NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA

Evergreen Gaming Corp. ("Evergreen") (TSX VENTURE:TNA) announces that Evergreen and its subsidiaries (the "Companies") have obtained court protection under the Companies' Creditors Arrangement Act (Canada) (the "CCAA"). The Companies sought and were granted such protection by order of the Supreme Court of British Columbia (the "Court") on April 15, 2009 (the "Order"). The Court has granted CCAA protection for an initial period of 30 days, expiring May 15, 2009. The Companies are also seeking complimentary relief in Washington State in order to permit an overall restructuring. While under CCAA protection, creditors and others are stayed from enforcing any rights against the Companies, to provide time to enable the Companies to restructure their affairs. The filing also permits the Companies' operations to continue in the normal course, while a business restructuring to address debt levels is developed. The implications for creditors of and other stakeholders in the Companies will not be known until the terms of the restructuring plan have been determined and the restructuring process is complete.

The Companies have taken this step as a result of Evergreen's primary secured creditor delivering a Notice of Default and Acceleration demanding immediate payment of US$30,109,148.83 under its loan agreement, and delivering a similar notice to Evergreen's subsidiaries as guarantors. Evergreen intends to continue negotiating in good faith with its primary creditor in the CCAA proceedings.

Deloitte & Touche Inc. was appointed Monitor under the Order. Enquiries may be directed to:



Deloitte & Touche Inc.
PO Box 49279
Four Bentall Centre
2800 - 1055 Dunsmuir Street
Vancouver BC
V7X 1P4

Contact: Kent McParland
(604) 640-3198
kmacparland@deloitte.ca

or: Delwin Yung
(604) 640-3007
dyung@deloitte.ca


A copy of the Order will be available on the Monitor's website at http://www.deloitte.com/dtt/section_home/0,1041,sid%253D4191,00.html.

The four directors elected at Evergreen's most recent Annual General Meeting, as referred to in the Information Circular of November 7, 2008, continue to constitute Evergreen's Board of Directors.

About the Company: Evergreen Gaming is a Richmond, BC, based publicly traded (TSX.V) Casino and Hospitality Company with over 1600 employees. Through its subsidiary companies, Evergreen owns and operates 11 casinos in the State of Washington and Frank Sisson's Silver Dollar Casino & Entertainment Centre in Calgary, Alberta.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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