TrackPower, Inc.
OTC Bulletin Board : TPWR

TrackPower, Inc.

March 22, 2006 09:15 ET

TrackPower Announces Confirmation of Vernon Downs Plan of Reorganization

TORONTO, ONTARIO--(CCNMatthews - March 22, 2006) - TrackPower, Inc. (OTCBB:TPWR) today announced that the Third Modified Amended Joint Plan of Reorganization proposed by the certain debtors of Mid-State Raceway, Inc. and Mid-State Development Corporation and Vernon Downs Acquisition, LLC ("VDA") dated September 13, 2005, was confirmed by the United States Bankruptcy Court, Northern District of New York, on March 15, 2006.

VDA is a special purpose Delaware limited liability company owned by American Racing and Entertainment, LLC ("American Racing") a limited liability company in which TrackPower is a 20% member. The other members of American Racing are Southern Tier Acquisitions II, LLC, Nevada Gold NY, Inc. (a wholly owned subsidiary of Nevada Gold & Casinos, Inc. AMEX:UWN) and Oneida Entertainment, LLC holding 20%, 40% and 20%, respectively.

American Racing was formed to develop Tioga Downs Raceway, located in Nichols, New York and to pursue the acquisition of Vernon Downs Raceway from Chapter 11 bankruptcy.

Edward Tracy, CEO of the TrackPower stated; "We're extremely pleased that the plan of reorganization has been confirmed by the court. TrackPower and its partners in American Racing can now proceed toward the long awaited opening of Vernon Downs. The company intends to fast track renovations and pre opening activities with the objective of opening the gaming facility in late June and to begin racing on or about Memorial Day weekend. Vernon Downs and Tioga Downs together present a unique opportunity to drive shareholder value through cross marketing, creation of synergies and cost savings through operational efficiencies."

This release includes projections of future results and "forward-looking statements" as that term is defined in Sections 27A of the Securities Act of 1933 as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934 as amended (the "Exchange Act"). All statements that are included in this release, other than statements of historical fact, are forward-looking statements. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors that could cause actual results to differ materially from the expectations are disclosed in this release, including, without limitation, in conjunction with those forward-looking statements contained in this release.

Contact Information

  • TrackPower, Inc.
    John G. Simmonds
    (905) 773-1987 ext. 223
    TrackPower, Inc.
    Edward M. Tracy
    (905) 773-1987 ext. 226