TrackPower, Inc.
OTC Bulletin Board : TPWR

TrackPower, Inc.

June 07, 2006 09:57 ET

TrackPower Announces Vernon Downs Receives Temporary New York Racing And Wagering License

TORONTO, ONTARIO--(CCNMatthews - June 7, 2006) - TrackPower, Inc. (OTCBB:TPWR) today announced that on June 5, 2006, the New York State Racing and Wagering Board granted a temporary conditional track license to Nevada Gold, Inc. on behalf of Vernon Downs. The license enables Vernon Downs to continue with plans to reopen.

The Vernon Downs facility is majority owned by American Racing and Entertainment, LLC ("American Racing") an entity in which TrackPower has a 20% membership interest. 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.

On May 26, 2006, the Company paid approximately $1.5 million to Southern Tier Acquisition II, LLC under the terms of a 12% note issued on February 27, 2006.

Edward Tracy, CEO of TrackPower stated; "We're extremely pleased that the New York State Racing and Wagering Board is supportive of our efforts to reopen Vernon Downs. The Company intends to complete and fully adhere to all conditions under the temporary license and we look forward to opening the Vernon Downs facility."

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
    Chairman
    (905) 773-1987 ext. 223
    jgs@trackpower.com
    or
    TrackPower, Inc.
    Edward M. Tracy
    CEO
    (905) 773-1987 ext. 226