TrackPower, Inc.: Tioga Legislature Authorizes VLTs at Tioga Downs
TORONTO--(BUSINESS WIRE)--June 15, 2005--TrackPower, Inc. (OTCBB:TPWR) announced today that the County of Tioga legislature has authorized racing and gaming at the Tioga Downs property. Under New York State Law video lottery terminals ("VLTs") have not previously been approved at Tioga Downs. In a vote of eight to one, the local representatives passed the enabling legislation to allow horse racing and gaming in the form of VLTs on the Tioga Downs property.
Edward Tracy, CEO of the TrackPower stated; "Our plans to fully develop the Tioga Downs property continue to roll out as expected. The approval of racing and gaming on the site is a necessary milestone in the process."
About TrackPower, Inc.
Tioga Downs is located in Nichols, New York on the new Interstate 86 between Binghamton and Corning. Tioga Downs is situated on 130 acres and was home to a state sanctioned Quarter Horse racetrack. This facility is being redeveloped into a harness track and a 750-machine VLT casino.
In addition, Tioga LLC has been funding through bankruptcy court, Vernon Downs.
About Vernon Downs
Vernon Downs is located in Vernon, NY. Vernon Downs is situated on 600 acres and has been offering Harness Racing since 1953. In addition to the racetrack, Vernon Downs has a 175-room hotel, numerous restaurants and has constructed a 1,000-machine VLT casino.
Vernon Downs entered bankruptcy proceedings August 11, 2004 and currently is anticipating confirmation of its plan in the second quarter of 2005.
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.
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