Phoenix Leisure to Finance and Manage Viva Gaming's Mexican Operations; Slot Machines Approved for Use to Market Lottery Sales

Apr 27, 2001, 01:00 ET from Phoenix Leisure Corporation

    LAS VEGAS, April 27 /PRNewswire/ -- Phoenix Leisure Corporation
 (CDNX: PLS) and Viva Gaming & Resorts Inc. (OTC Bulletin Board:   VIGA) (Viva)
 jointly announced today that they have agreed to terms to develop and operate
 government-approved Gaming Entertainment Centers (GEC) in Mexico.  Viva Gaming
 & Resort de Mexico, S.A. de C.V. (Viva Mexico), Viva's 64.3% owned Mexican
 subsidiary, was granted a license from the government-owned National Lottery
 for Public Assistance to sell and market instant "scratch-and-win" lottery
 tickets through the operation of slot machines in approved GEC locations.
     Under the proposed terms, Phoenix Leisure will: (1) purchase 2,500,000
 shares of Viva's common stock for $500,000 cash; (2) loan Viva $1.5 million
 pursuant to the terms of a promissory note bearing interest at 10% annually
 due at the end of one year; (3) contribute gaming equipment valued at
 $1.5 million in exchange for 1,000,000 shares of Viva's common stock and a
 $500,000 promissory note bearing interest at 10% annually due at the end of
 one year that, at the option of Phoenix Leisure, is convertible into 500,000
 shares of Viva's common stock; and (4) receive additional consideration of
 1,000,000 shares of Viva's common stock for $1,000 cash.  All shares of Viva's
 common stock given as consideration to Phoenix Leisure shall consist of newly
 issued shares of Viva that shall contain piggy-back registration rights.  In
 the event Phoenix Leisure exercises its conversion rights, it would own
 approximately 20% of the issued and outstanding shares of Viva.
     The funds provided by Phoenix Leisure will be used to develop Viva
 Mexico's first GEC location at the Gransur Parque Comercial (Gransur), one of
 Mexico City's busiest malls, located in the southern part of the city near
 Azteca Stadium.  Viva announced earlier this week that it leased approximately
 10,000 square feet of entertainment space at this government-approved
 location.  Viva Mexico's first GEC at Gransur will contain approximately
 500 slot machines to enhance lottery sales and create quality employment
 opportunities in the local economy.  In addition, a portion of Viva Mexico's
 GEC profits will be contributed towards charitable causes.
     Phoenix Leisure will also become a party to a newly formed management
 company to provide management services on a fee-basis to Viva and its
 affiliates.  Additionally, under the proposed terms, Viva will grant Phoenix
 Leisure exclusive rights to develop and operate two gaming facilities in
 Mexico in which Phoenix Leisure will retain a 50% equity interest.  Phoenix
 Leisure has already completed the sale of 160 slot machines to Viva and, under
 the proposed terms, will be obligated to immediately deliver an additional
 440 slot machines to Viva for installation at Gransur.
     Under the initial performance obligations of the proposed terms, Viva will
 immediately cause the election of Phoenix Leisure's two designees to the board
 of directors of Viva and will expand its current board to five directors.
     Under the proposed terms, Viva and Phoenix Leisure will have until
 June 10, 2001 to execute the definitive agreements relating to this
 transaction.  The transaction will be subject to the approval of the
 Mississippi Gaming Commission, the Canadian Venture Exchange and other
 regulatory authorities.
     Viva Gaming & Resorts Inc. is a Las Vegas-based gaming development
 company, actively engaged in the business of operating, developing and
 acquiring gaming properties and related assets in niche markets worldwide.
     Headquartered in Las Vegas, Phoenix Leisure Corporation is an emerging
 developer and operator of niche opportunities in the gaming, hospitality and
 entertainment industries.  Phoenix Leisure's holdings include the Wyoming
 Downs horse racetrack near Evanston and four off-track wagering facilities
 located throughout Wyoming.  The company was recently licensed in Washington
 State where it plans to acquire equity interests in at least four mini-
 casinos.  The company was licensed to develop a casino-hotel along the Gulf
 Coast of Mississippi and owns over five acres of undeveloped land zoned as
 eligible for casino gaming in Central City, Colorado.  The company's chairman
 and president Eric Nelson previously developed dockside gaming facilities in
 Greenville and Tunica, Mississippi.
     For more information contact Peter LaFemina, CFO, Phoenix Leisure
 (702) 739-0400 E-mail: plafemina@phoenixleisure.com or Frank Hawkins or Julie
 Marshall, Hawk Associates, Inc. at (305) 852-2383.
 Email: info@hawkassociates.com.
     Information about Phoenix Leisure Corporation (CDNX: PLS) can be found on
 the website www.phoenixleisure.com.  Copies of Phoenix Leisure press releases,
 SEDAR filings, current price quotes, stock charts and other valuable
 information for investors may be found on the website:
 http://www.hawkassociates.com .
     Statements contained in this news release that are not historical facts
 are "forward-looking" statements and "safe harbor statements" as those terms
 are defined under the U.S. Private Securities Litigation Reform Act of 1995.
 Such forward-looking statements are subject to various risks or uncertainties
 that could cause actual events to differ materially than anticipated.  These
 risks and uncertainties are detailed from time to time in the companies'
 filings with the U.S. Securities and Exchange Commission and the British
 Columbia Securities Commission.
     The Canadian Venture Exchange has not reviewed this news release and does
 not accept responsibility for its accuracy.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X71754219
 
 

SOURCE Phoenix Leisure Corporation
    LAS VEGAS, April 27 /PRNewswire/ -- Phoenix Leisure Corporation
 (CDNX: PLS) and Viva Gaming & Resorts Inc. (OTC Bulletin Board:   VIGA) (Viva)
 jointly announced today that they have agreed to terms to develop and operate
 government-approved Gaming Entertainment Centers (GEC) in Mexico.  Viva Gaming
 & Resort de Mexico, S.A. de C.V. (Viva Mexico), Viva's 64.3% owned Mexican
 subsidiary, was granted a license from the government-owned National Lottery
 for Public Assistance to sell and market instant "scratch-and-win" lottery
 tickets through the operation of slot machines in approved GEC locations.
     Under the proposed terms, Phoenix Leisure will: (1) purchase 2,500,000
 shares of Viva's common stock for $500,000 cash; (2) loan Viva $1.5 million
 pursuant to the terms of a promissory note bearing interest at 10% annually
 due at the end of one year; (3) contribute gaming equipment valued at
 $1.5 million in exchange for 1,000,000 shares of Viva's common stock and a
 $500,000 promissory note bearing interest at 10% annually due at the end of
 one year that, at the option of Phoenix Leisure, is convertible into 500,000
 shares of Viva's common stock; and (4) receive additional consideration of
 1,000,000 shares of Viva's common stock for $1,000 cash.  All shares of Viva's
 common stock given as consideration to Phoenix Leisure shall consist of newly
 issued shares of Viva that shall contain piggy-back registration rights.  In
 the event Phoenix Leisure exercises its conversion rights, it would own
 approximately 20% of the issued and outstanding shares of Viva.
     The funds provided by Phoenix Leisure will be used to develop Viva
 Mexico's first GEC location at the Gransur Parque Comercial (Gransur), one of
 Mexico City's busiest malls, located in the southern part of the city near
 Azteca Stadium.  Viva announced earlier this week that it leased approximately
 10,000 square feet of entertainment space at this government-approved
 location.  Viva Mexico's first GEC at Gransur will contain approximately
 500 slot machines to enhance lottery sales and create quality employment
 opportunities in the local economy.  In addition, a portion of Viva Mexico's
 GEC profits will be contributed towards charitable causes.
     Phoenix Leisure will also become a party to a newly formed management
 company to provide management services on a fee-basis to Viva and its
 affiliates.  Additionally, under the proposed terms, Viva will grant Phoenix
 Leisure exclusive rights to develop and operate two gaming facilities in
 Mexico in which Phoenix Leisure will retain a 50% equity interest.  Phoenix
 Leisure has already completed the sale of 160 slot machines to Viva and, under
 the proposed terms, will be obligated to immediately deliver an additional
 440 slot machines to Viva for installation at Gransur.
     Under the initial performance obligations of the proposed terms, Viva will
 immediately cause the election of Phoenix Leisure's two designees to the board
 of directors of Viva and will expand its current board to five directors.
     Under the proposed terms, Viva and Phoenix Leisure will have until
 June 10, 2001 to execute the definitive agreements relating to this
 transaction.  The transaction will be subject to the approval of the
 Mississippi Gaming Commission, the Canadian Venture Exchange and other
 regulatory authorities.
     Viva Gaming & Resorts Inc. is a Las Vegas-based gaming development
 company, actively engaged in the business of operating, developing and
 acquiring gaming properties and related assets in niche markets worldwide.
     Headquartered in Las Vegas, Phoenix Leisure Corporation is an emerging
 developer and operator of niche opportunities in the gaming, hospitality and
 entertainment industries.  Phoenix Leisure's holdings include the Wyoming
 Downs horse racetrack near Evanston and four off-track wagering facilities
 located throughout Wyoming.  The company was recently licensed in Washington
 State where it plans to acquire equity interests in at least four mini-
 casinos.  The company was licensed to develop a casino-hotel along the Gulf
 Coast of Mississippi and owns over five acres of undeveloped land zoned as
 eligible for casino gaming in Central City, Colorado.  The company's chairman
 and president Eric Nelson previously developed dockside gaming facilities in
 Greenville and Tunica, Mississippi.
     For more information contact Peter LaFemina, CFO, Phoenix Leisure
 (702) 739-0400 E-mail: plafemina@phoenixleisure.com or Frank Hawkins or Julie
 Marshall, Hawk Associates, Inc. at (305) 852-2383.
 Email: info@hawkassociates.com.
     Information about Phoenix Leisure Corporation (CDNX: PLS) can be found on
 the website www.phoenixleisure.com.  Copies of Phoenix Leisure press releases,
 SEDAR filings, current price quotes, stock charts and other valuable
 information for investors may be found on the website:
 http://www.hawkassociates.com .
     Statements contained in this news release that are not historical facts
 are "forward-looking" statements and "safe harbor statements" as those terms
 are defined under the U.S. Private Securities Litigation Reform Act of 1995.
 Such forward-looking statements are subject to various risks or uncertainties
 that could cause actual events to differ materially than anticipated.  These
 risks and uncertainties are detailed from time to time in the companies'
 filings with the U.S. Securities and Exchange Commission and the British
 Columbia Securities Commission.
     The Canadian Venture Exchange has not reviewed this news release and does
 not accept responsibility for its accuracy.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X71754219
 
 SOURCE  Phoenix Leisure Corporation