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E.N. Phillips to Merge With Gaming Company

REGIONAL ROUNDUP

September 29, 1992

E.N. Phillips Co., having failed in its bid to build a successful chain of health-screening centers in shopping malls, now plans to roll the dice in the casino business.

The Reseda firm, which currently has no operations after having closed its screening centers during the past year, said it has agreed to merge with Entertainment Gaming Inc., a Denver concern that is trying to establish a gaming resort and casino in Black Hawk, Colo.

Terms of the merger were not disclosed. The newly merged company would retain the E.N. Phillips name.

E.N. Phillips said it would remain a holding company that would focus on acquiring and developing gaming casinos and resorts in Colorado, Mississippi, Louisiana and other states where gaming is legal. The company said its plans call for "the use of E.N. Phillips shares as its primary mode of acquisition" of additional gaming operations.

However, based on the company's weak finances and low stock price, it doesn't have very much clout at the moment.

In the nine months ended June 30, E.N. Phillips reported a $460,769 loss on revenue of only $44,337, which mainly came from investment-property income. The company also reported having $1,721 of cash on hand as of June 30, and its stock currently trades for less than 25 cents a share. With roughly 9.2 million shares outstanding, that gives E.N. Phillips a total market value of about $2 million.

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