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New Horizon to Buy Back Lakes Gaming Stock

PLYMOUTH, MN-The hourly day care provider for casinos and shopping centers would pay a little more than $1 million for 875,000 shares. The company is in the process of attempting to obtain financing for the redemption.

By Jim McCartney | Updated on June 13, 2001

PLYMOUTH, MN-New Horizon Kids Quest, the hourly child care provider for shopping centers and casinos, has entered a stock redemption agreement with Lakes Gaming, in which the company will repurchase 875,000 shares of common stock from Lakes Gaming for an total price of $1.09 million, or $1.25 per share. The company is in the process of attempting to obtain financing for the redemption and is obligated to complete the redemption within six months.

In the event that the company is unable to effect the redemption, William Dunkley, the company’s chairman and CEO, has personally guaranteed the company’s performance, and Dunkley will then be personally obligated to purchase the shares directly from LakesGaming. Late last month, the company opened a Kids Quest hourly care center for the Seven Clans Casino, Hotel, and Indoor Water Park in Thief River Falls, MN, and has signed an agreement with the Palms Casino Resort in Las Vegas, NV, to provide an hourly child care center at their new facility which is expected to open late this year.

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