PRESS RELEASE
Caribbean Casino Corporation - June 11, 2002

St. John's, ANTIGUA

We have received a number of enquiries into the suspension of the licence of Caribbean Casino Corporation (CCC).

The company, in our assessment, no longer has sufficient funds to meet its commitment to its creditors. The company appears to have substantially reduced its obligations to its clients. The amounts owed to such persons appear to be within reasonable parameters. There have been no accusations of wrong doings, nor do we suspect the company of having conducted suspicious or illegal transactions. The Managing Director at all times has shown himself responsive to our inquiries and the company has been liaising with us, through what has been, a difficult process for them.

Antigua & Barbuda is mindful of the need to ensure its companies operate within required legislation and regulation. At all times we attempt to work along with companies to resolve any difficulties that may arise. The Directorate of Offshore Gaming will continue to work with CCC to ensure that player's obligations are meaningfully addressed.

We remain available for any further inquiries and will follow up on all requests for information submitted to us.