Exhibit 99.1
FOR IMMEDIATE RELEASE
Contact: Rami S. Ramadan
Chief Executive Officer
Trans World Corporation
(212) 983-3355
TRANS WORLD CORPORATION
EXTENDS NOTE EXCHANGE OFFER
UNTIL 5:00 P.M., NEW YORK CITY
TIME, ON JUNE 26, 2003
New York, New York - June 10, 2003 - Trans World Corporation (OTC:
TWCP.OB), the owner and operator of three casinos in the Czech Republic,
announced today that it has extended the expiration date of the note
exchange offer for all of its $20.0 million principal amount of 12% Senior
Secured Notes due March 17, 2005 ("Notes") from 5:00 p.m. New York City
time, Wednesday, June 11, 2003, to 5:00 p.m. New York City time, Thursday,
June 26, 2003, unless otherwise extended pursuant to the terms of the note
exchange offer. During this extension of the expiration date, all Notes
previously tendered and not withdrawn will remain subject to the note
exchange offer, subject to the holder's right to withdraw his or her Notes
prior to the revised expiration date.
At 5:00 p.m. New York City time on June 10, 2003, Notes in the
principal amount of $18,450,000 had been tendered for shares of the Company's
common stock and Notes in the principal amount of $1,000,000 had been
tendered for the Variable Rate Promissory Notes due 2010. Accordingly, as
of such date, because less than 100% of the Notes had been tendered for
shares of common stock there will be an increase in the number of shares of
common stock to be issued to each Noteholder who tendered for common stock
by 1,910 shares. Assuming that the results of the note exchange offer do
not change as of the revised expiration date, the number of shares of common
stock to be issued at the closing of the note exchange offer for each $1,000
principal amount of the Notes will increase from 22,640 to 24,550.
The Company intends to notify each Noteholder directly of these
matters.
The note exchange offer is subject to a number of conditions set forth
in the Company's Prospectus and other note exchange offer materials.
Questions and requests for assistance with respect to the note exchange
offer should be directed to the Company at the address, phone number or e-
mail address set forth below.
About Trans World Corporation
Headquartered in New York City, Trans World Corporation owns and
operates three casinos in the Czech Republic. The casinos, which operate
under the brand name "American Chance Casinos," showcase themes portraying
recognizable eras in American history. Located in border towns, a majority
of the Company's clientele come from Germany and Austria, attracted by the
casual and exciting atmosphere and high level of personal service.
This press release is neither an offer to purchase nor a solicitation
of an offer to sell securities. The note exchange offer is made only
through the Prospectus dated May 14, 2003, the Agreement and Plan of
Recapitalization and the related Letter of Transmittal which have been
mailed to the Noteholders.
-More-
Trans World Corporation
Press Release - June 10, 2003
Page 2
Trans World Corporation urges all Noteholders to carefully read the
Company's note exchange offer materials which have also been filed with the
Securities and Exchange Commission because they contain important
information about the note exchange offer. Such materials are available
without charge upon request from the Company (write to: Secretary, Trans
World Corporation, 545 Fifth Avenue, Suite 940, New York, New York 10017; e-
mail to pbenkley@ibetworld.com; or call collect (212) 983-3355) or may be
obtained free of charge from the SEC's website (www.sec.gov).
"Safe Harbor" Statement under the Private Securities Litigation Reform Act
of 1995: The statements contained in this release which are not historical
facts contain forward looking information with respect to plans, projections
or the future performance of the Company, the occurrence of which involve
certain risks and uncertainties detailed in the Company's filings with the
Securities and Exchange Commission.
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