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Island Residences Club, Inc. Announces Its Acquisition Of Approximately Seventy-Percent Of DTLL's Outstanding Stock

DTLL, Inc. (DTLL) today announced that approximately 70 percent of its outstanding stock it has been acquired by Island Residences Club, Inc. (IRCI), Richard Woods and their affiliates. DTLL also announced that it has acquired the IRCI interest in Grand Sierra Resorts Corporation (GSR). GSR is currently under contract to purchase the Reno Hilton from Harrahs Entertainment, Inc.

When the acquisition is completed next month the combined companies will have in excess of a $150 million in revenues. The intent is to establish a multi-facility hotel, gaming, entertainment and real estate development company.

Following the acquisition of the Reno Hilton, GSR intends to initiate a renovation and repositioning program (the Redevelopment Project) as the first phase of a master development plan intended to create one of the largest destination resort and entertainment complexes in the western United States outside of Las Vegas. The Redevelopment Project will include the revitalization and branding of the Hotel into the Grand Sierra Resort & Casino (Grand Sierra Resort), the renovation of hotel rooms and common areas and the introduction of high end retail shops, celebrity restaurants, entertainment venues and midways. As part of the redevelopment project, GSR will construct the nation’s largest indoor water park. Hotels incorporating indoor water park components have become a rapidly growing phenomenon in hospitality trends, with over 80 opened since 1996 and over 100 under development.

John Paulsen, the new chairman of the company said, "We look forward to working to create value for our shareholders through this acquisition." GSR intends to have the Grand Sierra Resort property developed as a destination hotel, resort and casino, with condominiums and other amenities.

The development of the property is subject to risks and uncertainties which include, but are not limited to, those relating to permitting, financing, the actions of federal, state, or local governments and agencies. DTLI may be affected by some or all of these factors and other risks and uncertainties, many of which are beyond DTLI's control. Except for historical statements contained herein, the statements made in this release constitute forward-looking statements that involve risks and uncertainties.
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