| Notice of Default Rescinded |
| The previous Notice of Default on the Tahoe Biltmore Hotel and Casino site in Crystal Bay, Nevada, has been rescinded. EKN Development is continuing to prep the site for construction as efforts to refinance the project advance. “We are focused on ensuring a successful outcome for all stakeholders as we actively work through the restructuring of financing,” said Ebbie K. Nakhjavani, founder and CEO of EKN. “As a result of these efforts, the Notice of Default has now been removed. We remain fully committed to the revitalization of the Tahoe Biltmore property as we continue to invest and make progress on site work in anticipation of demolition and groundbreaking by Spring 2025.” The Tahoe Regional Planning Agency unanimously approved the revitalization project on April 26, 2023. To date, the developers have completed the initial required steps to abate the hotel structure and demolish the property’s cottages while continuing to mitigate preexisting environmental impacts with preliminary site cleaning measures. |