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Beneficial Holdings Inc. Updates Shareholders as to Reporting Status(November 30, 2011)
MANAGUA, NICARAGUA -- (Marketwire) -- 12/01/11 -- Beneficial Holdings Inc. (PINKSHEETS: BFHJ), which manages the sportsbook.cr and bet.cr by Beneficial live dealer casinos and sportsbooks, a hotel, and gaming parlors in Nicaragua, today provided an update as to its reporting status.
While the Company filed its second quarter reports, an error therein resulted in OTC Markets leaving the Company with a "No Information" designation. Our accountant is presently preparing a corrected balance sheet for the Second and Third Quarters. The Company hopes to file them within two weeks. The Company will file a timely 2011 annual report.
There is no negative guidance for the updated reports and the revenues outlined are accurate. The Third Quarter report will show increased revenues.
While 2011 was uneventful, the underlying goal of expansion will be the forefront of 2012. The recent reelection of Nicaragua's President and no political disturbances added stability and optimism for Nicaragua's economic situation. Rapid improvements in wireless technological infrastructure created an opportunity for a centralized form of electronic game machines that will enable remote software control. Our engineers created a low-cost multi-language system enabling players to bet on slots, bingo, keno, roulette, poker, and blackjack on a single device. The machines emulate our bet.cr program and allow players to see a live dealer. The Company purchased 100 test machines that will be placed locally in its gaming parlors. Once adopted, the system can be replicated worldwide with only minimal additional investment from the Company. More details about this fully financed program will be announced at the end of the year.
ABOUT BENEFICIAL HOLDINGS, INC.
Beneficial Holdings, Inc. is an international casino holding company, specializing in acquiring undervalued gaming assets. The Company owns a hotel in Managua, a bar and casino also in Managua, and a slot parlor in Masaya, Nicaragua.
This release does not constitute an offer of securities for sale. It contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve risks and uncertainties that could cause results to differ. Statements are based on information available as of today and the company undertakes no obligation to update statements to reflect future occurrences.
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