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Caribbean Casino & Gaming Corp. Issues Track Update(December 16, 2011)
MIAMI, FL -- (Marketwire) -- 12/16/11 -- Caribbean Casino Gaming Corp. (PINKSHEETS: CGAQ) ("the Company") regrets to inform its shareholders that no decision has yet been made on the Dominican Republic Racetrack contract.
CEO Steven Swank stated, "I spoke with the President of the Racetrack Commission, Mr. Bievenido Rodriguez, today around 11 am EST. He apologized for the lengthy delays and promised to write a letter assuring the Company that it was indeed in the running to take over and operate the race track. I then explained to him that my shareholders were suffering and the Company's market cap plummeting as a direct result of the Commission's inability to make a decision. He apologized again and promised to provide written proof that this project was still viable. I will release that letter immediately upon receipt."
Swank continued, "I am frustrated beyond words. The way business is conducted down here can be confounding. Therefore, I have hired a consulting firm that has a mandate from the DR President himself to assist foreign investors. I met this morning with Edison Reynoso of La Seven Ma. Inversion (Consulting Firm) to facilitate and expedite this project. I have given them strict instructions to get me an answer, yea or nay, by year's end."
"I am not willing to give up on this project just yet," added Swank. "It has far too much potential to not see it through to the end. By my calculations, the revenue generated from operating this track would return our market cap to previous highs and beyond. The $1 million is sitting in escrow, waiting to be put to work.
"At this point, I can only assure our shareholders that we are doing everything humanly possible to make the project work. I am working every angle I can find around the clock. I apologize personally to those shareholders who have suffered losses and ask for a little more patience. I do believe that if we prevail, it will all be worth it.
"Finally, I'd like to express my thanks to those that are supporting our efforts and wish everyone the very best of holidays."
ABOUT CARIBBEAN CASINO AND GAMING CORP.:
Caribbean Casino and Gaming Corp. is the owner and operator of the Sosua Bay Grand Casino and After One Disco. The corporation is focused on becoming a leader in the Caribbean for gaming and entertainment, including live betting from cameras located above tables within the Sosua Bay Grand Casino. Not only will Caribbean Casino and Gaming Corp. offer world class gaming and accommodations within its facilities for those visiting our properties, but will also allow patrons to wager (where allowed) from the comfort of their own home or hotel room. The casino is now the centerpiece in the Sosua Bay Resort at Puerto Plata, Dominican Republic, the most populated Caribbean Island.
This report contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this report are made as of the date hereof and Caribbean Casino and Gaming Corporation undertakes no obligation to update such statements.
Caribbean Casino and Gaming Corp.
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