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Caribbean Casino Gaming Corp. Issues Shareholder Update and Ultimatum(February 21, 2012)
MIAMI, FL -- (Marketwire) -- 02/21/12 -- Caribbean Casino Gaming Corp. (PINKSHEETS: CGAQ) ("the Company") is pleased to update its shareholders and supporters of recent activity. The Company's CEO, Steven Swank, reports that he has been working non-stop on 6 major projects for the past two months. He recently returned from a highly productive trip to the Dominican Republic and Costa Rica.
The Company would like to emphasize that these projects are "in the works" and in no way wishes to represent that they will come to fruition without further negotiation, due diligence and good faith by all parties involved. This report is intended as a "business activity update" only.
1. The Sosua Bay Casino & Disco reports its two most profitable quarters since the opening. The recently added "VIP" lounge in the disco seems to have had the desired effect. "This Casino is the busiest and most profitable on the entire North Coast of DR," stated Swank. Financial reports will be released in April 2012.
2. Acquisition of Casino & Disco in San Francisco, DR. This establishment has been recently expanded and is profitable.
3. Acquisition of Casino & Disco in Santo Domingo, DR. Brand new construction on Disco is complete. Casino is still being finished.
4. Acquisition of Casino & Disco in Puerto Plata, DR. This is part of 13 acre beach front resort containing 200 condos with a hotel, pool, and restaurant. It is currently valued at $25M and includes engineered plans for expansion. It has been recently remodeled and reopened. The Company has had two attorneys performing due diligence on this property for the last two months. It is the Company's goal to acquire the entire complex. Early profit projections indicators are very favorable. "This project has great potential for us, we are pursuing every avenue to make this deal work," said Swank. Funding for this project will come from a mortgage and accredit investors who would acquire CGAQ stock. Debt service and expenses look to be easily covered by current and projected revenues.
5. The Company has issued an ultimatum to the DR Track Commission, stating that either the track be granted to the Company or it will rescind its offer. "That track is deteriorating every day," said Swank, "so with all these exciting deals on the table, we need to utilize the track funds where we know we can make some money. They told us we would have a decision at the end of last year. We can't afford to wait around any longer."
And last, but not least,
6. Joint Venture fine tuning has been underway with Global Gaming Labs in Costa Rica. A deal is being crafted whereby the two companies will join forces to market the Gamebase Kiosk aggressively. The deal will stipulate the use of GGL's interface built into the Company's kiosk. "I'm very pleased with our arrangement so far," stated Swank, "I look forward to reporting a definitive deal that will benefit us both."
Again, the Company wishes to express that this is a "business activity report" only. It is intended to keep shareholders informed of the Company's direction and strategy, but in no way does it guarantee any of these deals will come to fruition. "I have an obligation to my loyal shareholders," said Swank. "I would prefer to announce completed acquisitions, but until that happens, I thought it best to let everyone know what we are working on."
ABOUT CARIBBEAN CASINO AND GAMING CORP.:
Caribbean Casino and Gaming Corp. is the owner and operator of the busiest operation on the Dominican Republic's North Coast, 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. The Company is aiming to assemble a diversified portfolio of gaming and entertainment properties. Caribbean Casino and Gaming Corp. will offer world class gaming and accommodations within its facilities, but will also allow patrons to wager (where allowed) from the comfort of their own home or hotel room.
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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