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Caribbean Casino and Gaming Issues Status Updates and Quells Rumor Mill(December 20, 2011)
MIAMI, FL -- (Marketwire) -- 12/20/11 -- Caribbean Casino and Gaming Corp. (PINKSHEETS: CGAQ) ("the Company") addressed five key investor issues that have recently come to the attention of CEO Steven Swank.
1. The Slots Parlor is currently sitting empty due to the fact that the machines were deemed to be illegal by the Company and promptly removed. New touch-screen betting kiosks that are now being built in Florida will be shipped in the first quarter of 2012. The Company's license (issued by the DR Casino Commission) stipulates that the Company may import the kiosk parts as long as they are assembled in the DR by Dominicans. "We plan to do just that," stated Swank, adding, "We will then set up the parlor as an operational Sports Betting Room and a sales showroom for the Kiosks." Buyers will be able to see the machines in action and try them out for themselves before purchase while the Company generates income from their operation.
2. As of this writing, there is nothing more to report regarding the acquisition of the Racetrack, except to say that the consulting firm hired by the Company is in daily contact with the powers-that-be and reports that the Company is in the running to win a 20 year lease. "We want to emphasize that this is no maintenance contract as rumor would have it, but a full blown operations lease of 20 years with everything pertaining thereto," said Swank. "We are doing everything within our power to make this happen."
3. After a small investment of time and capital into due diligence on the Cartagena, Colombia Casino Project, the company has decided to not pursue this opportunity any further. Company funds set aside for this will be re-directed to other, more suitable projects.
4. The internet produced a rumor alleging the Company owes an individual $10,000. Company lawyers investigating this claim have found it to be patently false and egregious in nature. Evidently, this individual attempted to buy CGAQ shares from a third party and is now attempting to hold the Company accountable. "We had no knowledge of this transaction, and will defend ourselves vigorously against this and other slander & libel in a court of law," promised Swank.
5. Funds from future private placement of Company stock to accredited investors will be used to build & ship more kiosks and to maintain & improve the Casino & Disco. The Company is not selling any free trading stock and is prohibited by law from selling more than 1% of outstanding shares every 90 days. "It would be idiotic to sell at these levels," said Swank. The Company does not solicit stock sales but does accept inquiries as they are presented.
The Company reports that the Casino & Disco continue to turn a profit as outlined in Company's financial reports posted here:
"Looking ahead, there are several projects that I am vetting now, but I cannot and will not comment on them until they come to fruition," said Swank.
High tourist season starts in the DR next week and the Puerto Plata Airport reports that 17 new daily flights have been added to their schedule. "This bodes well for a good New Year for us," said Swank. "I hope the same for our Shareholders!"
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.
FORWARD-LOOKING STATEMENT 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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