Caribbean Casino and Gaming Corp. Announces Meeting With Investor Group and Dominican Government Officials
March 30 2011 - 3:11PM
Marketwired
Mr. Swank, CEO of CGAQ (PINKSHEETS: CGAQ), joint venture partner
GGL and new investor group will meet up with government officials
of the Dominican Republic today, thursday and friday, to discuss
deals on Kiosk project and 4th acquisition. These are the final
details that are being done, after a few weeks of intense
negotiations, all parties will meet in Santo Domingo, capital of
the Dominican Republic, where the final touches will be made on the
gamebase project and the 4th acquisition. The final outcome will be
announced when all contracts are finalized, which we expect to be
done in the next couple of days.
On this matter, Mr. Swank commented, "These deals are of immense
importance for the company and government of the Dominican
Republic." He also stated, "The 4th acquisition and the Gamebase
project will bring in an enormous stream of revenue that will
guarantee the company's growth for years to come."
The Luperon Casino and Disco have been shut down and all
equipment moved to the Puerto Plata parlor in order to save money
in opening this location, that offers a city base of around 500,000
people and a prime location and thus a significantly larger stream
of revenue. This news comes after the company was mislead by an
erroneous occupancy rate during the negotiation, which was much
less than was originally provided.
Mr. Swank, CEO of CGAQ, stated on this matter, "After reviewing
the true hotel occupancy rate and looking at the long term
investment made, we decided to just move out, CGAQ is not in the
business to break even and that would have been the best case
scenario." Mr. Swank also stated, "By moving all the equipment to
the Puerto Plata parlor we are cutting down the cost of this
location thus reducing our overall investment."
Mr. Swank suggests that investors use good judgment and listen
to official public information.
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.
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Any questions, please contact Roberto Cabrera Investor Relations
R_cabrera_1999@yahoo.com