Gunslinger Records Inc. Announces Reverse Merger with Kinbasha Co., Ltd.
April 19 2011 - 8:00AM
Business Wire
Gunslinger Records Inc. (the “Corporation”) (Pink Sheets: MUZC)
today announced the consummation of its reverse merger with
Kinbasha Co., Ltd. (“Kinbasha”), owner and operator of retail
gaming centers in Japan, pursuant to its Plan and Agreement of
Reorganization entered into as of January 4, 2011. In addition, the
Corporation announced that it intends to change its name to
Kinbasha Gaming International, Inc. and plans to apply for a new
CUSIP number and ticker symbol with FINRA in the next 30 days.
As part of this transaction the Corporation privately issued its
shares of common stock to the shareholders of Kinbasha, in exchange
for the transfer to the Corporation of shares of Kinbasha
representing 98% of its outstanding capital stock. As a result of
this transaction Kinbasha became a 98% owned subsidiary of the
Corporation.
The Corporation also announced a new management team, consisting
of the following: i) Masatoshi Takahama, Kinbasha’s CEO, as
President and Chief Executive Officer of the Corporation; ii)
Masami Umezono, Kinbasha’s CFO, as Treasurer, Corporate Secretary
and Chief Financial Officer of the Corporation; and, iii) Satoshi
Okamura, Kinbasha’s COO, as Chief Operating Officer of the
Corporation. As the Corporation’s new sole operating subsidiary,
Kinbasha is an owner and operator of retail gaming centers, known
as Pachinko Parlors, in the Japanese prefectures of Chiba, Ibaraki
and Tokyo.
“This is an important milestone event for Kinbasha,” said Mr.
Masatoshi Takahama, Chief Executive Officer. “While we have
achieved significant operational milestones throughout our
corporate history in Japan, we view becoming a U.S. listed public
company as a major opportunity to expand Kinbasha’s operations,
access the U.S. capital markets and make further inroads into the
popular retail gaming markets in Japan and beyond.”
Mr. Takahama continued, “Out of the $250 billion Pachinko
industry, we believe Kinbasha is the first major retail gaming
company in Japan with over $100 million in sales to go public in
the United States, and we are planning to leverage our access to
capital markets to pursue consolidation strategies within Japan’s
gaming industry.”
Kinbasha currently owns and operates three mid-size restaurants
and 21 retail gaming centers, known as Pachinko Parlors, in Japan.
The pinball-like game of Pachinko is extremely popular and can be
found throughout the country at railroad stations, malls and inner
cities. As a significant part of the national economy, the Pachinko
business in Japan employs over a third of a million people, more
than the steel industry; it generates three times the total sum of
Japan's other avenues of public legal gambling, including horse
racing and lottery; and it benefits from approximately 15 million
regular enthusiasts spending an estimated $250 billion per
year.
“The earthquake and subsequent tsunami that hit the Tohoku
region of Japan in March have been followed widely by the
international media. Although Kinbasha was largely spared by the
events surrounding the earthquake, our hearts go out to those whose
lives were affected. Kinbasha will be doing everything it can
within the surrounding community to help those in need,” stated Mr.
Takahama.
About Gunslinger Records Inc.
Gunslinger Records Inc. is a Florida corporation that has been
engaged in an ongoing search for suitable business opportunities,
including a potential merger, since 2007. Pursuant to the Plan and
Agreement of Reorganization, Kinbasha became Gunslinger Records’
principal operating company.
About Kinbasha Co., Ltd.
Based in Hitachi City, Japan, Kinbasha Co., Ltd. (“Kinbasha”) is
a leading retail gaming company focused on expansion and growth in
Japan’s highly-profitable gaming and food and beverage industries.
Founded in 1957, Kinbasha’s principal business is the ownership and
operation of retail gaming centers in Japan which offer customers
the opportunity to play the game of chance known as Pachinko.
Pachinko is played on a device which resembles a slot machine. The
game is considered to be Japan's most popular leisure activity and
the gaming centers are commonly referred to as Pachinko Parlors.
Kinbasha currently employs over 1,000 people and owns and operates
21 Pachinko Parlors in the prefectures of Chiba, Ibaraki and Tokyo.
In addition, the company also owns three mid-size restaurants in
Japan which offer traditional Japanese cuisine.
Safe Harbor Statement
This release contains certain "forward-looking statements"
relating to the business of the Company and its subsidiary
companies. All statements, other than statements of historical fact
included herein are "forward-looking statements" including
statements regarding: the Company's business and operations;
business strategy, plans and objectives of the Company and its
subsidiaries; and any other statements of non-historical
information. These forward-looking statements are often identified
by the use of forward-looking terminology such as "believes,"
"expects" or similar expressions, involve known and unknown risks
and uncertainties. Although the Company believes that the
expectations reflected in these forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. Investors should
not place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including those discussed in the Company's periodic
reports that are filed with the Securities and Exchange Commission
and available on its website (http://www.sec.gov). All
forward-looking statements attributable to the Company or persons
acting on its behalf are expressly qualified in their entirety by
these factors. Other than as required under the securities laws,
the Company does not assume a duty to update these forward-looking
statements.