Caribbean Casino & Gaming Closes Sosua Bay Grand Casino Sale
MIAMI, FL -- (Marketwire) -- 11/28/12 -- Caribbean Casino Gaming
Corp. (PINKSHEETS: CGAQ), "the Company" is pleased to announce that
it signed a contract for the sale of its Sosua Bay Grand Casino last
Friday and received a deposit of $100,000 yesterday.
The second payment of $500,000 is due no later than December 8th per
the terms of the contract. The remaining balance due will be spread
out and paid over the following four months. Per the buyer's request,
other details of this transaction will not be disclosed at this time.
The Company has plans to use part of the casino down payment to
finalize the negotiations for the acquisition of the 184 Unit Fun
Tropicale Resort in Puerto Plata.
As announced earlier, Planet Athlete, Inc., the leading promoter in
the US and Canada for Prep and Post Graduate Sports, has agreed to
enter into a Joint Venture relationship with Steven Swank, and
Caribbean Casino and Gaming Corp. for the development of sports
related events, activities, and conferences at the Fun Tropicale
The joint venture with Planet Athlete has also provided other
projects that would serve as back up to the resort. "We are still
very interested in the resort, and we have kept the seller apprised
at every turn of the casino sale," stated CEO Steven Swank, "but, due
to circumstances beyond our control, we were delayed in closing."
Swank is meeting with the seller this week to hammer out the final
details of the acquisition.
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.
Caribbean Casino and Gaming Corp.
Press spacebar to pause and continue. Press esc to stop.