Asia Entertainment & Resources Ltd. Provides Update on Hong Kong Listing
HONG KONG -- September 20, 2013
Asia Entertainment & Resources Ltd. (“AERL”) (NASDAQ:AERL), which operates
through its subsidiaries and related promoter companies that act as VIP room
gaming promoters, today announced that due to unforeseen circumstances may
have to delay its planned listing on the Hong Kong exchange.
The company was recently informed that the sponsor’s principal who is in
charge of our Hong Kong listing application has unexpectedly passed away at
home.Such unfortunate development was completely unanticipated and resulted
in complications for the Hong Kong dual listing application which has
otherwise been progressing according to plan. As a consequence of this event,
a new sponsor’s principal would need to be appointed in order for the project
to proceed. The role of sponsor’s principal in the sponsor’s team in charge of
the project is critical as he or she is in charge of the overall project
execution including directing the due diligence exercise to the satisfaction
of Hong Kong regulatory authorities. Failure of such sponsor’s principal to
fulfill his or her duty may lead to misleading statements or material
omissions relating to a listing applicant being presented to investors which
could result in potential criminal or civil liability for the sponsor firm and
also personal liability for the sponsor’s principal. As such, the sponsor is
currently reviewing the situation and is expected to provide, within a
reasonable time, a replacement sponsor’s principal who would carry on all the
relevant due diligence work relating to our listing application in order to be
satisfied that our application is ready to be filed. Such developments may
unavoidably create certain delays for our listing application timetable and
the company is still assessing the potential impacts and we will keep the
investors updated on further developments on the filing
About Asia Entertainment & Resources Ltd.
AERL is a holding company which operates through its subsidiaries and related
promoter companies that act as VIP room gaming promoters, and is entitled to
receive all of the profits of the VIP gaming promoters from VIP gaming rooms.
AERL's VIP room gaming promoters currently participate in the promotion of
five major luxury VIP gaming facilities in Macau, China, the largest gaming
market in the world. One VIP gaming room is located at the top-tier 5-star
hotel, the StarWorld Hotel & Casino in downtown Macau, and another is located
in the luxury 5-star hotel, the Galaxy Macau™ Resort in Cotai, each of which
is operated by Galaxy Casino, S.A. Additional VIP gaming rooms are located at
the Sands Cotai Central and City of Dreams Macau, both in Cotai, and Le Royal
Arc Casino, located in NAPE, Downtown Macau.
Forward Looking Statements
This press release includes forward-looking statements made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act of 1995
that involve risks and uncertainties. Forward looking statements are
statements that are not historical facts. Such forward-looking statements,
based upon the current beliefs and expectations of AERL's management, are
subject to risks and uncertainties, which could cause actual results to differ
from the forward looking statements.
Asia Entertainment & Resources Ltd.
James Preissler, 646-450-8808
William Schmitt, 203-682-8294
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