SOURCE: Beneficial Holdings, Inc.
May 20, 2010 01:14 ET
Beneficial Holdings Executes Letter of Intent for a Second Hotel and Gaming Venture
EL CRUCERO, NICARAGUA--(Marketwire - May 20, 2010) - Beneficial Holdings (PINKSHEETS: BFHJ), a gaming and hospitality management company, previously announced that it entered into negotiations to build a tourist hotel and gaming parlor in El Crucero, Nicaragua.
El Crucero, although a popular tourist area due to its magnificent views, cool temperatures, and other attractions, does not have a modern hotel or a casino. Beneficial Holdings believes that the project will fill the void in the development of tourism in the area.
The project was slated to be a joint venture between a Beneficial subsidiary and a Nicaraguan property developer with rights to the land.
On May 18, 2010, Beneficial and the developer reached agreed upon terms and entered into a letter of intent. "Now the attorneys will put the letter of intent into a contract form and we will proceed with the development of the land," said Alex Papic, Vice President of Beneficial Holdings.
Because of the property's altitude, the operational cost of the hotel will be very low because neither heating nor full time use of air conditioners will be needed. "It's in an area where, on a warmer day, you might run an air conditioner for an hour or two at the most. The largest expense for a hotel in Nicaragua is electrical costs from running air conditioners," Papic explained.
The hotel will be Beneficial Holdings' second hospitality property. In addition, the Company operates two gaming establishments.
ABOUT BENEFICIAL HOLDINGS, INC.
Beneficial Holdings, Inc. is an international casino investment and management holding company, specializing in acquiring undervalued gaming assets. The company funds its acquisitions with private investment capital with the intent to increase shareholder value while building a world-class gaming operation.
The Company's authorized shares are 903,000,000. Presently, there are 627,115,349 restricted shares. There are no more than 275,884,651 free-trading shares. The Company has no intention of increasing its authorized shares.
This release does not constitute an offer of securities for sale. It contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve risks and uncertainties that could cause results to differ. Statements are based on information available as of today and the company undertakes no obligation to update any statement to reflect future occurrences.