SOURCE: BENEFICIAL HOLDINGS INC.

September 10, 2009 08:31 ET

Beneficial Holdings Responds to Shareholder Inquiries

LAS VEGAS, NV--(Marketwire - September 10, 2009) - Beneficial Holdings, Inc. (PINKSHEETS: BFHJ), a casino investment and management holding company, today provided answers to certain questions received by its shareholders via email.

Many shareholders inquired as to whether our previously announced business plans were altered as a result of the announcement regarding a willingness to purchase Thunderbird Resorts Inc. (TBIRD) for $2.12 cash and one share of BFHJ for every 10 TBIRD shares. "Our offer of intent to acquire 80-100% of TBIRD's outstanding ordinary shares will not modify or alter the plans that the Company currently has in place to purchase additional gaming locations in Central America. We continue to negotiate the purchase of a profitable seven location gaming network in Nicaragua along with other gaming establishments. Nothing is being changed by the current events," Alex Papic, Vice President of Beneficial Holdings, Inc. said.

Shareholders asked about the pending online gaming program for non-U.S. residents and how the offer would affect the progress. Beneficial continues the development of software and web-based online casino programs. An acquisition would only affect branding opportunities, but would neither speed up nor slow down completion of the project.

Shareholders had questions about the prospects of the business if a major acquisition was unable to be completed and whether the company submitted financial proposals to TBIRD. An acquisition of any company would constitute a material event causing us to alter our business strategy. There are always uncertainties present with these types of events. The company is moving forward to begin discussions with TBIRD during the next week; however, the primary consideration is whether the target considers the price reasonable and adequate. Once that hurdle is crossed, then the logistics of a tender offer would be arranged. If the target expresses a belief that an offer in excess of over 75% over its current share price is inadequate, the company would then choose whether to begin a tender offer or to provide additional focus on its existing plans to acquire various independent gaming operations.

This press release does not constitute an offer of any securities for sale. It contains certain 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 actual results to differ. All statements in this press release are based on information available as of the date hereof, and the company undertakes no obligation to update any statement to reflect events or circumstances occurring after the date of this press release.

Contact Information

  • Contact:
    Investor Relations
    Beneficial Holdings
    Email Contact
    (702) 522-1527