SOURCE: Caribbean Casino and Gaming Corp.

September 30, 2010 09:25 ET

Caribbean Casino and Gaming Corp. CEO Steven Swank Announces Stock Buyback Initiative

MIAMI, FL--(Marketwire - September 30, 2010) -  Caribbean Casino and Gaming Corp. (PINKSHEETS: CGAQ) announced today CEO Steven Swank is initiating a stock buyback program where he and/or the company will start to re-purchase free trading shares of the company on the open market. In light of the current market cap, the book value of the company is continually increasing. The book value, or company assets alone, are estimated to be double the market capitalization without including the intrinsic value of its Live Video Online Gaming infrastructure or revenue derived from daily operations. 

CEO Steven Swank stated, "Considering the current market the stock is at, I know it is a great investment for myself and the company. Starting today, we will purchase as many available free trading shares possible at the stock's current level."

Caribbean Casino and Gaming Corp. has been recognized as the best casino in the Dominican Republic, the leader in Live Broadcast International Boxing Events and is currently expanding its physical and Internet operations throughout the Dominican and the world.

About Caribbean Casino and Gaming Corp:
Caribbean Casino and Gaming Corp (PINKSHEETS: CGAQ) is the owner and operator of the Sosua Bay Grand Casino. The corporation is focused on becoming a leader in the Caribbean for gaming and entertainment to include live betting in its partnership with Kenilworth Systems Corporation from cameras located above tables within the Sosua Bay Grand Casino. Not only will Caribbean Casino and Gaming Corp. offer world class gaming and accommodations within its facilities for those visiting our properties, but also allow patrons to wager (where allowed) from the comfort of their own home or hotel room. The casino is now the centerpiece in the Sosua Bay Resort at Puerto Plata, Dominican Republic, the largest and most populated Caribbean Island.

FORWARD-LOOKING STATEMENT:
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 Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this report are made as of the date hereof and Caribbean Casino and Gaming Corporation undertakes no obligation to update such statements.

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