SOURCE: Caribbean Casino and Gaming Corp.

January 03, 2011 07:30 ET

Caribbean Casino and Gaming Corp. Announces Their 3 For 2 Stock Conversion Transaction Offered to Shareholders on Record as of October 29th, 2010 Will Commence January 12, 2011

MIAMI, FL--(Marketwire - January 3, 2011) - CGAQ (PINKSHEETS: CGAQ) announced today that the company will commence the processing for the 3 For 2 Stock Conversion previously offered to shareholders on record as of October 29, 2010. The processing will begin on January 12, 2011. 

There will be a final press release regarding the conversion which will state the exact requirements and documents needed to qualify for the conversion. The original announcement made in October 2010 was received with an overwhelming demand hindering the company from making the conversion at an earlier date, without disrupting its expansion plans.

CEO Steven Swank stated, "We were happily surprised to see how many investors were interested in the conversion of their free trading shares to restricted shares. The demand for the offer took us a little by surprise, but we are happy to accommodate our partners and have proven that we have a strong stockholder base of long term investors."

The company requires that the stockholders must have been on record by October 29th, 2010 and can convert the shares on record as of that date. Investors will be required to provide the information electronically in PDF format to ensure efficiency in the transaction. The company recommends that each investor work with their financial advisor in preparing the paperwork.

CGAQ Investor Relations, Tyler Cornell, mentioned, "Your support in providing accurate information in this process will expedite a stronger stockholder base, with ample opportunity to leverage your original investment and create an efficient transaction as the company continues on with its expansion cycle. We appreciate your support in building CGAQ to a new level of excellence throughout the gaming industry."

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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