SOURCE: Caribbean Casino and Gaming Corp.

October 21, 2010 15:54 ET

Caribbean Casino and Gaming Corp. Continues Stock Buy Back Initiative During Its Anniversary Week With a 3 for 2 Regulation 144 Share Conversion for Shareholders on Record as of October 29th, 2010

MIAMI, FL--(Marketwire - October 21, 2010) -  Caribbean Casino and Gaming Corp. (PINKSHEETS: CGAQ) announced today that they will continue their Stock Buy Back Initiative with a 3 for 2 Share Conversion where the company will issue three (3) Regulation 144 Shares in exchange for every 2 free trading shares owned by shareholders who wish to participate in the long term investment of the company. The decision to extend the buyback initiatives was made by the company to defend the recently lower price per share while the book value increases with its portfolio of assets purchased during the last 12 months. It offers the company the opportunity to grow with its long term shareholders as it attempts to set a record pace of expansion within the gaming industry while maintaining the exceptional service and operations currently in place.

CEO, Steven Swank stated, "We work the way we do and with the speed we do, for our investors. If not for them, we would not have a one year anniversary party. We want to reward the long term investors with an opportunity to cost average their investment while we continue to grow into the best investment possible for all shareholders."

While the initiative rewards long term investors and offers an opportunity to cost average investments made by shareholders who purchased free trading shares, it allows the company to continue to focus on building its short and long term business models and profit centers. 

The company's initiative is expected to minimize free trading shares on the market while demand increases. Further, the company has considered the book value of its assets and sees an extremely rare opportunity to further increase its value by purchasing shares on the open market and through its share conversion for future acquisitions.

Mr. Swank continued, "We expect the financials to show a great increase in book value even though our new casino or electronic bingo assets and revenues are not included within the financial report. This displays where the stock value should be before intrinsic value is added in for the Live Video Internet Gaming, Sports Wagering, new Night Club Galactic and our future acquisitions. It has been a really productive year for the company and its stockholders."

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.