SOURCE: Caribbean Casino and Gaming Corp.

January 06, 2011 08:00 ET

Caribbean Casino and Gaming Corp. Declares Their Standard... 100% of Profits in Its Live Video Gaming

MIAMI, FL--(Marketwire - January 6, 2011) - Caribbean Casino and Gaming Corp. (PINKSHEETS: CGAQ) -- CGAQ announced today that it has taken over 100% of its live video gaming. Since its original announcement of the joint venture, the former CEO of Kenilworth has unfortunately passed. The ideals of the joint venture have changed since. In fact, the outstanding balance due to CGAQ from Kenilworth has forced CGAQ to disband the former agreement. 

CGAQ CEO Steven Swank declared, "Our normal course of action, as CGAQ moves forward with its business, is to create greater profit centers in an emerging market. As of yesterday, CGAQ has dismissed the joint venture with Kenilworth, because of a breach of contract by Kenilworth. CGAQ's Live Video Internet Gaming will now receive 100% of all gross revenues from its ongoing internet expansion."

CGAQ has continually created profit centers that fund expansion. However, the latest move has created an avenue of profit taking that has yet to be realized. 

Mr. Swank continued, "If we continue to control the gaming, we win. It doesn't give our shareholders any increased value if we work a one sided deal in a joint venture. We are an acquisition company, not a bystander. We will perform in a much more efficient manner with the greater incentive of receiving 100% of the gross revenues."

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