Chilco River Holdings Inc.
OTC Bulletin Board : CRVH

Chilco River Holdings Inc.

March 17, 2007 09:00 ET

Chilco River Holdings Targets 2007 For Grand Re-Opening of Bruce Casino

WALNUT, CALIFORNIA--(CCNMatthews - March 17, 2007) - Chilco River Holdings Inc. (OTCBB:CRVH) is pleased to announce that it has reached an agreement in principal to secure the necessary funding to complete the renovation of its successful Bruce Hotel and Casino. Under this arrangement - which allows for equity funding up to $10,000,000 with the first $1,000,000 due this month - Chilco will be able to proceed with the Bruce's grand re-opening scheduled for August.

The Bruce Hotel and Casino is a "destination" hotel and casino located in Lima, Peru which offers a variety of restaurants and gaming casino to its clientele. Before its closing for renovations, the casino was thriving, with revenues in excess of $10,000,000 and profits in excess of $4,000,000.

"This funding allows us to devote our attention to the renovation and 'Grand Re-Opening' of the casino," stated Tom Liu, Chief Executive Officer, Chilco River Holdings. "The completion of the remodeling effort will further enhance our first-rate facilities and allow us to significantly increase our income. We are pleased that we will also be able to keep the hotel up and running throughout this process."

About Chilco Holdings Inc.

Chilco River Holdings Inc. is a diversified, Peruvian-based, U.S. listed gaming company. Chilco owns and operates Lima's Bruce Hotel and Casino, the second largest casino in Peru, one of only seven licensed casinos in the country. It has developed its own line of low-priced, proprietary slot machines which are licensed in Venezuela, Columbia, Chile and Peru. The company is in the late stages of development on a Spanish-language and Chinese-language interactive poker website and it has made a significant investment in the research and development of a wireless poker gaming station.

Safe Harbor - NO ASSURANCES CAN BE GIVEN THAT ANY PROJECTIONS WILL BE REALIZED. This press release includes forward-looking statements that involve risks and uncertainties, including, but not limited to, product delivery, the management of growth, market acceptance of certain products and other risks. These forward-looking statements are made in reliance on the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. For further information about these factors that could affect Chilco River Holdings Inc. future results, please contact the company directly. Prospective investors are cautioned that forward-looking statements are not guarantees of performance. Actual results may differ materially from management expectations.

Contact Information