SOURCE: Conhassett

May 17, 2011 11:19 ET

Conihasset Capital Partners Releases First Quarter Results Wholly Owned Subsidiary MH Gaming Adds Strong Revenue Growth

COHASSET, MA--(Marketwire - May 17, 2011) - Conihasset Capital Partners, Inc. (PINKSHEETS: CNHA) (the "Company") announced today that revenues for the first quarter of 2011 were $1,080,229 compared to $73,723 for the same quarter of 2010. Richard Bailey, President and Chief Executive Officer of Conihasset, stated that, "This significant increase in year-over-year first quarter revenue is directly related to the acquisition by MH Gaming ("MHG") of our three entertainment arcades this past December 30, 2010. MHG is our primary operating subsidiary and the first quarter of the year is traditionally the busy season in Florida for these arcades."

"This is an important step in our strategy," Bailey stated. "When we acquired three arcades last December I tasked our management to develop a plan to improve the customer experience and standardize the critical back office operations. I am delighted that they have now implemented a number of these initiatives. As a result, we should be able to integrate potential future acquisitions quickly and effectively, while at the same time improving our results."

Bailey added that, "We are pleased with what we have seen so far in this marketplace. We look forward to more such opportunities where we might strategically expand our operations by acquiring additional arcade locations and then standardizing, professionalizing and institutionalizing each location in an effort to maximize its value."

Investors wishing to read the entirety of the Company's Quarterly Disclosure Statement can click on the following link: http://www.otcmarkets.com/stock/CNHA/financials.

About Conihasset: Conihasset Capital Partners, Inc. is a holding company quoted on the OTC Pink Market under the ticker symbol CNHA. The Company's primary operating subsidiary is MH Gaming ("MHG"), which currently owns and manages senior entertainment arcades in the state of Florida.

FORWARD-LOOKING STATEMENTS: Statements included in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "1995 Act"). Words such as "believe," "expect," "anticipate," "intend," "look forward," "opportunities," "potential," and similar expressions identify forward-looking statements. The Company cautions readers that forward-looking statements reflect the Company's current expectations and assumptions that are subject to certain risks and uncertainties which could cause actual results to differ materially from those projected in the forward-looking statements. Statements made herein are made in reliance on the safe harbor for forward-looking statements contained in the 1995 Act. The Company assumes no obligation to update or revise any forward-looking statements made herein or any other forward-looking statements otherwise made by the Company.

Contact Information

  • Contact:
    Richard Bailey
    617-320-8347