SOURCE: Conihasset

Conihasset

January 03, 2011 11:55 ET

Conihasset Capital Partners Wholly Owned Subsidiary MH Gaming Acquires Three Arcades in Florida

COHASSET, MA--(Marketwire - January 3, 2011) - Conihasset Capital Partners, Inc. (PINKSHEETS: CNHA) (the "Company") has announced that its wholly owned subsidiary, MH Gaming LLC ("MHG"), has acquired the assets of Starlight Palace I, Starlight Palace II and The Pyramid arcades (the "Arcades"). The Arcades are located in Melbourne, Sebastian and Vero Beach, Florida, respectively. All three Arcades were owned by a single group. The acquisition closed on December 30, 2010.

"This is an excellent entry point for us to develop this exciting opportunity," stated Richard D. Bailey, President and Chief Executive Officer of Conihasset. "These three locations are well run, have an experienced, knowledgeable management team, and a history of profitability. They will serve as a solid foundation on which to build our long-term growth strategy for MHG."

Bradley Hoecker, Chairman of Conihasset, commented that, "We believe that the acquisition of these Arcades is an important first step in our strategy for MHG. These locations are well run and will provide us with a clear template to use as we move forward in our growth through acquisition strategy and build a brand for MHG."

The Purchase was financed from the proceeds of a recent private placement of the Company's common stock. In the twelve months ending June 2010, revenue for the Arcades on a consolidated basis was approximately $4.0 million with adjusted EBITDA of approximately $600 thousand.

About Conihasset: Conihasset Capital Partners, Inc. is a holding company quoted on the OTC Pink Sheets under the ticker CNHA. The Company currently owns 100% of Diversified Fluid Systems ("DFS") and MH Gaming ("MHG"). DFS designs, manufactures and services chemical blending and management systems for the semiconductor, solar and other industries and is located in Boise, ID. MHG owns and operates three arcades and is headquartered in Melbourne, FL.

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," "develop," "build," "strategy," "opportunity," 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. In addition, past performance can be no guarantee of future results. 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:
    Jeffrey Leach
    (201) 874-0684
    759 CJC Highway, #235
    Cohasset, MA 02025
    Tel: 617-320-8347
    Facsimile: 617-249-0198