SOURCE: Caribbean Casino and Gaming Corp.

May 17, 2012 08:00 ET

George Foreman to Be at Major Dominican Republic Boxing Event

MIAMI, FL--(Marketwire - May 17, 2012) - Caribbean Casino Gaming Corp. (PINKSHEETS: CGAQ), "the Company" is pleased announce that it has scheduled a major boxing event in Santiago D.R. at the fabulous Gran Arena del Cibao Oscar Gobaira for October 19, 2012. The evening will include several bouts featuring an exciting fight card. The fighters scheduled to attend are:

  • George Foreman, Jr. with his trainer, George Foreman, Sr.
  • Felix Diaz
  • Juan Carlos Payano
  • Claudio Moreno
  • Juan Dominguez
  • The Valdez Brothers, Carlos and Jose

The Gran Arena seats 8,768 and the Company is expecting a sellout. Several sponsors have lined up to pay up front to promote and stage this event. Among the major sponsors are ESPN Desportes who will be broadcasting the event to well over 10 million viewers. "All our upfront expenses are paid including a 50% down payment on this fantastic venue; the Company has used none of its own money," stated CEO Steven Swank. "We have learned from mistakes in the past, so we expect this evening to make up for that. This will be the biggest boxing event in the DR this year."

Like the April 21st event, the Company also has plans to host another successful event in July above its Grand Casino & Disco in Puerto Plata, DR. "Like the one in March, we plan to improve on our profits," said Swank, adding, "This will also be a major promotion for Bionic Tonic. The television coverage of this event should reach a million people or more this time."

In other news, the Company continues to negotiate in good faith with two new Casino & Discos while it waits for its share price to bounce back. "There's no point in spending our stock reserves when we are so ridiculously undervalued," said Swank. "We are poised to acquire these properties once our stock reflects the proper value of this Company. As profits increase, so will the share price."

The national elections will be held in the DR next week, which means the Company is waiting to find out who will pick up the racetrack negotiations. When the results are posted, the Company will update shareholders on the Company's position in the new political climate.

"Remember," advised Swank, "we are doing business in the DominiCAN, not the DominiCAN'T Republic."

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 of 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.

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