Asia Entertainment & Resources Ltd. Announces Results of Warrant Redemption and Preliminary 2011 Guidance
05 11월 2010 - 10:08PM
Business Wire
Asia Entertainment & Resources Ltd. (“AERL”) (NASDAQ: AERL,
AERLW), which operates through its subsidiaries and related
promoter companies as a VIP room gaming promoter, today announced
the results of its warrant redemption, which concluded on October
28, 2010. The ordinary share purchase warrants were originally
issued by AERL, which was formerly known as CS China Acquisition
Corp. (“CS China”), in connection with CS China’s initial public
offering in August 2008.
Of the 14,648,000 warrants outstanding and available for
exercise, 7,095,790 non-insider warrants were exercised at US$5.00,
raising gross proceeds of approximately $35.5 million for AERL,
while 3,944,210 non-insider warrants expired unexercised, and the
holders of these warrants were paid US$0.01 per warrant upon their
extinguishment. 3,608,000 were considered insider warrants, and
3,505,771 of these warrants were submitted for cashless exercise
into 1,343,050 shares. Of these new shares, 1,296,976 shares (or
approximately 97% of new shares) are restricted until October 28,
2011.
As of October 28, 2010, AERL has ordinary shares issued and
outstanding of approximately 21.0 million. The Company intends to
use the proceeds from the warrant redemption to continue the
expansion of its VIP room gaming business. In addition, AERL is
announcing preliminary guidance for 2011. Pending the completion of
the acquisition of King’s Gaming Promotion Limited, the VIP room
gaming promoter that operates at the Venetian Macao-Resort-Hotel on
the Cotai Strip, AERL is expecting 2011 Rolling Chip Turnover of
US$1.15 billion per month and full year net income of US$55-60
million.
About Asia Entertainment & Resources Ltd.
AERL, formerly known as CS China Acquisition Corp., acquired
AGRL on February 2, 2010. AGRL is an investment holding company of
subsidiaries that, through profit interest agreements with
affiliated companies known as VIP gaming promoters, are entitled to
receive all of the profits of the VIP gaming promoters from VIP
gaming rooms. AGRL’s VIP room gaming promoters currently
participate in the promotion of two major luxury VIP gaming
facilities in Macau, China, the largest gaming market in the world.
One of the VIP gaming rooms is located at the top-tier MGM Grand
Macau Casino in downtown Macau that is operated by the MGM Grand
Paradise S.A. The other Macau VIP gaming facility is located in the
luxury 5-star hotel, the Star World Hotel & Casino in downtown
Macau, which is operated by Galaxy Casino, S.A.
Forward Looking Statements
This press release includes forward-looking statements made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 that involve risks and uncertainties.
Forward looking statements are statements that are not historical
facts. Such forward-looking statements, based upon the current
beliefs and expectations of AERL's management, are subject to risks
and uncertainties, which could cause actual results to differ from
the forward looking statements.
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