VANCOUVER, July 17, 2014 /CNW/ - POYDRAS GAMING FINANCE CORP. (TSX-V: PYD) ("Poydras Gaming" or the "Company") is pleased to announce the formation of a joint venture ("JV") that will acquire video poker machines and related contracts in bars, restaurants and truck stops in Louisiana. The Company is partnering with Southern Ace LLC, a Louisiana-based company in the formation of two entities, Poydras Gaming (LA) LLC and Poydras Gaming Devices LLC.
The Company will own a 90% interest in Poydras Gaming (LA) LLC which will own the contracts associated with the machines it acquires, and a 49% interest in Poydras Gaming Devices LLC, which will own the physical machines in compliance with Louisiana regulations that require video poker devices be majority owned by Louisiana residents. Southern Ace LLC is a privately-held Louisiana LLC with a single owner.
"Our new platform positions us to move aggressively into the $600 million Louisiana video poker market," said Peter Macy, CEO of Poydras Gaming Finance Corp., "and we are already in active discussions regarding several attractive acquisitions."
The Louisiana video poker market consists of approximately 13,800 machines placed in restaurant, bars and truck stops and is legal on a parish by parish basis. Up to three machines can be placed in licensed bars and restaurants and up to fifty can be placed in licensed truck stops. Poydras intends to file for a license with the Louisiana State police as soon as practical and does not anticipate that the licensing process will hinder its ability to enter into definitive agreements to acquire assets or contracts.
For additional information please see the SEDAR website at www.sedar.com.
About Poydras Gaming Finance Corp:
Poydras Gaming is focused on leasing and financing gaming machines (such as slot machines) and related capital expenditures for existing casinos, new casino developments and gaming machine suppliers in the United States. It currently owns or finances slot machines in Oklahoma and California. Additional information about the Company can be found on the SEDAR website at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain information in this news release is considered forward-looking within the meaning of certain securities laws and is subject to important risks, uncertainties and assumptions. This forward‐looking information includes, among other things, information with respect to the Company's beliefs, plans, expectations, anticipations, estimates and intentions. The words "may", "could", "should", "would", "suspect", "outlook", "believe", "anticipate", "estimate", "expect", "intend", "plan", "target" and similar words and expressions are used to identify forward‐looking information. The forward-looking information in this news release describes the Company's expectations as of the date of this news release.
The results or events anticipated or predicted in such forward-looking information may differ materially from actual results or events. Material factors which could cause actual results or events to differ materially from such forward-looking information include, among others, risks arising from general economic conditions and adverse industry events.
The Company cautions that the foregoing list of material factors is not exhaustive. When relying on the Company's forward-looking information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company has assumed a certain progression, which may not be realized. It has also assumed that the material factors referred to in the previous paragraph will not cause such forward-looking information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD‐LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME.
SOURCE: Poydras Gaming Finance Corp.
For further information: Peter Macy, CEO, Poydras Gaming Finance Corp., Phone: (604) 683-8393, Email: [email protected]; For Investor Relations, please contact: Etienne Moshevich, Transcend Resource Group, Email: [email protected], Phone: (604) 681-0084