Caribbean Casino & Gaming to pursue new direction with new leadership
7 January 2013MIAMI, Florida -- (PRESS RELEASE) -- Caribbean Casino Gaming Corp. ( PINKSHEETS : CGAQ ), "the Company" has initiated a strategic corporate review with the help of Dr. Frank Leiber, Strategic Planning and Corporate Finance consultant. It has become clear that the Company would need a profitable expansion beyond the Sosua Bay Grand Casino as the main revenue generator. Over the past year, the company actively pursued several opportunities in the broader leisure/tourism related markets.
The strategic review determined that the most promising direction and greatest opportunity for the Company will be in "medical tourism."
Towards this goal, the Company has liquidated its equity in the Sosua Bay Grand Casino in Puerto Plata, D.R. Funds from the sale of the casino will be used to launch CGAQ into the "medical tourism" sector.
As part of the new growth stage and the strategic repositioning of the Company, Steve Swank plans to hand over the executive functions and the position of CEO. He will assume the role of Chairman of the Board. The Company is negotiating with Dr. Frank Leiber to serve as the CEO of the Company going forward and hopes to have definitive announcements soon. See Dr. Leiber's Bio below. Mr. Swank will assume the Chairman of the Board position.
The Company has also applied for a name change to properly reflect the Company's new direction.
"We are thrilled to have Frank take control," said Swank. "I'm glad to be moving on to greener pastures with the help of his expertise and leadership abilities."