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Beneficial Holdings, Inc.: Beneficial Holdings, Inc. Contracts to Acquire Seven Gaming Locations in Nicaragua

^{Published on 2009-10-05 21:34:29 - Market Wire}
 

MANAGUA, NICARAGUA--(Marketwire - October 6, 2009) - Beneficial Holdings, Inc. (PINKSHEETS: [ BFHJ ]), a casino investment and management holding company, today announced that it has contracted for the purchase of seven gaming locations in Nicaragua. The Company has tendered its initial cash down payment towards the seven locations and will begin the transition procedure regarding each location over the next few months. This acquisition will bring the Company's total number of locations to eight.

The Company will take possession of one of the locations in Masaya, Nicaragua, within a week. Management from Inversiones Nacionales Capri of Managua, which is the seller of the businesses, will assist Beneficial Holdings, Inc. during the transition phase of this acquisition in exchange for a temporary management fee of 10% of the monthly net profits from the new locations.

Another two locations are also in Masaya. The remaining four establishments being acquired are in Managua and Tipitapa, Nicaragua.

On average, each location has been in business and profitable for over five (5) years.

The acquisition will increase the Company's gaming machine inventory to over 200 electronic gambling devices including slots, poker machines, and modern digital games manufactured by International Game Technology of Reno, Nevada.

Over the next sixty days, the Company will be engaged in intensive monitoring of the locations to determine methods to improve customer service, increase revenues, modernize the establishments, and offer additional products and services.

This press release does not constitute an offer of securities for sale. It contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve risks and uncertainties that could cause results to differ. Statements are based on information available as of the date hereof, and the company undertakes no obligation to update any statement to reflect occurrences after the date of this release