Great American Family Parks Closes First Round of Financing
05 October 2004 - 3:23AM
PR Newswire (US)
Great American Family Parks Closes First Round of Financing BOISE,
Idaho, Oct. 4 /PRNewswire-FirstCall/ -- Great American Family
Parks, Inc. (OTC:GFAM) is pleased to announce that it has completed
its first fundraising through a private placement of its securities
in which it received gross proceeds of $429,000. First Montauk
Securities Corp., GFAM's financial advisor, acted as the selling
agent. Ernest Pellegrino, Director of Corporate Finance for First
Montauk Securities Corp. stated, "This initial funding will help
GFAM to begin the process of trying to secure its first theme park
within the next few months. We look forward to continually
assisting and advising GFAM to try and meet its goal of acquiring
regional theme parks, themed amusement attractions and recreational
facilities." In addition to providing financial advisory services,
First Montauk Securities Corp. has been coordinating strategic
senior funding and theme park roll-up strategies for the Company
for several months. Dr. Larry Eastland, President of Great American
Family Parks, noted, "First Montauk Securities Corp. will take a
leadership role in helping us to secure the financing needed to
execute GFAM's growth plans. In addition, provided that we are able
to secure the necessary capital, we will be able to turn the corner
and truly take charge of our positioning to become a market leader
in regional theme parks. We have crafted a strategy of centering
our ownership portfolio around small and medium-sized parks with
existing strong management." Mr. Dale Voorhis President of GFAM
Management Company, a division of Great American Family Parks,
continued, "Regional theme parks are the largest sector of the
theme park industry, accounting for 70% of total annual sales. As
the major seasoned players in regional theme parks, such as Six
Flags, move into a different phase of their businesses, they have
left a major vacuum in regional theme park management that GFAM
seeks to fill. With the industry expected to grow 23.8% over the
next few years, we believe now is the perfect time to enter the
park industry with a roll-up strategy. We believe GFAM will be able
to grow quickly through the combination of our aggressive
acquisition strategy and the funding base that our relationship
with First Montauk Securities Corp. allows. About First Montauk
Securities Corp. First Montauk Securities Corp., based in Red Bank,
New Jersey, is a member of NASD/SPIC and is a full-service
investment banking and brokerage operation offering an extensive
166-office broker network of financial professional across America.
With over 400 representatives, First Montauk Securities Corp.'s
Corporate Finance Dept. specializes in recapitalization, private
placement equity and debt, initial and secondary public offerings,
financial advisory services, as well as mergers and acquisitions.
About Great American Family Parks Great American Family Parks is
built on the mission of buying and managing profitable regional
theme parks and themed amusement attractions. By building a family
of parks, each with between 300,000 to 1 million annual attendees,
GFAM is proposing to develop a series of compatible but distinct
entertainment and amusement products including themed amusement
parks, associated products, food and beverage, and multimedia
offerings. Regional theme parks are a relatively recession-proof
growth market. Nationally, regional parks' attendance is projected
to grow at a compound annual growth rate of 1.8%, increasing their
collective attendance to $263.8 million by 2007. Overall revenues
for America's regional theme parks is expected to total $8.31
billion within five years. For more information, please contact
Stan Gray at: 509-464-2324 or visit us at:
http://www.weloveparks.com/. Safe Harbor Statement Under The
Private Securities Litigation Reform Act of 1995: The statements in
the press release that relate to the company's expectations with
regard to the future impact on the company's results from new
products in development are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
The results anticipated by any or all of these forward-looking
statements may not occur. DATASOURCE: Great American Family Parks,
Inc. CONTACT: Stan Gray of Great American Family Parks, Inc.,
+1-509-464-2324 Web site: http://www.weloveparks.com/
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