Kinbasha Gaming International, Inc. Finalizes $6 Million Debt Settlement Agreement
06 March 2013 - 10:01PM
Marketwired
Kinbasha Gaming International, Inc. (OTCQX: KNBA), owner and
operator of retail pachinko gaming centers nationally in Japan,
today announced it has made the final payment as per its debt
settlement agreement with ISO Debt Recovery K.K. in connection with
debt owed to Tokyo Star Bank K.K., eliminating approximately $6
million in principal, interest and penalties. As per the agreement,
payments from Kinbasha totaled approximately $737,000 through
February 28, 2013, resulting in a net gain on settlement of
approximately $5.2 million.
"This is a significant event which wipes out $6 million in
debt," said Masatoshi Takahama, Chief Executive Officer of
Kinbasha. "This demonstrates Kinbasha's ability to reduce its debt
through negotiations with our lenders."
Since 2006, Kinbasha has worked with its lenders and in many
cases has obtained forbearances and loan modifications that have
allowed the company to effectively extend the maturity of its debt
through interest only and/or reduced principal payments, generally
negotiated on a six month or annual basis.
Mr. Takahama continued, "We look forward to continuing our debt
settlement initiatives while simultaneously improving our financial
position. As we continue to realize new operational milestones, we
remain highly focused on improving our financial metrics on all
fronts, and carrying forward with our expansion initiatives in
Japan."
As Kinbasha continues to pay down its debt, management plans to
obtain additional capital to build out and/or acquire pachinko
parlor stores within greater metropolitan areas in Japan. Kinbasha
plans to shift the company's strong branding, successful operations
teams and proprietary analytics technology to areas where pachinko
stores are more profitable, such as Tokyo, while continuing to
streamline operations.
About Kinbasha Gaming International,
Inc.
Based in Hitachi City, Japan, Kinbasha Gaming International,
Inc. (OTCQX: KNBA) is a retail gaming company that operates 21
pachinko parlors in the Japanese prefectures of Ibaraki, Tokyo and
Chiba. For more than 50 years, the company's retail gaming
establishments have offered customers the opportunity to play the
games of chance known as pachinko and pachislo. Pachinko is played
on a device which resembles a vertical pinball machine and pachislo
is played on a machine that resembles a western style slot machine.
Pachinko and pachislo are collectively ranked as Japan's largest
leisure activity. For more information on Kinbasha, please visit:
www.kinbashainc.com
For comprehensive investor relations material, including fact
sheets, multimedia resources, and videos regarding Kinbasha, please
follow the appropriate link: Investor Portal, Overview Video and
Investor Fact Sheet.
Safe Harbor Statement
This release contains certain "forward-looking statements"
relating to the business of the Company and its subsidiary
companies. All statements, other than statements of historical fact
included herein are "forward-looking statements" including
statements regarding: the Company's business and operations;
business strategy, plans and objectives of the Company and its
subsidiaries; and any other statements of non-historical
information. These forward-looking statements are often identified
by the use of forward-looking terminology such as "believes,"
"expects" or similar expressions, involve known and unknown risks
and uncertainties. Although the Company believes that the
expectations reflected in these forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. Investors should
not place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including those discussed in the Company's periodic
reports that are filed with the Securities and Exchange Commission
and available on its website (http://www.sec.gov). All
forward-looking statements attributable to the Company or persons
acting on its behalf are expressly qualified in their entirety by
these factors. Other than as required under the securities laws,
the Company does not assume a duty to update these forward-looking
statements.
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Investor Contact: Trilogy Capital Partners - Asia Darren
Minton President 212-634-6413 Email Contact
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