PETOSKEY, Mich., June 10, 2015 (GLOBE NEWSWIRE) -- Rotate Black, Inc., (OTC:ROBK) a premier gaming and resort developer, is delivering on its commitment to drive shareholder awareness and long-term growth. Pursuant to these objectives, the Company would like to provide a status report on its business plan objectives and achievements.
In connection with the Company's development efforts of the Hemingway Casino Resort in Gulfport, MS the company has completed certain positive steps to facilitate the execution of its equity offering by successfully completing its reverse stock split, entering into agreements with note holders for the conversion of their debt to equity at $0.90 and an agreement to increase warrant exercise prices from $0.90 a share to $3.50 a share on a post close basis, the release of $1.9M in debt and reaching an agreement to eliminate other outstanding debts of $7,386,005 for a cash payment of $1,250,000 and 400,000 shares of common stock. Providing the Company with minimal debt on its balance sheet and significantly increasing equity value.
The Company's SlotOne subsidiary has also made great strides in the advancement of it's Class II slot machine product offering through the exclusive licensing of industry leading slot games and operating systems. Thus expediting the Company's time to market to meet the current Class II slot machine demands sought by the $26.0 billion Native American casino market.
"This is really an exciting time for the Company. The coupling of these two business plans; brick and mortar development combined with the exponentially growing cash flows from the slot participation business provide us with an unparalleled opportunity to build shareholder value," said John Paulsen, Rotate Black's CEO. Expanding on this, Dual Cooper the Company's President commented, "The foundation is now in place to execute upon our vision and we could not be better positioned in the market place for expansive growth."
SlotOne Executive Summary
Utilizing the Company's extensive experience in managing casino gaming floors, SlotOne has a powerful competitive advantage of being able to identify slot floor deficiencies, retool for those deficiencies and increase overall revenue and earnings.
With this advantage SlotOne was developed to own and operate slot machines on a fixed daily rate or percentage basis to well established casinos. SlotOne's additional competitive advantage lies in its ability to deliver state of the slot machines along with significant savings (up to 27% of revenue) to tribal casinos on a no upfront cost basis.
SlotOne Slot Machines
SlotOne will distribute a variety of innovative Class II gaming machines. These machines all aim to expand existing sales and open new lines of sales for our customers. Through refined Class II technology SlotOne games look and play like the traditional Class III games, but are afforded significant cost advantages because of the way they play. This is accomplished through the speed of technology and programmed mathematical calculations that mimic Class III games as closely as possible while remaining within the definition of Class II bingo that is contained in Indian Gaming Regulatory Act (IGRA).
About Rotate Black
Rotate Black, Inc. is a premier gaming, resort manager and developer based in Petoskey, MI. The Company's team boasts over 100 years of combined gaming experience in managing and developing casino resorts around the world.
For further information; contact investor relations at 231-347-0777.
The foregoing 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. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by the Company based on management's experience, expectations and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Forward-looking statements are not guarantees of performance. Although the Company believes the expectations reflected in its forward-looking statements are reasonable and are based on reasonable assumptions, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all) or will prove to have been correct. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.