Kinbasha Gaming International, Inc. Files Form 10 and Releases Audited Financial Results for 2011 and 2010
May 16 2012 - 12:17PM
Business Wire
Kinbasha Gaming International, Inc. (the “Company”) (PINK:
KNBA), owner and operator of retail gaming centers in Japan, today
announced that it has filed Form 10 with the SEC, releasing its
audited financial results for the past two fiscal years – 2011 and
2010. In conjunction with Kinbasha’s filing, the company’s CEO
discusses Kinbasha’s future business strategy and plans to increase
its investor awareness activities going forward.
“We are pleased to have completed our audit and released our
financial results for the past two fiscal years,” said Masatoshi
Takahama, Chief Executive Officer. “Although we have substantial
debt on our books due to the major disruptions caused by the
earthquake and subsequent tsunami in March, 2011, as well as
declining sales in certain low density areas as a result of
shifting demographic trends, we have initiated a robust business
plan to return to profitability as soon as possible.”
Of Kinbasha’s 21 Pachinko parlors, 18 are located in Ibaraki
Prefecture, an area that has a relatively low population density
(1,260/sq. mile) when compared with Tokyo (6,576/sq. mile) and
Kanagawa (9,700/sq. mile) prefectures. Kinbasha currently operates
two parlors in the Tokyo Metropolitan Area – one in the city of
Fuchu and another in the city of Shinjuku. These parlors generate
revenue which is, on average, three times greater than that of the
Ibaraki parlors, all with positive cash flow.
As part of its restructuring process Kinbasha’s management plans
to obtain additional capital to build out and/or acquire additional
Pachinko parlor stores within the Tokyo Metropolitan Area, and
begin to shift the company’s strong branding, successful operations
teams and proprietary analytics technology to areas where Pachinko
stores are more profitable.
Mr. Takahama continued, “As we expand our operations within
strategic locations in Japan, we believe we can successfully
restructure Kinbasha’s debt with our various Japanese banks.
Although it may seem foreign in relation to western standards, it
is part of the Japanese culture to work with borrowers on payment
terms whenever possible, and although no assurances can be made, we
are confident we will be able to strike attractive terms with our
banks, which have all been extremely supportive to-date.”
Kinbasha’s management would like to open or acquire two
additional stores each year, over a five year period, provided
additional capital can be obtained. In addition to Kinbasha’s
strategies in Japan, the company also has plans to initiate more
investor awareness initiatives in the United States for the benefit
of its shareholders and potential investors.
“As part of our goal in keeping investors informed with the
latest developments at Kinbasha, we will be releasing various
investor materials over the coming weeks and months, including a
dedicated US investor website, fact sheets, research reports, white
papers and management team videos,” concluded Mr. Takahama. “Now
that our initial audit is behind us, we look forward to reporting
with our fellow shareholders on a regular basis going forward.”
Kinbasha’s US-based investor website (currently under
construction) will be located at: www.kinbashainc.com
About Kinbasha Gaming International, Inc.
Kinbasha Gaming International, Inc. is a Florida corporation
that acquired its operating subsidiary, Kinbasha Co., Ltd.
(“Kinbasha”), through a reverse merger in January 2011. Based in
Hitachi City, Japan, Kinbasha is a retail gaming company with plans
for expansion in Japan’s gaming and food and beverage industries.
Founded in 1957, currently Kinbasha’s principal business is the
ownership and operation of retail gaming establishments in Japan
which offer customers the opportunity to play the game of chance
known as Pachinko. Pachinko is played on a device which resembles a
slot machine. Kinbasha currently employs over 1,000 people and owns
21 Pachinko Parlors in the prefectures of Chiba, Ibaraki and Tokyo.
In addition, the company also owns three mid-size restaurants in
Japan which offer traditional Japanese cuisine.
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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