Commodore Holdings Ltd. Signs Financing Agreement With Gruntal & Co., L.L.C.HOLLYWOOD, Fla.--(BUSINESS WIRE)--May 1, 1998--Commodore Holdings Ltd. (Nasdaq National Market:CCLNF), parent company to Commodore Cruise Line A cruise line is a company that operates cruise ships. Cruise lines have a dual character; they are partly in the transportation business, and partly in the leisure entertainment business, a duality that carries down into the ships themselves, which have both a crew headed by the , announced that it has entered into an agreement with Gruntal & Co., L.L.C. Under this agreement, Gruntal will act as Commodore's exclusive investment banker Investment Banker A person representing a financial institution that is in the business of raising capital for corporations and municipalities. Notes: An investment banker may not accept deposits or make commercial loans. to raise expansion financing in conjunction with Commodore's recently announced addition of its new vessel, the Enchanted en·chant tr.v. en·chant·ed, en·chant·ing, en·chants 1. To cast a spell over; bewitch. 2. To attract and delight; entrance. See Synonyms at charm. Capri, its joint venture with Casino America Inc. (Nasdaq:CSN CSN Crosby, Stills, and Nash (band) CSN Centrala studiestödsnämnden (Swedish: state education grant and loan program) CSN Confédération des Syndicats Nationaux (French) 0), and other expansion projects. It is anticipated that such financing will be put in place by the end of June 1998. Gruntal & Co., L.L.C., a member of the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. , is a full-service investment bank headquartered at 14 Wall Street in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . Established in 1880, Gruntal has a proud history of client service, financial stability and growth. Today, Gruntal has over 2,000 employees in 30 offices across the United States. The scope of Gruntal's business spans a broad range of financial services including investment banking, research, trading, asset management and brokerage services to individuals, institutions and corporations worldwide. Gruntal, with approximately $2.8 billion in assets and a capital base of $180 million, is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Gruntal Financial, L.L.C. Commodore Holdings Ltd., with over $50 million in assets, is the parent company of Commodore Cruise Line. Currently operating the Enchanted Isle and the Universe Explorer, Commodore was selected by Travel Holiday magazine as "the best cruise for the money." Corporate headquarters are located in south Florida at 4000 Hollywood Blvd., 385 South Tower, Hollywood, FL 33021. This press release contains forward-looking statements which are subject to change. These forward-looking statements may be significantly impacted, either positively or negatively by various factors, including without limitation, regulatory approvals, permits, and business conditions in the cruise and gaming industries. Additional information concerning potential factors that could affect both companies' financial results is included in, but not limited to, their Form 10-Ks, which have been filed with the Securities and Exchange Commission. CONTACT: Media and Investor Contact: Laura Bennett, 407/425-6040 |
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