Concorde Exercises Option On Colorado Real Estate; Lease to be Converted to Ownership Position.Business Editors RAPID CITY, S.D.--(BUSINESS WIRE)--Feb. 14, 2002 Concorde Gaming Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CGAM) announced the exercise of an option to purchase the Golden Gates Casino property located in Black Hawk, Colorado For other uses of Blackhawk/Black Hawk, see Black Hawk. The historic City of Black Hawk is a Home Rule Municipality in Gilpin County, Colorado, United States. The city population was 118 at U.S. Census 2000, making Black Hawk the least populous city in Colorado. . The Company's 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. currently leases the Golden Gates Casino property from an unrelated third party. "Upon consummation, this transaction will provide us permanent ownership of the property at what we believe is a very favorable price," commented Jerry Baum, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Concorde Gaming Corporation. "Transforming our lease position to an ownership position will allow us to develop and operate our Golden Gates Casino on a more long-term basis, which we expect will enhance shareholder value." Under the lease agreement, the Company's wholly owned subsidiary has the option to purchase the Golden Gates Casino property from the lessor for an aggregate purchase price of approximately $6.3 million. This option includes the purchase of the lessor's (1) 50% interest in two adjacent properties, which includes an interest in a parking garage attached to the Golden Gates Casino and (2) all rights in easements, rights of way and appurtenances APPURTENANCES. In common parlance and legal acceptation, is used to signify something belonging to another thing as principal, and which passes as incident to the principal thing. 10 Peters, R. 25; Angell, Wat. C. 43; 1 Serg. & Rawle, 169; 5 S. & R. 110; 5 S. & R. 107; Cro. Jac. related to the Golden Gates Casino property. In accordance with the terms of the lease agreement, on January 31, 2002 the Company exercised this option and paid the lessor $200,000.00 as a non-refundable down payment Ask a Lawyer Question Country: United States of America State: Virginia i made a down payment on an enclosure for a carport, the wrong size door was sent the day of installation and after a lot of confusion the installers left on the purchase price of the property. The purchase of the property is scheduled to close no earlier than July 31, 2001 and is subject to the execution of definitive agreements. The Company can provide no assurances that the transaction will be consummated. Concorde Gaming owns and operates two gaming properties with over 500 gaming devices in operation. The Company operates a limited stakes gaming property, the Golden Gates Casino in Black Hawk, Colorado, and a day-cruise gaming property, the Casino Princesa based out of Miami, Florida. The Company's corporate offices are located in Rapid City, South Dakota Rapid City is a city located in the western part of South Dakota and is the second largest city in the state of South Dakota after Sioux Falls. Set against the eastern slope of the Black Hills, Rapid City is in the county of PenningtonGR6 USA. . Statements contained in this press release, which are not historical facts, are forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward-looking statements are subject to risks and uncertainties which can cause actual results to differ materially from those currently anticipated, due to a number of factors, which include, but are not limited to, changes in gaming regulations and tax rates in Colorado, Florida, and other jurisdictions, the level and rate of growth in the Company's operation, the Company's ability to consummate the purchase of the Golden Gates Casino property, and the effect of the Company's accounting policies and other risk factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time. |
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