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NorAm Gaming and Entertainment has finally begun to sign the contracts needed for the income to begin flowing. It closed at 40-cents today and could show considerable price appreciation from this point. There are about 13-million shares outstanding which gives the company a market cap of just over $5-million which isn't much for a company that two weeks ago announced an agreement providing $2.5 million a year net income. Here is today's announcement: TOLEDO, Ohio, Sept. 16 /PRNewswire/ -- NorAm Gaming and Entertainment Corporation (Nasdaq:NRAG - news) announced today that the Company has signed a five year agreement with the Mandarin Casino, Tucacas, Venezuela for the placement of 150 slot machines. The Mandarin Casino currently has 80 slot machines in operation. The machines are scheduled to arrive in Venezuela and be activated within the next 60 days. Recently, the Federal Republic of Venezuela authorized casino and bingo/slot facilities throughout the country in areas to be approved by the Federal Gaming Commission. The Tucacas area was among the first to win approval from the Commission. George C. Zilba, CEO, NorAm Gaming, stated that the contract with the Mandarin provided for a revenue share split between the casino and NorAm. NorAm is to receive 60% of the net income over a five year period. Based on current levels of slot income, net earnings from the 60% share to NorAm is expected to exceed $750,000.00/annually. NorAm has included minimum required income levels in the contractual arrangement with the Mandarin. Financing for the project is in the final stages and is expected to be completed this week. SOURCE NorAm Gaming | ||||||||||||||
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