Conihasset Capital Partners Wholly Owned Subsidiary MH Gaming Acquires Three Arcades in Florida
January 03 2011 - 11:55AM
Marketwired
Conihasset Capital Partners, Inc. (PINKSHEETS: CNHA) (the
"Company") has announced that its wholly owned subsidiary, MH
Gaming LLC ("MHG"), has acquired the assets of Starlight Palace I,
Starlight Palace II and The Pyramid arcades (the "Arcades"). The
Arcades are located in Melbourne, Sebastian and Vero Beach,
Florida, respectively. All three Arcades were owned by a single
group. The acquisition closed on December 30, 2010.
"This is an excellent entry point for us to develop this
exciting opportunity," stated Richard D. Bailey, President and
Chief Executive Officer of Conihasset. "These three locations are
well run, have an experienced, knowledgeable management team, and a
history of profitability. They will serve as a solid foundation on
which to build our long-term growth strategy for MHG."
Bradley Hoecker, Chairman of Conihasset, commented that, "We
believe that the acquisition of these Arcades is an important first
step in our strategy for MHG. These locations are well run and will
provide us with a clear template to use as we move forward in our
growth through acquisition strategy and build a brand for MHG."
The Purchase was financed from the proceeds of a recent private
placement of the Company's common stock. In the twelve months
ending June 2010, revenue for the Arcades on a consolidated basis
was approximately $4.0 million with adjusted EBITDA of
approximately $600 thousand.
About Conihasset: Conihasset Capital
Partners, Inc. is a holding company quoted on the OTC Pink Sheets
under the ticker CNHA. The Company currently owns 100% of
Diversified Fluid Systems ("DFS") and MH Gaming ("MHG"). DFS
designs, manufactures and services chemical blending and management
systems for the semiconductor, solar and other industries and is
located in Boise, ID. MHG owns and operates three arcades and is
headquartered in Melbourne, FL.
FORWARD-LOOKING
STATEMENTS: Statements included in this press release that are
not historical facts are "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995
(the "1995 Act"). Words such as "believe," "expect," "anticipate,"
"intend," "look forward," "develop," "build," "strategy,"
"opportunity," and similar expressions identify forward-looking
statements. The Company cautions readers that forward-looking
statements reflect the Company's current expectations and
assumptions that are subject to certain risks and uncertainties
which could cause actual results to differ materially from those
projected in the forward-looking statements. In addition, past
performance can be no guarantee of future results. Statements made
herein are made in reliance on the safe harbor for forward-looking
statements contained in the 1995 Act. The Company assumes no
obligation to update or revise any forward-looking statements made
herein or any other forward-looking statements otherwise made by
the Company.
Contact: Jeffrey Leach (201) 874-0684 759 CJC Highway,
#235 Cohasset, MA 02025 Tel: 617-320-8347 Facsimile:
617-249-0198