MIAMI, FL--(Marketwire - Jan 7, 2013) - Caribbean Casino Gaming Corp. (
The strategic review determined that the most promising direction and greatest opportunity for the Company will be in "medical tourism."
Towards this goal, the Company has liquidated its equity in the Sosua Bay Grand Casino in Puerto Plata, D.R. Funds from the sale of the casino will be used to launch CGAQ into the "medical tourism" sector.
As part of the new growth stage and the strategic repositioning of the Company, Steve Swank plans to hand over the executive functions and the position of CEO. He will assume the role of Chairman of the Board. The Company is negotiating with Dr. Frank Leiber to serve as the CEO of the Company going forward and hopes to have definitive announcements soon. See Dr. Leiber's Bio below. Mr. Swank will assume the Chairman of the Board position.
The Company has also applied for a name change to properly reflect the Company's new direction.
"We are thrilled to have Frank take control," said Swank. "I'm glad to be moving on to greener pastures with the help of his expertise and leadership abilities."
About Frank Leiber, PhD.
An international capital markets expert with more than twenty years practice in corporate finance advisory, investment banking, transactions structuring, and risk management, he is currently the Senior Managing Director of CAMCORES, a corporate finance advisory firm providing services in valuation, turnaround, performance analysis, risk management, and company restructuring. Capital raising consulting services are primarily focused on private equity. He also serves as President/COO of LIBOR Group, managing an offshore family office and other investment vehicles.
Dr. Leiber holds various non-executive director positions, serves on boards of advisors, and he teaches as Adjunct Professor of Finance at the NYU Stern School of Business and at the University of Luxembourg School of Finance.
Other capital markets experience includes:
- Moody's KMV, San Francisco: credit risk management advisory: bank loan portfolio management, structure and value of credit risky securities, CDS, CDO, ABS, CMBS
- Capital-Affairs, New York: global training firm, capital markets, M&A and investment banking, credit and market derivatives
- Price-Waterhouse, New York: corporate finance and risk management consulting
- Mitsubishi Finance International, London: investment banking, structured finance products, OTC options
- JP Morgan, New York, Zurich, Paris and London: research, trading and sales strategies, risk management
- CME, CBOE, CBOT, Chicago: volatility forecasting models and options / futures strategies
He holds a B.Sc. degree in Mathematical Economics and Business from the University of Lausanne (HEC), studied finance and economics as a Postgraduate Fulbright Scholar at the University of Chicago, and earned his Ph.D. in Financial Econometrics at the University of Geneva (HEI).
This report contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation.
- Board & Management Changes
Caribbean Casino and Gaming Corp.