The funds will allow TS&B to play in the $600-billion gaming industry, the company says. TS&B Holdings Inc. is trading on the Over the Counter Bulletin Board at one cent per share.
"TS&B is currently in negotiations with a group based in New York to invest in an existing resort property with the intent to build a gaming-related resort," TS&B CEO James E. Jenkins says in a prepared statement. "With Compass Capital's $5-million commitment, we will begin immediately to explore ways to expand the company's business," he says. "We believe with this capital commitment, we will be able to acquire and develop substantial revenues in the next 12 months."
Jenkins couldn't be reached by GlobeSt.com's publication deadline. But the statement says "the formation of TS&B Gaming & Entertainment Corp. is a natural fit for TS&B, given Mr. Jenkins' gaming and real estate development experience." The statement says Jenkinshas prior experience in the gaming industry with Gamex Industries Inc., a publicly traded company in the early 1980s. The statement also says Jenkins "recently consulted to a multi-million dollar para-mutual facility in Central Florida."
"Vacation and recreation destinations are becoming extremely popular," Jenkins says. "For example, a new Racino in Saratoga Springs and a $308-million expansion are under way at the Oneida Nation's Turning Stone Resort and Casino in Central New York."
In February 2003, TS&B announced it had found financing for a multi-million-dollar assisted living facility planned for the east coast of Florida. In response to questions from GlobeSt.com at the time, Jenkins said, "I would love to give you the information, but unfortunately, we are under a contractual obligation not to disclose the name of the developer or the site at this time. When the developer gives us the green light, I would be more than happy to discuss the project with you." No further details on the project has ever been released.
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