FSMH (.0001) Signs Letter of Intent With Mississippi Resort and Casino Developer to Provide Marketing, Sales and Other Support Services
Market Wire "US Press Releases "
CORAL SPRINGS, FL -- (MARKET WIRE) -- 05/23/07 -- FSBO Media Holdings, Inc. (PINKSHEETS: FSMH) announced today that it has formed New World Resorts and Casino, which will be a wholly owned subsidiary of FSBO. The company has been in negotiations over the past two months and has signed a letter of intent with a resort and casino developer.
Under the terms of the agreement, FSBO will provide marketing and sales as well as other support services. FSBO has introduced the developer to a casino finance consortium that has indicated a strong interest in financing the resort and casino. Upon the closing of the financing, New World Resort and Casino will receive an equity participation in the development. The amount of equity in the project will be based on performance and will have an equity participation cap of 48%.
"The board believes that the formation of the holding company is necessary as we are also in negotiations with the developer for other phases of the multi use development. The overall plan includes additional resort and casino opportunities as well as a massive multi-use residential and commercial development consisting of a commercial seaport and airstrip, which can handle large jets and aircraft. The resort and casino land is located on the coastal region of Mississippi. The first phase of the development consists of a casino, condo hotel, residential condominiums and marina. The casino resort property is located on a beautiful long stretch of white sandy beach," said Steve Bazsuly, FSBO Media's President
He also added, "If we are successful in our financing efforts our intention is to spin off shares of New World Resorts and Casino to our shareholders as a dividend. We will announce the record date and the terms when appropriate. Due to the confidentiality and non-circumvention agreements that we have in place with the development company and others we are unable to elaborate on the transaction. Further and proper disclosure will be made on any material events pursuant to regulatory requirements."
No statement herein should be considered an offer or a solicitation of an offer for the purchase or sale of any securities. Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, risk factors inherent in doing business. Forward-looking statements may be identified by terms such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "forecasts," "potential," or "continue," or similar terms or the negative of these terms. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The company has no obligation to update these forward-looking statements www.fsbomediaholdings.com
FSBO Media Holdings, Inc.
1 866 453-FSBO (3726)