$100 million dollar reverse merge happened a few weeks back. Tiny float as well
WAY undervalued here imo:
HITACHI, Japan, Apr 19, 2011 (BUSINESS WIRE) -- Gunslinger Records Inc. (the "Corporation") (MUZC, Trade ) today announced the consummation of its reverse merger with Kinbasha Co., Ltd. ("Kinbasha"), owner and operator of retail gaming centers in Japan, pursuant to its Plan and Agreement of Reorganization entered into as of January 4, 2011. In addition, the Corporation announced that it intends to change its name to Kinbasha Gaming International, Inc. and plans to apply for a new CUSIP number and ticker symbol with FINRA in the next 30 days.
As part of this transaction the Corporation privately issued its shares of common stock to the shareholders of Kinbasha, in exchange for the transfer to the Corporation of shares of Kinbasha representing 98% of its outstanding capital stock. As a result of this transaction Kinbasha became a 98% owned subsidiary of the Corporation.
The Corporation also announced a new management team, consisting of the following: i) Masatoshi Takahama, Kinbasha's CEO, as President and Chief Executive Officer of the Corporation; ii) Masami Umezono, Kinbasha's CFO, as Treasurer, Corporate Secretary and Chief Financial Officer of the Corporation; and, iii) Satoshi Okamura, Kinbasha's COO, as Chief Operating Officer of the Corporation. As the Corporation's new sole operating subsidiary, Kinbasha is an owner and operator of retail gaming centers, known as Pachinko Parlors, in the Japanese prefectures of Chiba, Ibaraki and Tokyo.
"This is an important milestone event for Kinbasha," said Mr. Masatoshi Takahama, Chief Executive Officer. "While we have achieved significant operational milestones throughout our corporate history in Japan, we view becoming a U.S. listed public company as a major opportunity to expand Kinbasha's operations, access the U.S. capital markets and make further inroads into the popular retail gaming markets in Japan and beyond."
Mr. Takahama continued, "Out of the $250 billion Pachinko industry, we believe Kinbasha is the first major retail gaming company in Japan with over $100 million in sales to go public in the United States, and we are planning to leverage our access to capital markets to pursue consolidation strategies within Japan's gaming industry."
Kinbasha currently owns and operates three mid-size restaurants and 21 retail gaming centers, known as Pachinko Parlors, in Japan. The pinball-like game of Pachinko is extremely popular and can be found throughout the country at railroad stations, malls and inner cities. As a significant part of the national economy, the Pachinko business in Japan employs over a third of a million people, more than the steel industry; it generates three times the total sum of Japan's other avenues of public legal gambling, including horse racing and lottery; and it benefits from approximately 15 million regular enthusiasts spending an estimated $250 billion per year.
"The earthquake and subsequent tsunami that hit the Tohoku region of Japan in March have been followed widely by the international media. Although Kinbasha was largely spared by the events surrounding the earthquake, our hearts go out to those whose lives were affected. Kinbasha will be doing everything it can within the surrounding community to help those in need," stated Mr. Takahama.
About Gunslinger Records Inc.
Gunslinger Records Inc. is a Florida corporation that has been engaged in an ongoing search for suitable business opportunities, including a potential merger, since 2007. Pursuant to the Plan and Agreement of Reorganization, Kinbasha became Gunslinger Records' principal operating company.
About Kinbasha Co., Ltd.
Based in Hitachi City, Japan, Kinbasha Co., Ltd. ("Kinbasha") is a leading retail gaming company focused on expansion and growth in Japan's highly-profitable gaming and food and beverage industries. Founded in 1957, Kinbasha's principal business is the ownership and operation of retail gaming centers in Japan which offer customers the opportunity to play the game of chance known as Pachinko. Pachinko is played on a device which resembles a slot machine. The game is considered to be Japan's most popular leisure activity and the gaming centers are commonly referred to as Pachinko Parlors. Kinbasha currently employs over 1,000 people and owns and operates 21 Pachinko Parlors in the prefectures of Chiba, Ibaraki and Tokyo. In addition, the company also owns three mid-size restaurants in Japan which offer traditional Japanese cuisine.
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