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As Caribbean Casino and Gaming Corp looks to launch their casino brand and sports betting division into two new locations and prepares for its next Fight Club Series broadcast on ESPN at the Sosua Bay Grand Casino, shares of the company inadvertently get blocked from selling and purchasing.
However, executives at the company say that they were not responsible.
The initial sell off was the result of an investor selling a block of shares, who in their own right, decided to sell their shares. Additional selling started thereafter as existing and new buyers entered the market for CGAQ stock.
CEO Steven Swank stated, “Outside of the fact that management does not have free trading shares to sell, the market frenzy that occurred thereafter created a buying opportunity for other investors that I would have liked to participate in.”
Swank continued, “We are building a great growth company with substantial intrinsic value. We appreciate our investors and strive everyday to increase shareholder wealth. We will succeed.”
CGAQ also said they will be holding an investor conference on June 25, 2010.
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