PETOSKEY, Mich., April 27, 2010 (GLOBE NEWSWIRE) -- Rotate Black, Inc. (OTCBB:ROBK), a premier development and management company of global resort and casino properties, made an additional cash payment on the vessel "The Big Easy."
On February 2, 2010, Rotate Black, Inc. entered into a Purchase Agreement with the Chapter 11 Trustee of Cruise Holding II, LLC to purchase the gaming vessel "The Big Easy." The Purchase Agreement provided for a closing date no later than March 15, 2010, subject to a single extension of 30 days, at the election of the Company upon a payment to the Trustee of an additional cash payment, which was made on March 14, 2010.
On April 20, 2010, the Company entered into an agreement with the Trustee to extend the closing date to on or before June 1, 2010. Rotate Black, Inc. remitted a cash payment for this extension on April 21, 2010. Additional payments on May 1, 2010 and May 14, 2010 are required for this extension. The Company anticipates the closing to occur on or before May 27, 2010.
About Rotate Black, Inc.
Rotate Black, Inc. (OTCBB:ROBK) is a premier development and management company of global resort and casino properties. The Company makes investments specifically targeted towards the gaming industry, seeking to maximize total return from capital appreciation and income. The management and Board of Directors have extensive experience in successfully developing and managing resort properties.
Forward-Looking Statement
Any forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made. Rotate Black, Inc. disclaims any obligation to update the forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date stated, or if no date is stated, as of the date of this press release.