Los Angeles, California, March 3, 2014 (GLOBE NEWSWIRE) -- Embarr Downs, Inc. (OTCQB: EMBR), the only publicly traded thoroughbred stable, announced its quarterly update. Embarr Downs began its racing operations on December 20, 2013. In the Company's initial 10 weeks of operations the following milestones were met:
· The Company's increased its number of thoroughbreds from 0 to 3
· Increased the number of races started from 0 to 5
· Won 20% of its races
· Finished in the Top 3 in 40% of its races
· Increased its revenue from $0 to $24,850
· Established a $.001 per shares annual dividend
· Declared dividends of $12,950
· Announced dividends of $46,836
The Company expects to expand its stable size to 5-6 thoroughbreds by the end of the 2nd quarter and has begun the shift from lower claiming thoroughbreds to higher claiming thoroughbreds (priced at $50,000 or higher). Additionally, the Company has begun negotiations to acquire 2 thoroughbreds in private party transactions that are expected to race in allowance or stakes races. The expected cost of these thoroughbreds is $50,000 and $200,000. The Company recently increased its revolving line of credit to $350,000 to accommodate these acquisitions.
"The fact that we have only been operating for less than 3 months and been able to achieve these milestones provides us with a foundation which we can build upon," stated Joseph Wade, CEO of Embarr Downs, Inc. "We were able to expand the number of thoroughbreds to 3 and start in 5 races and now we are taking the next step up in race class and begun paying an annual dividend of $.001 per share to our shareholders. Our next goal is to expand to 5-6 thoroughbreds and acquire a thoroughbred that is capable of competing in stakes races. The line of credit we have established allows us to fund the acquisition of these thoroughbreds without the need to issue a single share of common stock. We have a 2 year plan (which we are 3 months into) to have 15-20 thoroughbreds racing for us and to have 5-10 broodmares in our breeding division."
The Company is planning on holding a shareholders meeting in late March or early April which will be hosted at Santa Anita Racing Park in Arcadia, California.
About Embarr Downs. The Company is engaged in the buying, selling and racing of thoroughbreds. The Company's focus is acquiring thoroughbreds that can race in the allowance and stakes level of thoroughbred racing; however, the Company will initially begin acquiring thoroughbreds in the claiming level of thoroughbred racing. More information can be found at www.embarrdowns.com Additional information can be found at www.embarrdowns.com and on our Facebook page https://www.facebook.com/embarrdowns and Twitter at https://twitter.com/EmbarrDowns.
Notice Regarding Forward-Looking Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate.