HONOLULU, April 20 /PRNewswire-FirstCall/ -- (OTC Bulletin Board: AMHR; Berlin (WKN) 913541) AMHR announces that the information statement filed with the SEC (14c) disclosing the 100% acquisition of HAPS USA, Inc. is now definitive and available on the SEC EDGAR website. The Company is proceeding with the mailing of the information statement to all shareholders. Following the mandatory 20 day waiting period the company will proceed with the actions covered in the information statement including a name change to HAPS USA, Inc. and the assignment of a new trading symbol.
Preliminary unaudited financials provided by HAPS USA, Inc. for the 4th quarter ended March 31, 2005 show gross gaming revenues of $57,985,000 with net revenue after payout of $7,379,000. The pre-tax income for the quarter was $1,861,000. These estimates are in U.S. dollars, but are based on Japanese GAAP accounting and some adjustment is to be expected. The nine month HAPS' numbers are being audited by BDO Sanyu & Co. and are expected to be completed by mid-May with the 12 month consolidated financials to be completed by mid-June.
Upon review of the HAPS USA unaudited fourth quarter results, Mark Buck, the CEO of AMHR, went on to say, "We are very pleased with the continuing growth and strength of HAPS' gaming operations and look forward to the release of consolidated numbers later this spring. They have consistently outperformed expectations and we expect to close the acquisition following the 20 day waiting period."
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "estimate", "possible" and "seeking" and similar expressions identify forward-looking statements, which speak only as to the date the statement was made. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted, or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to the effect of government regulation, competition and other material risks.
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