Embarr Downs Announces That It Acquired W+B Partners
LOS ANGELES--(BUSINESS WIRE)--Embarr Downs, Inc. (OTCQB: EMBR) announced that Embarr Downs and W+B Partners have agreed to merge the operations of W+B Partners into Embarr Downs. W+B Partners began operating in June 2014.
W+B Partners has generated revenue of approximately $400,000 since it began operating in June 2014 and has assets in excess of $5,000,000. The assets are based on the closing price of the securities it holds. W+B Partners typically is paid a cash fee plus a 4.9% stake in its consulting clients. We expect the merger to close after September 1 due to the fact that Embarr’s quarter will end on August 31. By closing after September 1 it will provide the Company additional time to determine the accounting impact of the merger and if the previous revenue will be account for on Embarr’s profit and loss or just on-going revenue will be accounted. The merger will not result in the issuance of any additional shares since our current majority shareholders are the majority shareholders of both entities.
As part of the merger, Embarr Downs will change its name of W+B Partners and will have 4 operating divisions. The operating divisions are: (1) Consulting, (2) Real estate and (3) On-line Poker Network and (4) Thoroughbred Racing.
Consulting: The consulting division assists companies to go public. This operates as W+B Consulting.
Real Estate: This division acquires and flips properties and operates as SouthCorp Capital which is currently traded under the symbol of STHC.
On-line Poker Network: The Company recently acquired Torrent Energy, which trades under TREN. Last week the Company acquired the rights to thepokertour.com and expects to merge The Poker Tour (TPT) into Torrent Energy. TPT will operate as a poker tour similar to WSOP and WPT but will air its tour online. The goal with TPT will be to create the first actual poker tour that does not require a buy-in and limits the fields based on rankings similar to golf and tennis. Once a base of web traffic and viewers has been established, the goal of the TPT is to establish an on-line network for poker that can expand into our genres similar to a cable provider.
Thoroughbreds: The Company will maintain its presence in thoroughbred racing but will reduce its risk and exposure but acquiring up to 10% of thoroughbreds. Previously, the Company was required to acquire 100% of its thoroughbreds due to the Investment Company Act of 1940.
Publicly Traded Subsidiaries.
SouthCorp and The Poker Tour are both publicly traded. However, W+B Partners owns over 80% and as such they are deemed substantially wholly owned and would be subject to consolidated reporting with W+B Partners. Which means W+B Partners’ financials may incorporate those of SouthCorp Capital and The Poker Tour. Additionally, any dividends received by W+B Partners from its substantially wholly owned subsidiaries would in turn be distributed to the shareholders of W+B Partners.
About Embarr Downs. The Company is a holding company that operates through its subsidiaries Embarr Downs of California, SouthCorp Capital and The Poker Tour.
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.
Embarr Downs, Inc.