SAN ANTONIO, Feb. 16, 2005 (PRIMEZONE) -- Since Jaguar Resorts Inc. (Pink Sheets:JGRT) merger with Simmetech in mid 2004, Jag Capital, Inc, a merchant bank based in San Antonio, Texas, has been advising and providing funding for the company; primarily based on non-equity loans to take care of the financial needs of Jaguar Resorts. Jag Capital has had to pay for architects, attorneys, travel and general overhead expenses that Jaguar Resorts has incurred on a month-to-month basis. As a result of these necessary expenses and efforts, the company feels it is currently situated to take advantage of the work done in 2004.
Jaguar Resorts has done extensive work throughout the Caribbean, Gulf Coast and Latin America identifying and developing projects. In the near future, the company will be providing financials on a fully reporting basis; therefore, its cash outlays and balance sheet will become highly visible. This accessibility will afford new investors the opportunity to examine the company and its financial condition on an ongoing basis. While there have been unexpected delays in obtaining financial information, Jaguar Resorts may finally have enough historical information to submit the necessary information to obtain an improved listing and become a fully reporting company.
The company's Vice President, Benjamin Gallagher, indicated that, "While stockholders are anxious for news, the nature and scope of the projects involved take time. The company is a development company, and is working on some very important and sizable projects, on an ongoing basis, that Jaguar Resorts feels will produce substantial revenues over the next few years. Certain events are now falling into place that will allow the company to make some important announcements about locations, marketing timetables and new strategic alliances."
Jaguar Resorts management team includes Clyde E. Culp, III - Chairman and CEO - During the mid-90's Mr. Culp served as President of Holiday Inn Corporation (2632 hotels and resorts) and Chairman CEO of Embassy Suites (179 hotels and resorts).
The Private Securities Litigation Reform Act of 1995 (the "Act") provides a safe harbor for forward-looking statements made by the Company or on its behalf. All statements which address actual results could differ materially from those expressed or implied in forward-looking statements. Important factors that could cause the actual results of operations or financial condition of the Company to differ include, but are not necessarily limited to, the Company's operating performance, events, or developments that the Company expects or anticipates may occur in the future are forward-looking statements. These statements are made on the basis of management's views and assumptions; as a result, there can be no assurance that management's expectations will necessarily come to pass. Management cautions that ability to attract clients and generate business; a decline in the Company's financial ratings; the competitive environment; the Company's ability to raise sufficient capital to meet the collateral requirements associated with its current business and to fund the Company's continuing operations; and changes in market conditions.