Great Canadian Gaming Corporation and the Chilliwack Bingo Association jointly announced today that GCGC has agreed to purchase the assets and undertaking of the CBA. This acquisition will include both CBA's existing bingo operations and an approximately five-acre site in Chilliwack
, British Columbia. GCGC intends to utilize this site for the development of a community gaming centre.
Great Canadian will provide further details around this acquisition and its implications at the time of the announcement of its first quarter 2011 results on May 12, 2011.
"The acquisition of Chilliwack Bingo will represent the continued execution of Great Canadian's disciplined growth strategy," stated GCGC Chairman and Chief Executive Officer Ross J. McLeod. "This acquisition, like our ongoing development in Maple Ridge, provides Great Canadian with an opportunity to service a growing and underserviced market. We look forward to working alongside both the City of Chilliwack and the CBA, as well as the British Columbia Lottery Corporation, in developing a high-quality gaming facility for this municipality."
"The Chilliwack Bingo Association is very pleased to have reached this agreement with Great Canadian," added CBA Chairman Roy Fraser. "Over the last 25 years, the Chilliwack Bingo Association has provided millions of dollars to charities within our community. This transaction not only ensures that these charities will continue to receive this support, but also creates a significant opportunity for an even greater level of contribution to our community."
The purchase and sale of the CBA's assets remains subject to approval by Great Canadian's Board of Directors in addition to customary conditions of closing. These conditions include the completion of a definitive purchase agreement, receipt of required regulatory approvals, and ratification by the membership of the CBA.