LOS ANGELES, Aug 29, 2014 (BUSINESS WIRE) — Embarr Downs, Inc. (OTCQB: EMBR) announced that the acquisition of W+B Partners closed on August 29, 2014. The Company previously expected to close on the acquisition after September 1. However, after discussions with our auditors the Company decided to close prior to September 1.
The Company’s financials will be consolidated with the financials of its operating subsidiaries: W+B Partners, SouthCorp Capital and Tren TV. The Company expects the consolidated non-gaap revenue for the quarter ending August 31, 2014 to be between $500,000 and $600,000.
As part of the merger Embarr Downs will have 4 operating divisions. The operating divisions are: (1) W+B Partners, (2) SouthCorp Capital (3) TREN TV and (4) Embarr Downs of California.
W+B Partners: The division assists companies to go public.
SouthCorp Capital: This division acquires properties for sale and rent. SouthCorp Capital is currently traded under the symbol of STHC
TREN TV: The Company recently acquired Torrent Energy, which trades under TREN. Torrent Energy will change its name to TREN TV and will operate as an online television network. The Company intends to have 10-15 channels within the network. The initial channel will be the Poker Network. This channel shall operate The Poker Tour (TPT). 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 Company intends to expand to include additional channels.
Embarr Downs of California: The Company will maintain its presence in thoroughbred racing but will reduce its risk and exposure by 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.
Publically Traded Subsidiaries.
SouthCorp and The Poker Tour are both publically traded. However, W+B Partners owns over 80% and as such they are deemed substantially wholly owned and would be subject to consolidated reporting, which means, the financials of W+B Partners, SouthCorp Capital and TREN TV will be included in Embarr Downs filings and will also be filed separately in their own filings to the SEC.
About Embarr Downs. The Company is a holding company that operates through its subsidiaries, Embarr Downs of California, SouthCorp Capital and TREN TV.
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.