Gaming Venture Corp. Announces Expected Completion Date of Kuhlman Merger
June 02 2005 - 9:42AM
PR Newswire (US)
Gaming Venture Corp. Announces Expected Completion Date of Kuhlman
Merger MINNEAPOLIS, June 2 /PRNewswire-FirstCall/ -- Gaming Venture
Corp., U.S.A. (OTC:GVUS) (BULLETIN BOARD: GVUS) announced that they
expect to complete the previously announced reverse merger
transaction with SK(2), Inc., a Delaware Corporation and parent
company of Kuhlman retail stores ("Kuhlman") on or about June 9,
2005. Kuhlman is a specialty retailer and wholesale provider of
exclusively designed, distinctive, high quality apparel. As
previously disclosed, the transaction is designed as a reverse
merger with Kuhlman to be the surviving corporation and an
operating subsidiary of Gaming Venture Corp., U.S.A. Under the
agreement, a wholly-owned subsidiary of Gaming Venture Corp.,
U.S.A. will merge with and into Kuhlman. As a result of the merger
and in exchange for cancellation of their shares, Kuhlman
shareholders will receive shares of Gaming Venture Corp., U.S.A. On
or about June 9th, Gaming Venture Corp., U.S.A. will effectuate a
1-for-5 reverse split and change the name of the company to Kuhlman
Company, Inc. On completion of the transaction, the board of
directors of the new Kuhlman Company, Inc. will be: Scott Kuhlman,
Jon Sabes, David Ferris, Chris Larson and Daniel Rindos. Scott
Kuhlman is CEO and founder of SK(2) and will be CEO of Kuhlman
Company, Inc. Jon Sabes is CEO of Opportunity Finance, LLC, a
specialty finance company and has also been a consultant or
executive with Jon Adams Financial Co., LLP, Ernst & Young LLP,
Gaming Corporation of America and Jefferies & Company, Inc.
David Ferris is currently Assistant Vice President of Cargill, Inc.
where he advises the board of directors and management on corporate
performance and executive compensation issues and is responsible
for Cargill's compensation and benefit programs worldwide. Prior to
joining Cargill, he was a national practice leader with AON
Consulting Group. Chris Larson is Co-founder, Chief Operating
Officer and a director of Cash Systems, Inc., a provider of cash
access solutions for the gaming industry. He was previously Chief
Financial Officer of Cash Systems prior to his promotion. Daniel
Rindos is a current board member of Gaming Venture Corp., U.S.A.
and is Vice President of Roy Publishing Group, a company that
publishes multiple weekly newsstand products in the Northeast as
well as several of the top online classified web sites in the U.S.
Kuhlman is a specialty retailer and wholesale provider of both
men's and women's apparel, offered under the Kuhlman brand through
company-owned retail stores and under private labels through other
large retailers. Kuhlman opened its first retail store in July 2003
and now operates thirty (30) retail stores in 16 states, competing
in the "better-priced" market, with most stores located in upscale
malls. The majority of Kuhlman's stores are for men but the company
recently developed a woman's specialty boutique format, opening two
stores in late 2004. The strategy of Kuhlman is to develop a
nationally recognized brand by strategically opening its apparel
stores in upscale shopping malls, upscale street locations,
high-traffic transportation hubs and open air lifestyle centers.
Kuhlman also provides product design and contract manufacturing for
department store retailers seeking to augment their in-house design
and sourcing expertise. Kuhlman has approximately 150 employees and
its corporate office is located in Minneapolis, MN. Additional
information regarding Kuhlman and its apparel, and store locations
can be found at http://www.kuhlmancompany.com/ . This document
contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements
include, but are not limited to, statements about the benefits of
the business combination transaction involving Gaming Venture
Corp., U.S.A., and Kuhlman, including future financial and
operating results, the combined company's plans, objectives,
expectations and intentions and other statements that are not in
the nature of historical facts, including Kuhlman's ability to
continue expansion. Such forward-looking statements are based upon
the current beliefs and expectations of the management of Gaming
Venture Corp., U.S.A., and are subject to significant risks and
uncertainties that could cause actual results to differ materially
from those projected. These include the failure of the conditions
to the merger, as set forth in the related merger agreement, to be
met in a timely fashion (if at all), changes in market conditions,
and changes in the competitive landscape in the industry in which
Kuhlman operates. Any information which is not historical in nature
constitutes a forward-looking statement and speaks only as of the
date of this press release. Gaming Venture Corp., U.S.A. undertakes
no obligation to update investors of changes in forward-looking
statements or the risks and uncertainties in relation thereto as
more definitive information may become available. DATASOURCE:
Gaming Venture Corp., U.S.A. CONTACT: Alan R. Woinski of Gaming
Venture Corp., U.S.A., +1-201-599-8484 Web site:
http://www.kuhlmancompany.com/
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