CRVH Chilco River Holdings Inc (CE)

Dutton Associates updates its coverage of Chilco River Holdings (OTCBB:CRVH) maintaining a neutral rating. The 9-page report by Dutton senior analyst Gerald F. LaKarnafeaux, CFA, is available at www.jmdutton.com as well as from First Call, Bloomberg, Zacks, Reuters, Knobias, and other leading financial portals. The core business and assets of Chilco River Holdings, Inc. is the Bruce Hotel and Casino (Bruce) located in Lima, Peru. Prior to the merger with the publicly traded shell company, Chilco, on July 15, 2005, Bruce was owned and operated by the private company Kubuk International. In contemplation of the merger with Chilco and the resultant access to the public capital markets, the Kubuk management, we opine prematurely, closed the Bruce casino operations to undergo an expansion and renovation (the project) of the highly profitable gaming facility. The project was estimated to cost $5 million. By closing the casino operations before securing a financing on favorable terms, the Company�s cash flow from Bruce has been substantially reduced. In 2005, casino revenues contracted by 70% to $2.6 million from the 2004 level of $8.8 million. Clearly, the premature closing of the Bruce casino and management�s misplaced optimism regarding the aborted financing proposal has undermined the stock�s investment potential over the short term. About Dutton Associates Dutton Associates is one of the largest independent investment research firms in the U.S. Its 31 senior analysts are primarily CFAs are have expertise in many industries. Dutton Associates provides continuing analyst coverage of over 140 enrolled companies, and its research, estimates, and ratings are carried in all the major databases serving institutions and online investors. The cost of enrollment in our one-year continuing research program is US $35,000 prepaid for 4 Research Reports, typically published quarterly, and requisite Research Notes. Dutton Associates received $35,000 from the Company for 4 Research Reports with coverage commencing on 8/29/2006. We do not accept payment of our fees in company stock. Our principals and analysts are prohibited from owning or trading in securities of covered companies. The views expressed in this research report accurately reflect the analyst's personal views about the subject securities or issuer. Neither the analyst's compensation nor the compensation received by us is in any way related to the specific ratings or views contained in this research report or note. Please read full disclosures and analyst background at www.jmdutton.com before investing. Dutton Associates updates its coverage of Chilco River Holdings (OTCBB:CRVH) maintaining a neutral rating. The 9-page report by Dutton senior analyst Gerald F. LaKarnafeaux, CFA, is available at www.jmdutton.com as well as from First Call, Bloomberg, Zacks, Reuters, Knobias, and other leading financial portals. The core business and assets of Chilco River Holdings, Inc. is the Bruce Hotel and Casino (Bruce) located in Lima, Peru. Prior to the merger with the publicly traded shell company, Chilco, on July 15, 2005, Bruce was owned and operated by the private company Kubuk International. In contemplation of the merger with Chilco and the resultant access to the public capital markets, the Kubuk management, we opine prematurely, closed the Bruce casino operations to undergo an expansion and renovation (the project) of the highly profitable gaming facility. The project was estimated to cost $5 million. By closing the casino operations before securing a financing on favorable terms, the Company's cash flow from Bruce has been substantially reduced. In 2005, casino revenues contracted by 70% to $2.6 million from the 2004 level of $8.8 million. Clearly, the premature closing of the Bruce casino and management's misplaced optimism regarding the aborted financing proposal has undermined the stock's investment potential over the short term. About Dutton Associates Dutton Associates is one of the largest independent investment research firms in the U.S. Its 31 senior analysts are primarily CFAs are have expertise in many industries. Dutton Associates provides continuing analyst coverage of over 140 enrolled companies, and its research, estimates, and ratings are carried in all the major databases serving institutions and online investors. The cost of enrollment in our one-year continuing research program is US $35,000 prepaid for 4 Research Reports, typically published quarterly, and requisite Research Notes. Dutton Associates received $35,000 from the Company for 4 Research Reports with coverage commencing on 8/29/2006. We do not accept payment of our fees in company stock. Our principals and analysts are prohibited from owning or trading in securities of covered companies. The views expressed in this research report accurately reflect the analyst's personal views about the subject securities or issuer. Neither the analyst's compensation nor the compensation received by us is in any way related to the specific ratings or views contained in this research report or note. Please read full disclosures and analyst background at www.jmdutton.com before investing.