Challenger Acquisitions Limited Company Update (7853X)
November 29 2017 - 1:00AM
UK Regulatory
TIDMCHAL
RNS Number : 7853X
Challenger Acquisitions Limited
29 November 2017
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, WITHIN, INTO OR IN THE UNITED STATES, AUSTRALIA, CANADA
OR JAPAN.
For Immediate Release
29 November 2017
Challenger Acquisitions Limited
("Challenger" or the "Company")
Company Update
Challenger Acquisitions Limited (LSE: CHAL) is pleased to
announce an update on the following projects it is participating in
and on potential new projects the Board is currently evaluating.
This includes the New York Wheel Project, ("NYW Project") in which
the Company has an equity stake (US$3 million), and its recent
investment in a private UK company set to launch and operate film
focused conventions (as announced on 7 November 2017).
New York Wheel Project
The Directors of the Company remain confident that full
construction of the NYW Project will recommence in the
short-term.
Based upon a recent interview with the NYW Project developer,
the contractual dispute that the developer has with the former
wheel erectors should have no impact on the signing of a new
contract with American Bridge Company, a very experienced
engineering and construction firm that has completed a number of
complex structures, including the Tappan Zee Hudson River Crossing
(the New NY Bridge) and the Giant Observation Wheel in Las Vegas
(see www.americanbridge.net). Further updates will be made as and
when information becomes available.
Film Focused Convention
Following the announcement earlier this month, this project is
progressing exactly as the Company had expected.
With the funding from Challenger, a London based venue has now
been formally secured. The experienced event organiser is now
finalising the event website and marketing campaign to launch the
event prior to the winter holiday season. Staffing requirements are
being organised and film based action actors are now being
contacted for their potential participation. There will be a
detailed announcement once this event is launched.
New Opportunities
In addition to the two projects described above, the Challenger
Board has been busy evaluating a number of projects the Company
believes have the potential to offer near and long-term revenue
generation prospects. Two more opportunities have been declined
over the past month as the Board concluded that the projects were
not a proper fit for Challenger.
However, due diligence and discussions continue with three
potential projects with European and US potential. Further updates
will be made to the market with regards to these opportunities as
and when appropriate, although there is no certainty that any will
proceed.
Mark Gustafson, Challenger's Chief Executive Officer said, "As
an equity holder in the NYW Project, we have tremendous confidence
that the main shareholders and financial backers of the NYW Project
will support and ensure completion of this project. In addition, we
look forward to updating our shareholders on our action film
focused event in short order. This may lead to additional
opportunities in the future. The search for another significant
project continues and we would like to reach a conclusion on the
current three potential projects in the short term. We wish to
thank our patient shareholders and we will continue to provide you
with regular updates."
This announcement contains inside information.
**ENDS**
For more information visit www.challengeracquisitions.com or
enquire to:
Challenger Acquisitions Limited
Mark Gustafson +1 604 454 8677
St Brides Partners Ltd (PR)
+44 (0) 20 7236
Lottie Wadham, Charlotte Page 1177
This information is provided by RNS
The company news service from the London Stock Exchange
END
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