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Global Casinos Inc Announces Completion of Split-Off and Acquisition of REIT; Announces Name Change


Tuesday, 1 Oct 2013 08:00am EDT 

Global Casinos Inc announced that effective September 30, 2013, it consummated the Amended and Restated Split-Off Agreement and concurrently completed the acquisition of West Paces Ferry Healthcare REIT, Inc. (WPF). Under the terms of the Split-Off Agreement, the Company sold to Gemini Gaming, LLC (the Split-Off and Gemini, respectively) its gaming assets subject to all gaming related liabilities. The Split-Off was approved by the Colorado Gaming Commission on September 19, 2013. Also effective September 30, 2013 and concurrently with the Split-Off, the Company consummated the acquisition of West Paces Ferry Healthcare REIT, Inc. by purchasing all of the issued and outstanding shares of WPF common stock in consideration of an aggregate of $100 plus the elimination on consolidation of a $500,000 loan from the Company to WPF. Concurrently with the foregoing transactions, the Company filed Articles of Amendment to its Articles of Incorporation changing its name to "Global Healthcare REIT, Inc." The change of name will also be subject to the approval of FINRA, which may assign to the Company a new trading ticker symbol once the name change becomes effective. 

Company Quote

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25 Nov 2014