Senticore to Become a Business Development Company
HOLLYWOOD, FL -- 12/22/2004 -- Senticore, Inc. (OTC: SNIO), a diversified public holding company with an emphasis in real estate, timber, entertainment and gaming, announced today that its Board of Directors has approved Senticore’s transition to become a Business Development Company (BDC).
A BDC is a fully reporting investment company or more commonly known as a closed-end fund. These companies are regulated by the Investment Company Act of 1940. BDC regulation was formed to encourage the flow of public equity capital to private businesses in the U.S. They allow individual investors to participate in business opportunities that until recently were only available to high-net-worth investors. One of the significant benefits afforded to BDCs is the ability to quickly raise up to five million dollars during any twelve-month period without additional registration requirements.
“BDC is the next natural progression for Senticore as a publicly traded holding company. The BDC structure is designed specifically for companies such as ours and should provide the fundamental framework to assist the company in achieving our aggressive growth plans for 2005 and beyond,” stated CEO Jay Patel.
In a recent letter to shareholders released on December 6, 2004, the Senticore CEO described the company’s three-phase business plan which includes growth by acquisition, nurturing and developing its holdings to maturity, and exiting via sale or public offering. The complete shareholder letter may be found on the company’s website within the “Investor Relations” link or http://www.senticore.com/investorrelations/.
“Like all transactions, there are pros and cons, but we feel the overall benefits far outweigh any disadvantages involving our transition to a BDC. In fact, the greater reporting requirements of BDCs imposed by the SEC, often considered a negative by operators, are actually a positive for investors and shareholders. We believe this step will set Senticore apart from the majority of Bulletin Board traded companies and lend increased credibility to management and the company as a whole,” added Patel. “Our decision is the result of a thorough evaluation of the merits of the transition to a BDC and we believe our shareholders will be pleased with the direction of the company.”
Senticore, Inc. is a public holding company designed to effect the acquisition of businesses and real estate within a diverse group of sectors including timber, hospitality, residential and commercial real estate, entertainment and gaming. Recently closed deals include the acquisition of Pokerbook Gaming Corp (OTC: POKG), a strategic alliance partnership with SkillJam, and the acquisition of a gaming permit from Venezuela. Additional information on the company and its holdings may be found on the corporate website: www.senticore.com.
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Certain of the statements contained herein, which are not of historical facts, are forward-looking statements with respect to events, the occurrence of which involve risks and uncertainties. These forward-looking statements may be impacted, either positively or negatively, by various factors. Information concerning potential factors that could affect the Company is detailed from time to time in the Company’s reports filed with the Securities and Exchange Commission.
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- Investor Relations
- Senticore, Inc.
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