Vertigo Theme Parks, Inc. (Vertigo) (Pink Sheets:VTPK – News) a theme park company featuring Adrenaline Rush Adventures, announced that it has entered into a commitment letter with Gutmen Investment Corp, with respect to a $75 million credit facility. The commitment letter contemplates that the credit facility will consist of an initial term loan of $35 million, which will be used to repay certain existing indebtedness, and fund building, general operating and working capital needs.
A second term loan of $40 million will be available to finance acquisitions of the remaining rides (including Vertigo Force, which will be one of the highest, longest, and fastest roller coasters in the world) and the remaining construction cost for the Vertigo’s Park located in Buga Colombia. The facility will be secured by a lien on all of the Company’s Buga assets. "We are pleased that Gutmen has taken this step to provide us with the capital to support our next phase of growth, " said Kevin Johnson, Vertigo’s CEO. "This funding will allow us continue to grow our business and we look forward to a mutually beneficial relationship with Gutmen."
"Gutmen is excited to build a relationship with Vertigo and looks forward to supporting its future growth prospects, " said Arturo Alvarez, a spokesperson for the Gutmen Investment Corp.
Completion of the financing is subject to customary conditions precedent, including, without limitation, the preparation and execution of definitive loan documents, Gutmen’s completion and satisfaction with its legal due diligence review of the company, obtaining all necessary consents and other third party approvals, and the preparation and execution of an agreement.
About Gutmen Investment Corp.
Gutmen is a Venture Capital Fund established to invest in emerging economies across a diverse range of industries such as infrastructure development, financial services, and entertainment. The primary investment strategy is to invest in new venture developments with high arbitrage opportunities, to capitalize on the current market environment including distressed asset acquisition and the management of those assets. The Gutmen capital pool holds in excess of $750, 000, 000 liquid capital.
VERTIGO THEME PARKS, INC. with its headquarters in Boca Raton, Florida USA is responsible for Vertigo Theme Parks-Buga, an area of 2.5 million square meters in Quebrada Seca, in the municipality of Buga, Valle del Cauca, for tourist/urban purposes, and shall also be responsible for the development of Vertigo Theme Parks throughout the world. Vertigo’s mission is to build seven adrenaline based theme park destinations in seven years in strategic locations throughout the world.
It is the first organization in Colombia to reach the Latin American market by developing a new national and international tourist destination, centering this around a fun park offering unique white-knuckle experiences aimed at young people.
Vertigo, the state-of-the-art parks, will be the first in which no physical money will be used; the unique and proprietary E-Monee.com Wallet Card will be utilized as the means of payment for everything within the park. E-Monee.com is also a sponsor of Vertigo Theme Park.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications that may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above. The company cautions that these forward-looking statements are further qualified by other factors. The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.