Company Update

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	[phone]
St Brides Partners Ltd (PR)
Lottie Wadham, Charlotte Page	[phone]

 

END

 

 

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