AmeriResource Technologies, Inc. Enters Preliminary Purchase Agreement to Acquire CMR Construction Company, Inc.Business Editors DES PLAINES Des Plaines, city, United States Des Plaines (dĕs plānz), city (1990 pop. 53,223), Cook co., NE Ill., a suburb of Chicago on the Des Plaines River; inc. 1925. Among its manufactures are chemicals and electronic equipment. , Ill. and LAS VEGAS--(BUSINESS WIRE)--March 15, 2000 Delmar Janovec, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of AmeriResource Technologies, Inc. (ARET A`ret´ v. t. 1. To reckon; to ascribe; to impute. ) and Charles N. Rallo, Chairman of CMR CMR Crude mortality rate, see there Construction Company, Inc. (CMR) (www.cmrconstruction.com) with their primary offices being located in St. Louis, Missouri, jointly announced today that they have entered into a Preliminary Purchase Agreement to purchase all the outstanding common stock of CMR. CMR was founded in 1989 and the Rallo family has been involved in various family construction businesses for over 70 years. CMR presently has $25,000,000 of jobs in progress and over $270,000,000 in pending jobs under various stages of competitive/negotiated bidding. CMR and ARET were involved in jointly pursuing a $125,000,000 hotel/casino project in the Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. area. Jay, Dello and Associates, Ltd., which is under contract as the investment banking form for ARET, has arranged on behalf of ARET the necessary capital to become the equity partner in the project and CMR is the scheduled general contractor A general contractor is an organization or individual that contracts with another organization or individual (the owner) for the construction of a building, road or any other execution of work or facility. . ARET is planning on remaining the principal owner in the project along with some key strategic partnerships. The project is scheduled to begin construction within 180 days. The project has 200 suite rooms, 60 villa time-share units, and a 400 unit RV park, along with a conference center and expansion capacity for a 1,000 room tower. Mr. Janovec, Chairman & CEO, commented, "This acquisition is a critical strategic addition to our business plan of becoming recognized as both a national construction management firm and an up and coming provider of living services for Americans. We intend to continue our aggressive implementation of our business plan to become a vertically integrated company capable of implementing our business plan with minimal reliance on outside resources. We have made tremendous progress on remaining focused on building an excellent management base and we are now situated to pursue strategic relationships that benefit our shareholders both in the short and long range business plan." Statements in this press release, include forward-looking statements that include risk and uncertainties. The forward-looking statements in this press release are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Actual results may differ materially due to a variety of factors, including without limitation the Company's ability to produce and market certain products and/or services and other risks detailed from time to time in the Company's reports filed with the Securities and Exchange Commission. |
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