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(BSNS WIRE) AmeriResource Technologies, Inc. Enters Preliminary Purchase
AmeriResource Technologies, Inc. Enters Preliminary Purchase Agreement To
Acquire H & W Management Company, Inc.
Business Editors
DES PLAINES, Ill. and LEXINGTON, Ky.--(BUSINESS WIRE)--Jan. 11,
2000--Delmar Janovec, Chairman and CEO of AmeriResource Technologies,
Inc. (ARET) and George Ward, President of H & W Management Company,
Inc., (H & W) located in Lexington, Kentucky jointly announced today
that the ARET they have entered into a Preliminary Purchase Agreement
to purchase H & W Management Company (www.handwmgmt.com), a the
hospitality management and ownership company and seven affiliated
companies comprised of wholly-owned parent-subsidiary companies and
limited partnership interests. H & W owns and manages eight hotel
properties located in Virginia and Kentucky. H & W assets are valued
in excess of $22,000,000. The merger is subject to final due diligence
by both parties, which will begin immediately.
Mr. Janovec, Chairman & CEO, commented, "This acquisition is part
of our continued effort to enhance shareholder value by acquiring
additional assets and quality management personnel to fulfill our goal
to be a major national senior citizen lifestyle management company.
When people hear the name Crestwood, we want to be known for the
outstanding quality of care we will provide our residents, whether it
involves assisted care living facilities, continuing care retirement
communities, or hotels. This acquisition strategically positions us to
have a solid core management team in place to continue our growth
cycle."
Mr. George Wilson, President of Crestwood Management Company,
Inc. commented, "Mr. Howard and Mr. Ward represent an excellent
addition to our already quality management team. They bring extensive
financial and development experience to our core management group,
allowing us to meet our growth cycle and new facility rollout planned
for the next 36 months."
Mr. George Ward and Mr. Don Howard issued this joint statement,
"We are very excited about the opportunity to provide this
organization an additional level of depth for what will be a
aggressive growth cycle planned for the next 36 months. We especially
like the fact this organization has a solid investment banking
relationship which is essential for the long term growth planned for
this company. We have a number of existing projects that we can now
proceed forward on once this merger is completed."
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
provisions of the Private Securities Litigation Reform Act 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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CONTACT: AmeriResource Technologies, Inc.
Delmar A. Janovec, 913/341-2738
Fax: 413/487-3140
KEYWORD: ILLINOIS KENTUCKY VIRGINIA
INDUSTRY KEYWORD: REAL ESTATE BANKING MERGERS/ACQ
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