Tuesday January 11, 4:06 pm Eastern Time
Company Press Release
AmeriResource Technologies, Inc. Enters Preliminary Purchase Agreement To Acquire H & W Management Company, Inc. 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.
Contact:
AmeriResource Technologies, Inc.
Delmar A. Janovec, 913/341-2738
Fax: 413/487-3140 |
