Tuesday January 25, 9:19 am Eastern Time
Company Press Release AmeriResource and Merger Candidates Agree to Extend Closing Deadline Till January 31, 2000 DES PLAINES, Ill.--(BUSINESS WIRE)--Jan. 25, 2000--Delmar Janovec, Chairman and CEO of AmeriResource Technologies, Inc. (ARET); Jimmy Krapf, Chairman of Krapfcandoit Company (Krapf); George Wilson, Chairman and CEO of Crestwood Management Company, Inc. (Crestwood Management); and Lisa Moressi, Chairman and CEO of Crestwood Villas, Inc. (Crestwood Villas) announced today that by mutual agreement amongst all parties, the closing deadline for completing the merger of the companies into ARET has been extended until January 31, 2000.
Mr. Janovec, Chairman & CEO, commented, ''The merger transaction is almost complete at this time. The lawyers are working very diligently in completing the transition of a large number of tangible real estate assets. The complexity of the transaction is such that it is best if all parties agree on a mutual date to close the transaction. At this time, extensive cooperation is present amongst the management teams and we are all very positive about the future working relationships that have developed to date. It is best for our shareholders if we proceed as one management team versus independent units. As a sign of good faith, all parties felt it was best to complete the mergers in a cooperative manner illustrating the cohesiveness and unison that has developed amongst the management teams to date. We have completed an extensive review of our business plan for the coming year. Our business plan will remain focused on implementing our assisted care living facility roll-outs (Crestwood Villas product); completing existing continuing care retirement communities and implementing numerous new opportunities in the CCRC market that have been presented to us; strategic expansion of our hotel and resort division; further exploration of opportunities involving living service environments; and additional strategic acquisitions of companies with excellent management teams or a core of assets we feel will enhance our asset base.''
Mr. Janovec further stated, ''The response from our shareholders has been overwhelming to date. Our shareholders will be very pleased with our financial progress and the fact that our efforts have focused on building our Company asset base and integrating an excellent management team to guide this Company forward on an aggressive business plan to realize our goal of becoming a national leader in senior citizen living services and other living service environments.''
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
Delmar A. Janovec, 913/341-2738
Fax: 413/487-3140 |
