(BSNS WIRE) AmeriResource Announces Final Agreement in Principal Amongst
AmeriResource Announces Final Agreement in Principal Amongst Merger Candidates
Business Editors
DES PLAINES, Ill.--(BUSINESS WIRE)--Feb. 4, 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.; and Lisa
Moressi, Chairman and CEO of Crestwood Villas, Inc. (Crestwood Villas)
announced today that the Company and its merger candidates have
successfully resolved all legal and accounting issues necessary to
allow the transaction to proceed forward. The merger transaction was
closed in escrow on December 23, 1999 subject to final due diligence
by all parties. It is anticipated that the escrow will be closed out
early next week. Final terms of the transaction will be announced at
that time.
Mr. Janovec, Chairman and CEO, commented, "This transaction has
been a very complex process and the accounting and legal issues have
been successfully resolved to the satisfaction of all parties. For the
past week the management teams have been cooperating in the transition
of management systems and policies. The accounting team has begun the
process of migrating the various accounting systems to the new central
office in Rolling Meadows at this time. We anticipate a fully
operational central office no later than Friday, February 11, 2000. In
an operation this large, it is critical that we have real-time access
to all relevant decision making data. We have planned for the future
growth of the Company by developing an extensive foundation of
financial and accounting systems. This financial management system
will allow our Financial and Development Committees to review relevant
financial data that is less than 1 week old in making decisions
affecting our return on equity to our shareholders. This process has
been a large cooperative effort between our management teams and our
investment-banking firm. We presently have a number of excellent
opportunities we are evaluating with this new financial process.
Additionally, we are in negotiations with strategic partners to
develop contractual relationships to further the foundation for our
growth cycle and enhance shareholder value"
Mr. Janovec further stated, "The web site is progressing well and
it is our intention to allow our investors the ability to communicate
on a regular basis with our public relations department via the
Internet. Our new centralized office will allow all our divisions to
all operate independent of each other but allow all financial
decisions to be made based upon a Company wide financial picture. This
will allow us to make very accurate financial decisions which will
maximize our returns to our shareholders."
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
Delmar A. Janovec, 913/341-2738
Fax: 413/487-3140
KEYWORD: ILLINOIS
INDUSTRY KEYWORD: MEDICAL REAL ESTATE BUILDING/CONSTRUCTION
COMPUTERS/ELECTRONICS
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