Wednesday March 8, 5:13 pm Eastern Time
Company Press Release
AmeriResource Technologies, Inc. Announces It Has Completed the Acquisition of Crestwood Management Company, Inc. and Crestwood Villas, Inc. ROLLING MEADOWS, Ill.--(BUSINESS WIRE)--March 8, 2000-
Delmar Janovec, Chairman and CEO of AmeriResource Technologies, Inc. (ARET) announced today that AmeriResource Technologies, Inc. has closed escrow and concluded the acquisition of Crestwood Management Company, Inc. and Crestwood Villas, Inc. The transaction completes the first phase of the planned acquisitions announced in late December, 1999. The transaction was concluded as a reverse merger with the Crestwood shareholders receiving stock, although exact terms were not disclosed.
Mr. Janovec, Chairman & CEO of AmeriResource Technologies, Inc., commented, ``This is a major step in our long term development plan for our Company. Mr. George Wilson will be acting in the capacity of President of both Crestwood Management Company, Inc. and Crestwood Villas, Inc. until further notice.'
Mr. Janovec further stated, ``This is a very exciting time for our company. We have assembled an outstanding management team and are now positioned for becoming a national leader in providing quality living services on a national basis. We are in the final stages of concluding strategic relationships which will allow us to be a major national developer of assisted care living facilities, residential apartments, adult resort lifestyle communities, and additional construction projects under Tomahawk Construction Company. We intend to aggressively pursue construction projects across the United States in which we will maintain an equity interest to continue to build shareholder value. Our new office facilities are almost completed along with our web site which will provide the shareholders a reference point to keep track of our future growth.'
The Company also announced that we have concluded a three (3) year agreement with Jay, Dello & Associates, Ltd. to provide direct construction related financing for all our projects or arrange for commercial lenders to provide construction financing for our forthcoming projects.
Mr. George Wilson, acting President of Crestwood Villas, Inc. and Crestwood Management, Inc. commented, ``The potential of this organization is excellent and I am proud to now be affiliated with this management team. I think the future is bright for this company.'
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 |
