AmeriResource Technologies, Inc. Enters Preliminary Purchase Agreement to Acquire CMR Construction Company, Inc.
March 15, 2000 04:31 PM Eastern Time
DES PLAINES, Ill. and LAS VEGAS--(BUSINESS WIRE)--March 15, 2000--Delmar Janovec, Chairman and CEO of AmeriResource Technologies, Inc. (ARET) and Charles N. Rallo, Chairman of CMR Construction Company, Inc. (CMR) (www.cmrconstruction.com) with their primary offices being located in St. Louis, Missouri, jointly announced today that they have entered into a Preliminary Purchase Agreement to purchase all the outstanding common stock of CMR.
CMR was founded in 1989 and the Rallo family has been involved in various family construction businesses for over 70 years. CMR presently has $25,000,000 of jobs in progress and over $270,000,000 in pending jobs under various stages of competitive/negotiated bidding.
CMR and ARET were involved in jointly pursuing a $125,000,000 hotel/casino project in the Las Vegas area. Jay, Dello and Associates, Ltd., which is under contract as the investment banking form for ARET, has arranged on behalf of ARET the necessary capital to become the equity partner in the project and CMR is the scheduled general contractor. ARET is planning on remaining the principal owner in the project along with some key strategic partnerships. The project is scheduled to begin construction within 180 days. The project has 200 suite rooms, 60 villa time-share units, and a 400 unit RV park, along with a conference center and expansion capacity for a 1,000 room tower.
Mr. Janovec, Chairman & CEO, commented, "This acquisition is a critical strategic addition to our business plan of becoming recognized as both a national construction management firm and an up and coming provider of living services for Americans. We intend to continue our aggressive implementation of our business plan to become a vertically integrated company capable of implementing our business plan with minimal reliance on outside resources. We have made tremendous progress on remaining focused on building an excellent management base and we are now situated to pursue strategic relationships that benefit our shareholders both in the short and long range business plan."
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
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