Thursday May 4, 4:20 pm Eastern Time
Company Press Release
AmeriResource Announces Intent To Enter Into the
Hotel, Resort and Casino Business
ROLLING MEADOWS, Ill.--(BUSINESS WIRE)--May 4, 2000--Delmar Janovec, Chairman and CEO of
AmeriResource Technologies, Inc. (ARET), announced today that on March 30, 2000, it entered into a real estate purchase
agreement to acquire the Mesquite Star Hotel and Casino, located in Mesquite, Nevada. The scheduled acquisition of this
property marks Ameriresource's affirmative entry into the hotel, resort and casino business in Nevada. The subject property
is a presently has 210 full-service hotel rooms, including 13 suites and 2 restaurant. The hotel presently has a full service
casino area of approximately 38,000 square feet, which can accommodate 410 slot machines and 10 live gaming tables. The
property acquisition would also includes an additional 24 acres of land for future development of an additional hotel tower of
approximately 210 rooms and a 300 pad recreational vehicle park. The appraised value of this facility is over $31,000,000.
Financing for the acquisition will be provided by Jay, Dello & Associates, Ltd., subject to final underwriting and due
diligence being completed. Additionally, the Company will be required to complete an application for a Nevada gaming
license or provide for a joint venture operator to operate the casino on behalf of the Company.
Mr. Janovec stated, ``It is our intention to immediately develop the second phase of the hotel property once we close this
transaction. With our recent acquisitions and our vertically integrated business plan, the Company is capable of internally
developing the subject property. We are very confident that we can complete this project by the end of the fourth quarter of
the year 2000. We have an excellent management team in place with years of development experience and we intend to
aggressively pursue similar projects.''
Mr. Janovec further stated, ``It is our intention to continue present negotiations with numerous land developers in the
California region due to the recent legislation allowing Native American gaming sites. We are ideally positioned for becoming
a partner in both the development and operations of any such sites. We feel we are on course for an excellent year and we
will continue to pursue projects concentrated in the living services field, including but not limited to the assisted care market
place, apartments, mobile home parks, and the hotel, resort and casino business.''
Mr. Janovec further states, ``We have a definite idea of where we want to be in two years and we have embarked to
accomplish that goal on behalf of our shareholders, either through strategic acquisition of quality companies and people, or
by developing the opportunities internally through joint venture arrangements. At this time we are seriously considering
numerous opportunities that would fit into our short and long range goals of the Company. Our main goal is finding
opportunities that generate short term cash flow for earnings and increasing shareholder value through strategic acquisitions.''
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 Janovec, 847/221-2801
fax: 847/221-2807
aretemail@yahoo.com
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