(COMTEX) B: AMERIRESOURCE TECHNOLOGIES INC - Successfully Completes a
B: AMERIRESOURCE TECHNOLOGIES INC - Successfully Completes a Joint Venture
Agreement with Phoenix - Leisure Holdings, Designed To Set The Company On A New
Course
New York, New York, Sep. 21, 2000 (Market News Publishing via COMTEX) -- Delmar
A. Janovec, Chairman and CEO of AmeriResource Technologies, Inc. ("ARET") and
Mr. Michael Carstens and Mr. Joseph Del Valle, Managing Partners of Phoenix
Partners LP. ("Phoenix") have announced the completion of a joint venture
agreement between ARET and Phoenix Leisure Holdings LLC ("PLH"), a privately
held leisure and entertainment holding company majority owned by Phoenix.
A key component of the joint venture is the reorganization of ARET in
preparation for its forward merger with PLH. Completion of said merger would be
subject to regulatory approval and ratification by the shareholders. Following
its successful completion, ARET intends to be renamed AmeriLeisure &
Entertainment Holdings, Inc. It is the intent of both parties to develop ARET so
that it qualifies for listing on either NASDAQ or the New York Stock Exchange.
Upon its merger, ARET's corporate office intends to be relocated to New York.
The operational office will remain in Las Vegas, Nevada.
The joint venture initially provides ARET with a 2.5% interest in PLH. It also
affords it access to the resources of Phoenix which will be utilized to design,
implement and manage all aspects of its reorganization. Mr. Janovec has
indicated that "the plan of reorganization will endeavor to position ARET as a
publicly traded holding company. Phoenix intends to provide it with the
necessary resources required to successfully undertake its new direction.
Following the successful completion of the merger, ARET will assume the holdings
and ongoing acquisition activities of PLH. It will adhere to the primary
objective of PLH: that being the acquisition of companies operating in the
luxury segment of the European resort/hotel and gaming markets as well as the
cruise industry. Subsequent to their acquisitions, each portfolio company will
be managed through a 'roll-up' initiative designed to afford it the opportunity
to capture a significant share of its market."
Phoenix is a New York-based merchant banking firm with representation in London
and Paris. It specializes in acquiring control of small and middle market
companies operating within the broadcast, leisure and entertainment industries.
Collectively, the partners and directors of Phoenix have significant M&A,
financial, and transactional experience and expertise. Certain of its members
serve on the boards of prime banks. One member in particular is a former United
States Congressman having served on the Foreign Affairs Committee. The firm's
legal representatives include the law firms of Seward & Kissel in New York and
Ashurst Morris & Crisp in Paris. PLH was organized and structured by Phoenix
with the intention of acquiring and operating luxury resorts and casinos located
throughout Europe and cruise line companies. Its organizational structure is
such that it has significant operational expertise and capabilities in each of
the target areas, thus providing it with a sizable advantage over its
counterparts. Such expertise was attained via the acquisition by Phoenix of
certain consulting companies.
In 1999, Phoenix successfully engineered the acquisition of one of the major
gaming companies in France. The transaction was funded in conjunction with its
partners PPM Ventures and the Bank of Scotland. It also acquired an interest in
Worldwide Hospitality Group, Inc., a leading hospitality project management/
consulting company which has represented clients such as Hyatt Regency, Four
Seasons, Regent Hotels & Resorts, and Hilton in projects exceeding $3 billion in
aggregate. The acquisition of WHG was enacted directly through PLH.
PLH is currently in process of completing the acquisition of a French company
that owns a well-known luxury hotel/casino located on the French Riviera. Its
partners in said transaction include Credit Lyonnais, The Royal Bank of Scotland
and Europeene de Casinos, one of the largest gaming operators in Europe.
Furthermore, PLH has reached an agreement in principle to acquire a European
company that owns and operates an upscale resort and one of the largest casinos
in Spain, both located on the Spanish Riviera. It is also actively negotiating
to acquire a major luxury cruise line. The aggregate market value of the three
ongoing transactions exceeds $450 million. This excludes other pending
transactions that Phoenix intends to enact through PLH. By virtue of its
reputation, Phoenix is being continually presented with first tier transaction
opportunities from law firms, accounting firms, prime banks, investment banking
firms and the like. This provides it with the unique advantage of being able to
clearly identify its sources of future growth.
Mr. Janovec has stated: "We are very enthusiastic about the association that has
developed between these two companies. Though the negotiation was long and
arduous, the joint venture and subsequent merger with PLH should provide ARET
with the unusual opportunity to penetrate the first-tier buyout arena and enlist
additional market makers as well as endeavor to attain a following among
institutional investors and financial analysts." Mr. Janovec also stated that
"Dr. Michael J Signorelli, Chairman & CEO of NevStar Gaming & Entertainment,
Inc. has worked tirelessly to make this venture possible. He was instrumental in
keeping negotiations going during some rather difficult periods."
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, products and/or services and other risks detailed
from time to time in 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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TEL: 702/579-3347 Delmar A. Janovec,
TEL: 702/579-3347 Delmar A. Janovec
FAX: 702/579-3350 AmeriResource Technologies, Inc.
Email: aretemail@yahoo.com
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