(COMTEX) B: AmeriResource Technologies, Inc. and Phoenix Leisure Hold
B: AmeriResource Technologies, Inc. and Phoenix Leisure Holdings, LLC Board of
Directors Approve a Preliminary Reorganization Plan for ARET
LAS VEGAS and NEW YORK, Oct 9, 2000 /PRNewswire via COMTEX/ -- Delmar A.
Janovec, Chairman and CEO of AmeriResource Technologies, Inc. ("ARET") (OTC
Bulletin Board: ARET) and Mr. Michael Carstens and Mr. Joseph Del Valle,
Managing Partners of Phoenix Partners LP. ("Phoenix") have announced the
Partners Committee of Phoenix Partners, L.P. and the Board of Directors of
AmeriResource Technologies, Inc. have both preliminarily approved both the
proposed merger of ARET and Phoenix Leisure Holdings, LLC ("PLH") and the plan
of reorganization for the post-merger company, AmeriLeisure & Entertainment,
Inc.("the Company"). The merger will be presented to the shareholders for
ratification at the annual meeting to be held within the next 180 days.
Mr. Joseph Del Valle, Co-Managing Partner of Phoenix Partners further states
that, "As PLH is in the final phase of certain ongoing acquisitions and, subject
to any unforeseen events and final approvals, expect to fully consummate one and
possibly two of the larger ongoing transactions by the end of this year or in
the first quarter of next year therefore, the merger process needs to proceed on
a timely basis."
Mr. Joseph Del Valle further stated, "the key components of the plan of
reorganization, to be immediately implemented upon consummation of the proposed
merger, include organizational structure, acquisition policy, which will adhere
to the current policy of PLH, and capital structure. Organizational issues
agreed upon include, but are not limited to the election of certain partners and
directors of Phoenix to the Company's Board of Directors, continued legal
representation by Seward & Kissel in New York and Ashurst Morris & Crisp in
Paris and the formation of an executive committee comprising of certain
Directors of the Company and two other individuals having significant senior
management experience in the cruise, hospitality and gaming industries. The plan
also calls for the hiring of certain individuals to fill the positions of CFO
and Senior Vice President of Marketing. Mr. Delmar A. Janovec will continue to
serve as President/CEO and will also be a member of the executive committee. Dr.
Michael Signorelli, Chairman and CEO of NevStar Gaming & Entertainment, will
also serve on said committee."
Mr. Janovec further stated that, "the plan has been specifically designed to
allow the Company to achieve its primary objective of developing a portfolio of
companies operating within certain segments of the European gaming and
hospitality industries and the general cruise industry. The Company will also
consider the acquisition of television broadcasting stations and certain
providers of services to the film industry. As the market share and overall
value of each portfolio entity is maximized, the Company will endeavor to
initiate an exit strategy consisting of either a third party sale or an initial
public offering. The proceeds of such will be realized by the Company and
distributed to shareholders in the form of dividends."
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.
SOURCE AmeriResource Technologies, Inc.
CONTACT: Delmar A. Janovec, Chairman & CEO of AmeriResource
Technologies, Inc., 702-579-3347, fax 702-579-3350, aretemail
yahoo.com
(ARET)
prnewswire.com
(C) 2000 PR Newswire. All rights reserved.
-0-
KEYWORD: Nevada
New York
INDUSTRY KEYWORD: LEI
CNO
SUBJECT CODE: TNM
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