Tuesday July 28, 10:04 am Eastern Time
Company Press Release
ARET Announces They Have Entered Into a Joint-Venture with the Dakota
Plains First Nation (DPFN) to Develop a Resort in the Province of Manitoba, Canada
LENEXA, Kan.--(BUSINESS WIRE)--July 28, 1998--AmeriResource Technologies Inc. (OTCBB:ARET - news) announced Tuesday that its subsidiary ''Tomahawk'' has negotiated a Joint-Venture agreement with the Dakota Plains First Nation (DPFN) to develop a Resort in the Province of Manitoba, Canada near the town of Winnipeg.
The Resort will include a hotel and restaurant, bingo facility, a signature 18 hole golf course, an upscale RV Park, and activity center for outdoor sports. Tomahawk will be a 40% equity partner in the facility and will provide the engineering, design, and project management, along with long term maintenance. The Resort building design will utilize affordable state-of-the-art building technology that will reduce the construction time and utility consumption by as much as 60%. The initial budget for the Resort project is estimated to exceed $20 million US Dollars.
The First Nations in the Province of Manitoba are currently working with the Provincial government to develop and finalize compacts that would allow for Class III Gaming activities. The target dates for the successful finalization of the compacts could occur by the end of 1998. Tomahawk is in discussions with several major Hotel and Casino companies that are interested in the expanding market that Canada offers.
As previously announced, ARET has submitted an offer for the purchase of a diversified distribution and warehousing company.
The company had over $25 million in revenues in 1997 and approximately $7.1 million in assets.
AmeriResource Technologies Inc. is a full service mortgage, design and construction firm based in Lenexa, Kan., specializing in construction management services and economic development both within and outside the Native American community.
This release may contain forward looking statements that involve risks and uncertainties, including without limitations, continued acceptance of the company's products and services, increased levels of competition, new products and technological changes.
The company's dependency on financing third party supplies and intellectual property rights, and other risks detailed from time to time in the company's federal filings, annual reports, offering memorandums, or prospectus.
Contact:
Barry Denslow or Dick White
Telephone 913/859-9292
Fax 913/859-9520
or
Robert Solarchik
Telephone 800/913-9767
Fax 954/346-5796 |
