CANTON, Ohio, May 16, 2019 (GLOBE NEWSWIRE) -- Concrete Leveling Systems Inc (OTC PINK:CLEV) (the Company) and Jericho Associates, Inc (JAI), its gaming and hospitality division, are pleased to advise its Shareholders of the following.
Jericho has notified CLEV Management that with its development partner has entered a comprehensive MOU and term sheet on its Southwest $190+ MIL Tribal Casino and Hotel Development project in two phases. Upon current managements review this event will fulfill the Performance Requirement of the Purchase Agreement (PA) executed between CLEV and Jericho dated March 24, 2017. As final execution of the PA will result in a change of control of CLEV management per the terms of the PA. Upon closing CLEV will become a complete gaming, hospitality, entertainment and leisure time operating entity. With closing complete Jericho will begin the process of a corporate name change, to better reflect its core business, acquire a new stock trading symbol, and to seek to elevate its trading activities to a higher exchange. Jericho will also select and appoint its new Board of Directors and create an Advisory Board and elect new corporate officers.
Jericho, with its project partner, will be the Tribe's Development partner for its new casino, and assist the Tribe in arranging casino and hotel financing, overseeing construction, and assist in all pre-opening activities. Upon completion of construction, the project partners will provide certain gaming equipment to the casino on a shared revenue basis for a period of 7 years. This will be the first Jericho Tribal casino project and will complement its Vegas Winners, Inc (VWI) sports wagering business. VWI provides sports research, data, analysis and selections to sports fans and bettors. Sports wagering is a rapidly emerging industry and VWI plans to be a significant company in this space as more states legalize sports betting.
Further, Jericho has retained a New York Investment Banking firm to assist it, and its project partner, in its due diligence process, and to act as financial placement agent in connection with a land based commercial gaming opportunity. As previously disclosed, this gaming project has complete casino, hotel, amenities and expansion possibilities in a select Nevada location. Jericho is currently in discussion with a viable development and financial partner for this project.
Current management is extremely pleased to be moving forward with the CLEV/Jericho acquisition per the PA terms. Current management has worked with Jericho's management team for over 3 years to bring to fruition the closing of the PA. CLEV's Founder and CEO Suzanne I. Barth will retain 550,000 shares of CLEV stock equal to 5.2% of the outstanding shares. Edward A. Barth will cancel all his 879,167 shares and will remain as Division Manger of the new Jericho company's Concrete Leveling Equipment division in a non-corporate position.
Upon completion of Jericho taking control of CLEV's Public Company, it will continue its pursuit of Tribal and commercial gaming and hospitality opportunities, as well as new gaming technology, social gaming, e-gaming and innovations within the casino gaming industry in an effort to enhance enterprise and shareholder value.
Edward A. Barth
Safe Harbor Statement
Forward Looking Statements of the U.S. federal securities laws, which statements may include information regarding the plans, intentions, expectations, future financial performance, or future operating performance of Concrete Leveling Systems, Inc. ("CLEV" or the "Company"). Forward-looking statements are based on the expectations, estimates, or projections of the Company's management as of the date of this press release. Although the Company's management believes these expectations, estimates, or projections to be reasonable as of the date of this presentation, forward-looking statements are inherently subject to significant business risks, economic and competitive uncertainties, or other contingencies, which could cause the Company's actual results or performance to differ materially from what may be expressed or implied in the forward-looking statements. Important factors that could cause the Company's actual results or performance to differ materially from the forward-looking statements include those set forth in the "Risk Factors" sections in the Company's filings with the Securities and Exchange Commission, which are available for viewing on the SEC's EDGAR website. These forward-looking statements speak only as of the date of this press release and, except as required by law, the Company specifically disclaims any obligation to update these forward-looking statements, even if new information becomes available in the future.
Source: Concrete Leveling Systems Inc.