Message #8 From:
NewsBot Date: November 14, 2007 04:44:29 PM
Myriad Amends Land Agreement and Extends Closing Date
Myriad Entertainment & Resorts, Inc., a Delaware corporation (OTCBB:
MYRA), today announced that it has amended its agreement with members of
the Jack Day Perry, Sr. family to purchase more than 500 acres of land
in Tunica, Mississippi, the location of the Company’s
planned $1.3 billion world-class destination resort featuring gaming,
conventions, retail and attractions, and leisure real estate. In May
2007, Myriad disclosed that it had agreed to purchase the property for
cash, shares of the Company’s restricted
common stock and a percentage of the gaming revenue derived from gaming
activities conducted on the Company’s gaming
site. The agreement has been amended to provide for, among other things,
an increase in the cash purchase price and a 60-extension on the closing
date. These amendments reflect the Company’s continuing
discussions with interested funding partners. The closing, which
originally scheduled for August 1, 2007, will take place on or before
October 2, 2007.
ABOUT MYRIAD ENTERTAINMENT AND
RESORTS, INC.
Myriad, owns, through its wholly-owned subsidiary, MER Resorts, Inc., a
ninety-nine percent (99%) interest in Myriad World Resorts of Tunica,
LLC, a Mississippi limited liability company ("Myriad-Tunica").
Myriad-Tunica's objective is to develop and build a $1.3 billion resort
in Tunica, Mississippi. It is intended that the 500+ acre Myriad
Botanical Resort will consist of a world-class destination resort
centered on gaming, conventions, retail and attractions, and leisure
real estate. The first phase of development calls for two casinos each
with hotel, a major 600,000 square foot convention and exposition center
with hotel, an 18 hole signature-design golf facility, a significant
retail complex, a health club and spa, leisure real estate and
attractions including botanical gardens, a water park, and an “Eye
in the Sky” observatory. As part of a second
phase of development, Myriad is exploring several additional attractions
and up to four additional casinos. Myriad-Tunica has been granted
development and gaming site approvals for the Tunica resort. For more
information, see www.myriadentertainmentandresorts.com
“SAFE HARBOR”
STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995:
The statements contained in this release which are not historical facts
are forward-looking statements that are subject to risks and
uncertainties that could cause actual results to differ materially from
those set forth in or implied by forward-looking statements. These risks
and uncertainties include the Company's entry into new commercial
businesses, the risk of obtaining financing, recruiting and retaining
qualified personnel, and other risks described in the Company's
Securities and Exchange Commission filings. The forward looking
statements in this press release speak only as of the date hereof, and
the Company disclaims any obligation to provide updates, revisions or
amendments to any forward looking statement to reflect changes in the
Company’s expectations or future events.
Rasky Baerlein Strategic Communications Kelly Lynch, 617-443-9933
x. 321 klynch@rasky.com
