Message #3 From:
NewsBot Date: July 24, 2006 09:43:00 AM
MYRA News Myriad Entertainment Announces Commencement of Construction Permitting And Approval Process
EDMONTON, Alberta--(BUSINESS WIRE)--July 24, 2006--Myriad Entertainment & Resorts, Inc., a Delaware corporation (OTCBB:MYRA) ("Myriad Entertainment") owns, through its wholly-owned subsidiary, MER Resorts, Inc., a thirty-three percent (33%) interest in Myriad World Resorts of Tunica, LLC, a Mississippi limited liability company ("Myriad-Tunica"). Myriad-Tunica's immediate business objective is to develop and build a $1.9 billion resort in Tunica, Mississippi. The 540-acre Myriad Botanical Resort will feature the world's first fully enclosed, climate controlled championship golf course, a 1,200-room hotel, casino, convention center and spectacular gardens. Myriad-Tunica has been granted development and gaming site approvals for the Tunica resort.
Myriad Entertainment today announced the initiation of the permitting process to secure all permits and approvals necessary for construction mobilization targeted for July of 2007.
Mr. Scott Hawrelechko, Founder and Chairman of the Board of Myriad Entertainment stated: "We are obviously excited at the progress we are making in realizing this mammoth project. The permits and approvals will enable Myriad-Tunica to be in a position to break ground and to proceed with the installation of infrastructures required for the construction of the resort."
Engineering principals John Almond PE and Michael Young PE of Allen & Hoshall (offices in Memphis, Nashville, Knoxville, Chattanooga, Tennessee, Jackson, Tunica, Hernando, Mississippi) will be the consultants to lead the permitting process. The permits and approvals will include (but not limited) to the following:
1. Corps of Engineers ("Corps") Section 10 and Section 404 permits. These pertain to navigation and wetlands issues on the Mississippi River and tributaries.
2. Yazoo-Mississippi Delta levee Board's ("YMDLB") approval for the construction of certain project features on the YMDLB property. This pertains to construction and use of the ring levee and roads to protect the site and to provide access.
3. Contract with YMDLB to give Myriad-Tunica the exclusive rights to use the rest of YMDLB property that will be rendered flood-free by the Myriad-Tunica ring levee.
4. State of Mississippi Department of Archives and History approval. This pertains to certification that there are no cultural or vegetative issues that prohibit development of the site.
5. Tunica County Building Permits. This pertains to the adequacy and acceptability of the site for the intended use.
6. State of Mississippi Department of Environmental Quality permits. This pertains to storm and water management, wastewater collection and treatment, air quality and other permits.
7. State of Mississippi Board of Health approval. This pertains to providing potable water to the development by Tunica County Utility District.
8. U.S. Environmental Protection Agency's clearance certifying that there is no pre-existing pollution on the site that requires remediation.
9. U.S. Department of Agriculture certification that there are no prime farmlands or other issues that will prohibit use of the site by Myriad-Tunica.
Cautionary Statement for the Purpose of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: Forward-looking statements in this news release are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Certain important factors could cause results to differ materially from those anticipated by the forward-looking statements, including the impact of changed economic or business conditions, the ability of the company to raise financing to initiate and complete its anticipated construction and development plan, the impact of competition, market receptivity to the company's planned resort developments, attraction and retention of experienced management, compliance with regulatory conditions, permits and licensing approvals, and other factors discussed from time to time in reports filed by the company with the Securities and Exchange Commission.
