Message #5 From:
NewsBot Date: January 19, 2007 04:30:00 AM
MYRA News Myriad Entertainment and Resorts, Inc. Announces Strategic Management Changes, Corporate Restructuring and Other Initiatives to Support New Business Plan
MEMPHIS, Tenn.--(BUSINESS WIRE)--Myriad Entertainment and Resorts, Inc., a Delaware corporation (OTCBB:
MYRA), today announced that it has undertaken several strategic
initiatives to support the Company’s new
business plan, which focuses the Company’s
current efforts and resources on the development of the Myriad Botanical
Resort in Tunica County, Mississippi.
New Management Expertise and Relocation of Corporate Headquarters
In May 2006, John Meeske was nominated to the Board of Directors and, in
July 2006, was appointed CEO. With more than 30 years of direct
experience in the resort and hospitality industry, John’s
professional career has largely been focused and dedicated toward the
ownership, management, marketing, financing and repositioning of
Destination Resorts & Clubs. John replaces Scott Hawrelechko, the
founder of Myriad, who stepped down from the role of CEO.
In August 2006, Nicholas A. Lopardo joined the Company as Chairman of
the Board. The past Chairman and Chief Executive Officer of Susquehanna
Capital Management Group, an investment holding company based in
Massachusetts, Nick retired in December 2001 as Vice Chairman of State
Street Corporation and Chairman and Chief Executive Officer of State
Street Global Advisors (SSgA), the bank's investment management group.
Under his leadership, the money-management arm of SSgA grew from $9
billion to $800 billion in assets.
Myriad also announced that it is in the process of relocating its
corporate headquarters from Alberta, Canada to Memphis, Tennessee.
Corporate Restructuring
To better facilitate the funding and development of the Myriad Botanical
Resort and build shareholder value, Myriad announced that it has
increased its ownership position in Myriad Resorts of Tunica LLC (“Myriad
Tunica”) from 33% to 99% of the limited
liability company membership interests. Myriad Tunica is now a majority
owned subsidiary of Myriad and, as a result, Myriad owns all of the land
positions, casino positions, entitlements, designs, feasibility studies
and appraisals.
Development Vision
The Company also unveiled its revised vision for the Myriad Botanical
Resort. “Over the last several months, our
plans for this 500+ acre parcel have continued to evolve,”
stated John Meeske, CEO of Myriad. “Previously,
the project called for a casino and convention resort anchored by a
fully enclosed championship golf course. Today, our vision for the first
phase of development has advanced to a comprehensive plan to develop a
$1.62 billion world-class destination resort centered on gaming,
conventions, retail and attractions, and leisure real estate.”
Designed by Paul Ma, a world renowned creative designer for destination
resorts and a member of the Myriad Board of Directors, the Myriad
Botanical Resort will be based on a botanical garden theme and will
offer world-class facilities and amenities along with unique experiences
and services. 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.
The Myriad development team and its outside engineers and consultants
continue to work with local and state officials in Mississippi to secure
the necessary entitlements, site approvals and building permits required
to bring the Tunica project to life. Myriad also continues to work with
state authorities to explore grants and other opportunities to defray
the costs associated with infrastructure improvements.
“Through the changes and initiatives
announced today, we are positioning Myriad for success and beginning the
process of transforming our vision into reality,”
stated Nick Lopardo, Chairman of the Myriad Board of Directors.
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 $1.62 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.myriadworldresorts.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.
