Press Release: AmeriResource Technologies, Inc.
November 7, 2000
LAS VEGAS and NEW YORK -- Delmar A. Janovec, Chairman and CEO of AmeriResource Technologies, Inc. (``ARET'') (OTC
Bulletin Board: ARET) and Mr. Joseph Del Valle, Managing Partner of Phoenix Partners LP. (``Phoenix'') have announced
that Phoenix Partners has executed an agreement to acquire the Torrequebrada Resort & Casino located in Malaga,
Spain for $73,000,000 million dollars US. As the financing for the acquisition has been successfully circled, the
agreement is not contingent on financing. The transaction is scheduled to close prior to February 16, 2001, subject
to the final results of the balance of the due diligence. The Torrequebrada Resort & Casino is intended to
become a holding of the company that will result form the planned merger between AmeriResource Technologies, Inc.
and Phoenix Leisure Holdings, LLC, which will be called AmeriLeisure & Entertainment Holding, Inc.
In an effort to significantly enhance the probability of a successful outcome, Phoenix, as originator and sponsor
of the transaction, has succeeded in assembling a group of co-investors and strategic partners consisting of Starwood
Hotels & Resorts (NYSE: HOT) Banco Santander, the Bank of Nova Scotia, and, a New York Stock Exchange listed
entertainment company whose gaming subsidiary will be responsible for the branding and management of the casino.
Upon consummation of the acquisition, Phoenix and Starwood intend to hold an equity interest of not less than 70%
and 20% respectively. The balance will be in the hands of the participating banks.
The Torrequebrada Resort & Casino is a five star complex located on the Costa de Sol, an area commonly referred
to as the Spanish Riviera. It boasts 350 rooms, several restaurants and lounges, indoor and outdoor pools, a private
beach, golf and a health spa facility. More significantly, however, it has one of the largest casinos in Spain
and the largest business conference center outside of Madrid. It also houses one of the better known cabaret theaters.
The replacement value of the hotel complex has been assessed at well over $100,000,000 million dollars US.
Michael Carstens, Co- Managing Partner of Phoenix Partners L.P. further stated: ``The operations of the resort
and casino have been the responsibility of its current owner, a Spanish hospitality company that specializes in
the management of small boutique hotels and not entities the size of the Torrequebrada. As a result, its facilities
have been significantly underutilized over the past several years. Despite this however, the property has produced
impressive cash flows.''
The value-added capabilities of the Phoenix group should allow the facility to achieve its maximum potential. The
post-transaction business plan to be drafted by Phoenix and Starwood will call for the property to be branded as
a Sheraton. It is intended that the casino will also be branded under a well-recognized casino management company.
The Phoenix group intends to undertake an aggressive marketing campaigns to promote the resort and casino worldwide.
Dr. Michael J. Signorelli, a well-regarded Las Vegas Hotel and Gaming Executive will serve as a consultant regarding
the gaming operations.
The acquisition of the Torrequebrada by Phoenix represents one of several ongoing transactions that when consummated
intend to become holdings of AmeriLeisure & Entertainment Holdings, Inc. Mr. Michael Carstens, Co-Manager Partner
of Phoenix Partners L.P. has indicated that in light of the advanced stages of these transactions and in keeping
with the post-merger initiatives set, Phoenix has initiated the preliminary process for the eventual listing of
AmeriLeisure & Entertainment Holdings, Inc. on the American Stock Exchange. Assuming all proceeds as planned,
states Mr. Carstens, the desired listing should be completed sometime during the first Q1 2001.
Statements in this press release, include forward-looking statements that include risk and uncertainties. The forward-looking
statements in this press release are made pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Actual results may differ materially due to a variety of factors, products and/or services
and other risks detailed from time to time in the Company's ability to produce and market certain products and/or
services and other risks detailed from time to time in the Company's reports filed with the Securities and Exchange
Commission.
For further information, contact: Delmar A. Janovec, Chairman & CEO of AmeriResource Technologies, Inc., 702-579-3347,
or fax, 702-579-3350, aretemail@yahoo.com.
SOURCE: AmeriResource Technologies, Inc.