Loading, Please Wait...
CANTON, Ohio, March 21, 2019 (GLOBE NEWSWIRE) -- Concrete Leveling Systems Inc (OTC PINK:CLEV) (the Company) and Jericho Associates, Inc (Jericho) is pleased to advise and update our Shareholders as to the current direction and progress of the Company.
Jericho Associates, Inc (“Jericho”) is a Nevada corporation formed as a special purpose company focusing on the casino gaming, hospitality, entertainment, and leisure time industries. In March of 2017, Jericho entered into an agreement with Concrete Leveling Systems, Inc, whereby Jericho became the gaming and hospitality division of CLEV.
In 2018, Jericho identified a Southwest Tribal Casino project with a development partner. The Company is now moving forward with the Tribe as to the size, scope, theme, and amenities of the casino project currently estimated to be $150 million, while concurrently providing project materials and educating senior lenders and investors to the casino development. The Partners will earn a development fee based on the total project cost. That fee is paid as funds are disbursed during the casino construction phase. The Company, in a vendor capacity, will also provide certain gaming equipment to the Tribe for use in their casino and will be paid a revenue share of the win, per game, per day for a period of 5 – 7 years.
Tribal casino projects provide an opportunity to earn fees for acting as project developer, financier, equipment provider, casino management, or gaming consulting. Jericho is currently in discussion with several other Tribes to provide similar services in an effort to create a “pipeline” of Tribal casino projects that would provide Jericho with a “layer” of monthly fee income for many future years.
The Company is also in discussions to acquire a commercial gaming project. Jericho (with financial and development partners) has identified a viable commercial casino opportunity and has engaged a New York Investment Bank to assist with the due diligence process, and to act as its sole arranger (placement agent) in connection with all debt, or equity financing for the purchase of this commercial gaming acquisition. The proposed acquisition has a complete casino, hotel, multiple restaurants, bars, and retail shops. There is ample parking, expansion possibilities and is in a choice Nevada location. The Company has also retained Nevada Gaming Council to assist it in related regulatory matters. In accordance with the terms in its LOI, the Companies are prohibited from making any press release, public statement or communication regarding the proposed transaction but will make full and complete disclosures when appropriate.
In 2018, Jericho acquired Vegas Winners, Inc. (“VWI”) and its high-profile CEO Wayne Allyn Root, VWI is in the business of providing sports gaming information, analysis, advice, and predictions (picks) utilizing all available media and advertising formats. The Vegas Winners website: www.vegaswinners.com commenced operations in November 2018. The goal was to fine tune the interactive website, develop an internet presence, test marketing and advertising venues, and to prepare for a “grand opening” in September of 2019 to coincide with the start of the 2019 – 2020 National Football season.
Jericho is preparing a forthcoming “special update” to its shareholders dedicated to Vegas Winner’s, Inc and the rapid growth of the Sports Betting Industry.
Our Company appreciates its stockholders support of its goal of developing projects to enhance enterprise and shareholder value.
Ronald J. Tassinari
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.