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 resort is intended to include the world's first climate controlled fully enclosed 18-hole golf course. Myriad Entertainment announced today that it has entered into an investment agreement (the "Agreement") with Dutchess Private Equities Fund, LP, a Delaware limited partnership ("Dutchess") whereby Dutchess is obligated to purchase up to Twenty Million dollars (US$20,000,000) of Myriad Entertainment's Common Stock (the "Common Stock"), subject to the terms and conditions of the Agreement. Further, Myriad Entertainment is obligated, pursuant to a Registration Rights Agreement with Dutchess, to register the shares of Common Stock with the Securities and Exchange Commission. Dutchess's investment in Myriad Entertainment's Common Stock will be made in reliance upon the provisions of Section 4(2) under the Securities Act of 1933, as amended (the "1933 Act"), Rule 506 of Regulation D, and the rules and regulations promulgated thereunder, and/or upon such other exemption from the registration requirements of the 1933 Act as may be available with respect to any or all of the investments in the Common Stock. "We are pleased to enter into this agreement," stated Scott Hawrelechko, Executive Chairman of the Board of Directors, "This funding structure provides the flexibility for Myriad Entertainment to access supplementary funds required for general corporate and working capital purposes." 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. Contacts:
Myriad Entertainment & Resorts, Inc.
Posts: 5120 | Registered: Jun 2004
| IP: Logged |
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
