CANTON, Ohio, March 01, 2018 (GLOBE NEWSWIRE) -- Concrete Leveling Systems Inc (OTC PINK:CLEV) (the Company) and Jericho Associates, Inc (Jericho) announced today that on February 25th, 2018 the parties entered into an agreement whereby Jericho has fulfilled its obligation of identifying a Business Opportunity for the Company. Jericho has identified the acquisition of 50% interests in Cobblestone Group, LLC, and 50% interest in Parable Partners, LLC (the LLCs). The LLCs have a Term Sheet agreement to develop a casino and hotel resort, and provide certain gaming equipment on a shared profit basis. The contemplated $300mil+ project is in the process of regulatory review, finalization of closing documents, and completion of financing. The development as currently planned consists of 160,000 sq ft gaming facility with multiple restaurants, bars and lounge, a parking structure and hotel with related amenities.
While advancing the identified project forward Jericho is also exploring other opportunities in the commercial and gaming industries, as well as the hospitality and related complementary entertainment space. Other areas of interest to Jericho are skill based games, e-sports, fantasy sports and social casino gaming. Jericho is currently conducting diligence on a live dealer social casino gaming company that is in the advanced stages of development and live game testing.
Jericho plans to leverage its growth and expansion plans off its team of skilled and experienced casino gaming, hospitality, and entertainment professionals serving Jericho as business development advisors in pursuing and analyzing opportunities, and adding value to those assets if acquired. Those advisors have a combined more than 100 years of experience in the gaming and resort industry.
CLEV will continue operating its concrete leveling business as its core business while the development of its gaming & hospitality division matures. The identifying of the new Business Opportunity is a major step in that direction.
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.
Edward A,. Barth
Source:Concrete Leveling Systems Inc.