EDMONTON, Alberta -- Myriad Entertainment & Resorts, Inc., a Delaware Corporation, 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 announced today it has entered into three agreements for the sale of three separate casino parcels (each a "Casino Parcel") located in Tunica, Mississippi, the site of the Company's planned 540-acre resort, casino and enclosed championship golf complex.
One Casino Parcel is to be sold to High Plains Equity, LLC; one Casino Parcel is to be sold to Turtle Mountain Band of Chippewa; and one Casino Parcel is to be sold to Fort Berthold Indian Reservation. Each of the three agreements provide for a purchase price equal to $40,000,000 per Casino Parcel.
The closing date of the sale is projected for June 1, 2007, with provision for the closing on an earlier date in the event that all appropriate infrastructure is in place. Further, pursuant to each of the three agreements, Myriad Tunica shall be entitled to receive a royalty of four percent (4%) of the gross gaming revenues reported to the Commission pursuant to the Mississippi Gaming Control Act. The royalty payment is to be paid to Myriad Tunica on a monthly basis, with certain penalty payments in the event the royalty is not paid in a timely manner. Further, each purchaser of the Casino Parcel is required to pay certain other fees including a common area maintenance fee and transportation fee.
"We're delighted to be working with these casino operators who see our vision of a botanical resort as a great place to develop their business model," said Founder, Scott Hawrelechko.
"The Myriad Resort project is one of the most innovative and compact master plan concepts we have seen anywhere in the world. The combination of the Botanical Resort theme with indoor championship golf, family entertainment, caves of music, Mississippi Eye, snow & water parks, ice palace, international spa, convention center, sports arena and casinos all in 540-acres is unique. We believe this model has great potential globally," commented Roddy Carr, Vice President IMG, Tourism.
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.
Scott Hawrelechko, 780-431-0086
info@myriadgolf.com
