SOURCE: Crosslands Energy Corp.

November 06, 2009 15:15 ET

Casino Management of America Changes Name to Crosslands Energy Corp. After Merging With "Smart Grid" Company

FT. WORTH, TX--(Marketwire - November 6, 2009) - Casino Management of America (PINKSHEETS: CGMA) today announced that effective immediately, it has changed its name to Crosslands Energy Corp. (Crosslands). Its common stock has been assigned the new trading symbol (PINKSHEETS: CRDY) with CUSIP 22766J106. The name change was approved by the Company's Board of Directors on October 13, 2009 pursuant to majority consent of its shareholders. The stock certificates held by current shareholders do not need to be changed to reflect the name change.

In addition, Crosslands expects to sell all of its casino management-related assets, both tangible and intangible to a privately-held Florida company in the next few weeks. The proposed purchase price for these assets is a minority stake in the purchaser's company. Crossland anticipates that it will dividend the shares received in this transaction to its shareholders to complete its divestment of the casino management business.

David Hayslip, President of Crosslands, said, "We believe that the new name for the corporation will reflect the direction we intend to take the company and we are truly excited about the future of the company."

About Crosslands

Crosslands, headquartered in Ft. Worth, Texas, develops, markets and services its proprietary line of intelligent optical probes and related products to major electric utilities. Crosslands' products are an integral component of the emerging "Smart Grid" system being developed in the United States and abroad. An "electricity grid" is an aggregate of multiple networks and multiple power generation companies with multiple operators employing varying levels of communication and coordination, most of which are manually controlled. Smart grids increase the connectivity, automation and coordination between these suppliers, consumers and networks thus utilizing the utility more efficiently and reducing costs.

Crosslands' probes were designed to be compatible with both handheld and laptop computers for programming and reading electric meters. These series of probes, well-received by the utility industry, have established Crosslands as a leading, quality manufacturer of high technology devices. The company also distributes related products used by utilities worldwide to collect and optimize the monitoring of their customers' power usage data.

This press release includes certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, but are not limited to, statements regarding our current business plans, strategies and objectives that involve risks and uncertainties that could cause actual results to differ materially from anticipated results. The forward-looking statements are based on our current expectations and what we believe are reasonable assumptions; however, our actual performance, results and achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Factors, within and beyond our control, that could cause or contribute to such differences include, among others, the following: we have a history of losses and an accumulated deficit, expect losses to continue for the foreseeable future and are subject to risks. We don't anticipate updating any such statements.

Contact Information

  • Contact:
    David Hayslip (President)
    (877) 264-4200
    E-mail: Email Contact