SOURCE: Exit Only Inc.

November 25, 2008 08:02 ET

Exit Only Inc. Signs Agreement to Merge With Summit City Grand Resort & Casino Holdings Corporation

SANTA MONICA, CA--(Marketwire - November 25, 2008) - Exit Only, Inc. (PINKSHEETS: EXTO) today announced that it has signed a definitive agreement to merge with Summit City Grand Resort & Casino Holdings Corporation. The Chief Executive Officer (CEO) and President of Summit City Grand Resort & Casino are H.S. Liddell and Todd Smith.

Key political leaders have previously met to organize getting legislation approved for its gambling license for the state of Indiana. The construction of the proposed casino will be joined with the construction of a major water park, resort, and hotel. The goal is to revitalize the downtown Fort Wayne, Indiana area and provide financial support for the city. Key constituents have already conducted meetings with the Indiana Gaming Commission to initiate the process. The project is expected to bring approximately 1500 jobs to the city of Fort Wayne, Indiana.

Indiana is one of the most popular resort and casino destinations in the United States. The Annual Reports filed within the Indiana Gaming Commission by other resorts and casinos in Indiana reflects a total of $2.219 billion for annual gross revenues generated within the gaming industry for FY2008. Summit City Grand Resort & Casino Holdings Corporation is very confident that its resort and casino operations will make significant contributions towards the growth of the gaming industry while being a very unique and perfect counterpart for the state of Indiana.

The CEO of Summit City Grand Resort & Casino Holdings Corporation, H.S. Liddell, is currently a part owner of the Sosua Bay Grand Casino & Resort and the Hotel Villa Chessa out of the Dominican Republic within the Caribbean Gaming & Acquisition Corp.,,

For over 20 years, Mr. Liddell has been the owner and operator of "Piere's", one of the largest nightclubs in the Midwest located in Fort Wayne, IN. Piere's includes 5 great clubs under one roof and its "million dollar stage." Piere's is 4th in the world in concert ticket sales for "over 21" concerts. Over 1000 National Recording Artists have performed including the likes of Godsmack, Creed, REO Speedwagon and Willie Nelson. Piere's has over 65 national concerts per year and entertain over 6,000 people per week.

Mr. Liddell brings a great background in operations of large scale entertainment projects to the Company and is also the owner of some properties within Sosua including a property housing 20 apartments and 12 hotel rooms. Mr. Liddell also owns two other nightclubs, other commercial buildings, millions of dollars of downtown prime real estate development properties and warehouses in Indiana.

Mr. Liddell owns Allure Limousines, a premier limousine company that provide services for all of the Fort Wayne, Indiana area. Allure Limousines also owns a Classic Trolley in the area that holds up to 28 passengers.

Mr. Liddell owns Picasso's, the city's premier banquet facility. All of Picasso's food for weddings, anniversaries, corporate parties & more is catered by the four star restaurant owned by Mr. Liddell, Trolley Steaks & Seafood. The restaurant can cater from 10-250 people.,

As President, Todd Smith will oversee all operations for Summit City Grand Resort and Casino Holdings Corporation. Mr. Smith brings experience from currently overseeing 18 corporations, with over 300 employees, owned between himself and Mr. Liddell's umbrella of businesses over the past 21 years.

The consummation of this merger did not require a reverse of the existing shares. The merger was completed in a share swap between current management and Summit City Grand Resort & Casino Holdings Corporation. Shares were recently retired to enhance valuation in preparation for the merger completion. The current share structure will be updated on in the near future.

The company is currently in discussions with major partners to continue contributing towards the completion of this project. Significant financing options have been discussed and will be announced in detail in the near future.

About Summit City Grand Resort & Casino Holdings Corporation

Summit City Grand Resort & Casino Holdings Corporation engages in the development, ownership, and operation of casino resorts. Its primary mission will be to manage and operate the premier casino, water park, resort and hotel operations that will be based out of Fort Wayne, Indiana.,

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    David Dion