SOURCE: Casino Management of America, Inc.

October 15, 2009 15:05 ET

Casino Management of America Acquires Crosslands Utility Services, Inc.

FT. WORTH, TX--(Marketwire - October 15, 2009) - Casino Management of America (PINKSHEETS: CGMA) today announced that it had closed its acquisition of Crosslands Utility Services, Inc. (Crosslands), a company headquartered in Ft. Worth, Texas. Crosslands Utility Services, Inc. develops, markets and services its proprietary, intelligent optical probes and related products to major electric utilities. The transaction, structured as a stock exchange, results in Crosslands' shareholders becoming the majority owners of CGMA. Crosslands' officers and directors will become CGMA's officers and directors and Mr. Foland will resign from all positions with CGMA.

In addition, CGMA expects to sell all 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. CGMA anticipates that it will dividend the shares received in this transaction to its shareholders to complete its divestment of the casino management business.

Crosslands' products, incorporating its proprietary technology, 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.

Gene Foland, President of CGMA, was quoted as saying, "The timing of the Company's transition into the utility services industry couldn't be better given the global focus on reducing 'greenhouse' gases through energy conservation." In 2009, President Barack Obama asked the United States Congress "to act without delay" to pass legislation that included doubling alternative energy production in the next three years and building a new electricity "smart grid."

Clyde Parks, Crosslands' Chairman, said, "The CGMA transaction is expected to 'jump-start' Crossland's growth plans by providing it with public shares that may be used as a currency to acquire synergistic companies and assets. Also, we intend to pursue various financing options that only are available to public companies."

About Crosslands

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

  • For further information, contact:
    David Hayslip
    President
    (877)-264-4200
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