SOURCE: Casino Management of America, Inc.

August 17, 2009 15:30 ET

Casino Management of America, Inc. to Purchase Company Serving the Utilities Industry

LIGHTHOUSE POINT, FL--(Marketwire - August 17, 2009) - Casino Management of America, Inc. (PINKSHEETS: CGMA) announced it has signed a letter of intent to acquire Crosslands Utilities Services, Inc., a Texas-based company that develops, markets and services its proprietary, intelligent optical probes and related products to major electric utilities throughout the United States. Crossland's proprietary technology is an integral component of the emerging "Smart Grid" system being developed in the United States and abroad.

The Company has found an opportunity for a revenue producing business with growth and other potentials. To further the acquisition plans, the Company signed a letter of intent to acquire the Crosslands. Given the global economic recession and shift to emerging energy solutions, the Company's Board of Directors decided that it could enhance its shareholders' value by seizing an opportunity to shift from the gaming industry focus to the energy industry. Over the next 90 days, the Company plans to close the acquisition of Crosslands, seek additional acquisitions within the utilities services industry and divest its casino management operations or focus. The closing of the transaction is subject to a number of conditions customary for similar transactions.

Gene Foland, Casino Management of America's CEO, commented, "We anticipate the acquisition of Crosslands proceeding smoothly and look forward to an exciting new direction for the Company." Clyde Parks, Chairman of Crosslands Utilities Services, Inc., said, "We intend to leverage Crosslands' technologies and management's industry relationships to pursue synergistic opportunities."

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. Their 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:
    Gene Foland
    (954) 480-6677
    Email Contact