SOURCE: Concrete Leveling Systems, Inc.

July 13, 2017 09:00 ET

Concrete Leveling Systems, Inc. Provides Corporate Update

Jericho Associates, Inc -- Mission statement update

CANTON, OH--(Marketwired - Jul 13, 2017) - On March 27th, 2017 Concrete Leveling Systems, Inc. (OTC PINK: CLEV) filed a Form 8K stating that it had entered into an Equity Purchase Agreement whereby it had acquired all of the outstanding common stock of Jericho Associates, Inc ("Jericho"), a Nevada corporation operating in the gaming, hospitality, and entertainment industries. The acquisition resulted in a change in control of the company.

On May 21st the company issued a 2017 Shareholders Update and Corporate Mission Statement. That news reported information regarding the future plans for the continued concrete leveling business as well as the company's plans utilizing its Jericho division to access opportunities within the casino gaming, hospitality, entertainment industries. Jericho has retained the services of Mr. Ronald Tassinari to act as company CEO, who in turn, retained two senior gaming and hospitality executives to provide business development and consulting services to Jericho. The current three member Jericho team has a combined 100+ years of experience in the commercial and tribal gaming industry as well as the related hospitality, entertainment, and leisure time complementary activities.

The mission statement detailed industry statistics highlighting both the commercial gaming and tribal gaming segments. It also highlighted Las Vegas continuing growth factors, and also mentioned new types of casino gaming and gaming technology opportunities, also of interest to Jericho.

On June 7th, 2017 Concrete Leveling Systems, Inc. timely filed its Form 10-Q for the period ending April 30, 2017. In the company's overview section the company's two operating divisions -- concrete leveling services, and gaming and hospitality -- were discussed.

Since the acquisition Jericho has focused on seeking new opportunities within its industry segments, and has now identified certain casino opportunities: two tribal, five commercial, and one social gaming project. The company is currently in various stages of discussion, due diligence, proposals, and documentation on the seven target opportunities.

The Jericho team is in very early stages of discussion and diligence on a Las Vegas based commercial gaming opportunity located in close proximity of the Las Vegas Strip.

Jericho, with a partner, has made an initial bid for a small group of regional casinos offered for sale through an auction process. If the initial bid is accepted, an intense due diligence process will ensue, after which a final offer will be made based on confirmatory due diligence and the arrangement of project financing.

Due diligence is also being conducted on a Southwest tribal gaming opportunity. Certain Jericho team members had previously pursued this $150 mil project that did not materialize but recently came back to the company for a revisit. If the diligence process is successful, it will submit a similar proposal to the tribe through the tribe's representatives.

Jericho is in "terms agreed" with a related tribal gaming developer who has an executed Term Sheet with a West coast tribe to develop a new $300 mil+ casino/hotel and provide certain gaming equipment through a vendor agreement. The due diligence has been completed on this project and closing agreements are being reviewed by all parties. Also all remaining contingencies are being satisfied and financing is being finalized. This could be Jericho's first gaming and hospitality project for CLEV. When closing agreements are finalized, the Company will make full and complete disclosures in a Form 8K filing.

Lastly, the company is conducting due diligence on an opportunity in the area of social gaming -- gaming conducted via the internet that would have a worldwide audience. This is a project that would be a first venture into the next generation of future gaming and casino gaming technology.

It is worthy to note that these opportunities may be done solely as Jericho, or possibly as joint ventures with value added partners or associates. Also, while the company is pursuing these new opportunities and conducting appropriate diligence, it is also working with a number of investment banks, broker dealers, and financial institutions that serve the gaming and hospitality industry. Most proposals made by Jericho are prepared with its financial partner and highlight the source of funding for the project to the tribe on tribal projects, and to the seller of the asset(s) for commercial gaming projects.

Jericho intends to continue its progress in seeking appropriate opportunities in the casino gaming, hospitality, entertainment, and leisure time industries and will keep it shareholders updated on its progress through proper, appropriate, and timely disclosures. 

Safe Harbor Statement
Forward Looking Statements of the U.S. federal securities laws, which statements may include information regarding the plans, intentions, expectations, future financial performance, or future operating performance of Concrete Leveling Systems, Inc. ("CLEV" or the "Company"). Forward-looking statements are based on the expectations, estimates, or projections of the Company's management as of the date of this press release. Although the Company's management believes these expectations, estimates, or projections to be reasonable as of the date of this presentation, forward-looking statements are inherently subject to significant business risks, economic and competitive uncertainties, or other contingencies, which could cause the Company's actual results or performance to differ materially from what may be expressed or implied in the forward-looking statements. Important factors that could cause the Company's actual results or performance to differ materially from the forward-looking statements include those set forth in the "Risk Factors" sections in the Company's filings with the Securities and Exchange Commission, which are available for viewing on the SEC's EDGAR website. These forward-looking statements speak only as of the date of this press release and, except as required by law, the Company specifically disclaims any obligation to update these forward-looking statements, even if new information becomes available in the future.

Contact Information

  • Edward Barth