Press release from Exit Only:
Exit Only, Inc. completes merger with an Indiana based Hotel & Real Estate Developer
(FORT WAYNE, INDIANA, Jan 26, 2010) Exit Only, Inc., announced that it has completed its acquisition of Summit City Grand Resort & Casino Holdings Corporation (“Summit City”), a hotel and real estate developer headquartered in Fort Wayne, Indiana. In addition Summit City owns and operates a hotel resort in the Dominican Republic.
The transaction was structured as a business combination between the parent Exit Only, Inc. and Summit City Grand Resort & Casino Holdings Corporation whereby Summit City will become a wholly owned subsidiary and the management of Summit City were appointed as officers and directors of Exit Only, Inc. In addition, the Company plans to change its name to a name more consistent with its business and real estate development operations.
The effective date of the merger was December 10, 2009 and the Company will be posting its year end financials shortly to reflect consolidated business operations. The new Chairman and CEO, H.S. Liddell proudly stated, “The public company platform will enable Summit to facilitate our long term vision and strategy for the greater Fort Wayne community and landscape.” Mr. Liddell further stated that he was looking forward to sharing his strategic goals for the Company in the near future.
About Summit City: Summit City Grand Resort and Casino Holdings Corporation specializes in the development and management of hotel, resort and entertainment properties. Management of Summit City currently own and operate several entertainment venues in the greater Fort Wayne metropolitan area. Furthermore, management possesses significant experience in all phases of the hospitality industry and in the development of large scale real estate and construction projects. Summit City(TM)s hotel and resort in Puerto Plata, Dominican Republic combines hotel rooms and apartment suites and full range of resort amenities within close proximity to the beach, attractions and casinos.
This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended; such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward-looking statements. The Company may experience significant fluctuations in operating results due to a number of economic, competitive and other factors. These factors could cause operations to vary significantly from prior periods, and those projected in forward-looking statements.