Published:
Casino Management of America Changes Name to Crosslands Energy Corp. After Merging With "Smart Grid" Company
Casino Management of America (PINKSHEETS: CGMA) today announced that effective immediately, it has changed its name
to Crosslands Energy Corp. (Crosslands). Its common stock has been assigned
the new trading symbol (PINKSHEETS: CRDY) with CUSIP 22766J106. The name
change was approved by the Company's Board of Directors on October 13, 2009
pursuant to majority consent of its shareholders. The stock certificates
held by current shareholders do not need to be changed to reflect the name
change.
In addition, Crosslands expects to sell all of 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. Crossland
anticipates that it will dividend the shares received in this transaction
to its shareholders to complete its divestment of the casino management
business.
David Hayslip, President of Crosslands, said, "We believe that the new name
for the corporation will reflect the direction we intend to take the
company and we are truly excited about the future of the company."
About Crosslands
Crosslands, headquartered in Ft. Worth, Texas, develops, markets and
services its proprietary line of intelligent optical probes and related
products to major electric utilities. Crosslands' products 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.
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.
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