SAN ANTONIO, Texas, May 5, 2005 (PRIMEZONE) -- The Board of Directors of Jaguar Resorts Inc. (Pink Sheets:JGRT), a Texas Corporation, cancelled the July 2004 merger agreement with Simmetech, Inc. Jaguar Resorts principals will simultaneously return 50,000,000 shares to the treasury. This return reduces the number of Simmetech shares from 71 million to 21 million. The 2004 agreement to merge was done in accordance with Jaguar Resorts' business plan, which provides for a development in San Miguel de Allende Mexico, and a critical need for historical financials so that the company could list its shares on the OTC Bulletin Board.
In conferences with the company's accountants, it was deemed that management would be unable to receive the financial documents necessary to become a fully reporting company and list on the OTC Bulletin Board. Jaguar Resorts management has concluded that it is in the best interest of all shareholders to dissolve this merger.
The Private Securities Litigation Reform Act of 1995 (the "Act") provides a safe harbor for forward-looking statements made by the Company or on its behalf. All statements which address actual results could differ materially from those expressed or implied in forward-looking statements. Important factors that could cause the actual results of operations or financial condition of the Company to differ include, but are not necessarily limited to, the Company's operating performance, events, or developments that the Company expects or anticipates may occur in the future are forward-looking statements. These statements are made on the basis of management's views and assumptions; as a result, there can be no assurance that management's expectations will necessarily come to pass. Management cautions that ability to attract clients and generate business; a decline in the Company's financial ratings; the competitive environment; the Company's ability to raise sufficient capital to meet the collateral requirements associated with its current business and to fund the Company's continuing operations; and changes in market conditions.