HOUSTON, Dec. 22, 2004 (PRIMEZONE) -- Summit Entertainment Group (Pink Sheets:SETG) today is proud to announce the finalization of a Letter of intent (LOI) to acquire / purchase a casino in Biloxi Mississippi.
The terms of the LOI set forth that Summit Entertainment will begin casino operations in February or March 2005 for a existing casino located in Biloxi Mississippi as well as develop a new casino / hotel within 3 years of the final purchase.
John D. Jarvis Chairman of Summit Entertainment Group (SETG) stated: "This acquisition / purchase marks the beginning of Summit's casino operations in Biloxi Mississippi and will enable Summit to showcase the talents of our executive management staff and development team to the entire entertainment / gaming community."
David Tabb Summits COO stated today: "This project will prove Summit Entertainment as a world class casino developer. Summit's executive development team has set forth an aggressive time line for the beginning and completion of this project and I believe we are up to the task."
A more definitive explanation of the final agreement terms and financial status will be forthcoming in January 2005.
About Summit Entertainment Group Inc.
Headquartered in Houston Texas, Summit Entertainment Group Inc. (Pink Sheets:SETG) aspires to be a leading diversified owner and operator of multiple entertainment properties, including developments located in Las Vegas, Reno, Nevada and Louisiana. Summit Entertainment Groups press releases are available at www.Pinksheets.com or www.knobias.com . Additional news and information on Summit can be obtained by contacting the company at (281) 255-9424.
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