DTLL to Acquire Additional Interest in Grand Sierra Resorts
RENO, NV, February 28, 2006. DTLL, INC (OTCBB:DTLI) announced today that it has acquired an option from Angela Whichard, Inc to purchase its existing shares in Grand Sierra Resorts, consisting of approximately 40% of the GSR outstanding stock and the option to purchase a 50.6% interest in GSR.
In this transaction DTLL, Inc will acquire AWI's interest in the Grand Sierra Resorts Corporation ("GSR") and intends to acquire certain contract rights to purchase a controlling interest in GSR. GSR is currently under contract to purchase the Reno Hilton (NYSE:HLT) currently held by Harrahs Entertainment, Inc (NYSE:HET).
Haywood Whichard of Angela Whichard, Inc was quoted as saying, "We are excited about realizing value on this investment with the shareholders of DTLL and we are confident that the executive team at Grand Sierra Resorts will provide substantial returns for the GSR shareholders."
Following the acquisition of the Reno Hilton, GSR intends to initiate a renovation and repositioning program (the "Redevelopment Project") as the first phase of a master development plan intended to create one of the Country's largest destination resort and entertainment complexes outside of Las Vegas. The Redevelopment Project will include the revitalization and branding of the Hotel into the Grand Sierra Resort & Casino ("Grand Sierra Resort"), the renovation and upgrade of all hotel rooms and common areas, the addition of high end retail shops, celebrity restaurants, entertainment venues, midways as well as the nation's largest indoor water park.
GSR intends to have the Grand Sierra Resort property developed as a destination hotel, resort and casino, with condominiums and other amenities.
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