PEXCON, Inc. Announces Private Equity Financing; Proceeds to Purchase Working Interests in Oil and Gas Projects 4/26/2005 10:55:05 AM
FORT LAUDERDALE, Fla., Apr 26, 2005 (BUSINESS WIRE) -- PEXCON, Inc. (OTC:PXCN.PK), an oil and gas exploration and development company, today announced the company has completed a private placement sale of common stock.
Under the terms of the placement, a private equity firm purchased an agreed lot of PEXCON common stock at a price of $.04 per share. The shares can neither be converted to any other quantity of stock nor have their price adjusted. The proceeds from this financing will promptly be used to acquire working interests in oil and gas projects. The company is committed to building a stable and recurring revenue base to support and concurrently increase shareholder value.
PEXCON Chairman Gerald Dunne commented, "As a developing company, we wanted to structure a financing package that would provide an attractive equity investment while still reflecting our potential for significant revenues, negligible debt, and our position in a burgeoning oil and gas market. With very few expenses anticipated, we believe our business model will provide considerable return on investment for our shareholders over the months and years to come."
The company believes this will be the first of several financing rounds to be completed in the near future.
SOURCE: PEXCON, Inc.
PEXCON, Inc.
Peter McGoldrick, 516-825-6516
Fax: 516-825-2254
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