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Gold/Mining/Energy : Westrend Natural Gas - I.D.E. Hot Stock
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To: Wink who wrote (1932)7/9/1999 5:13:00 PM
From: Leigh McBain  Read Replies (1) of 2011
 
News Release out:

Westrend drops negotiations with Majestic; plans 1 for 15 rollback

Westrend Natural Gas Inc - WRN.VSE
Shares issued 28,730,724
Jul 8 close $0.08

Fri 9 Jul 99 - News Release
Mr. Stephen Winter reports:

Further to earlier announcements of Westrend, management has not been able to negotiate an acceptable acquisition agreement with the Majestic Companies, Ltd. at this time. Negotiations are suspended until Westrend restructures its affairs. Management also confirms that a rift has developed with Taylor Rig management over fees that management believes are payable to Westrend by Taylor Rig pursuant to a governing shareholders agreement. Westrend has been advised by Taylor Rig management that there has been no new business since the last press release by Westrend discussing Taylor Rig business. Management is also advised by the operator of Alamo Logging that business is suspended due to the decline in activity in the oil and gas logging services industry, and due to working capital deficiencies.

Westrend is critically in need of working capital in order to complete its year-end audit as of Jan.31. Westrend is now in default with the
completion, filing and mailout of the audited financial statements and its first quarter April 30 statements, and can have the trading of its shares halted at any time by the British Columbia Securities Commission. The halt or cease trade would not be lifted until all financial statement filings have been made to the satisfaction of the commission, and the Vancouver Stock Exchange is satisfied that Westrend meets listing maintenance requirements. Further requirements must be met if the cease trade is in place for more than 90 days.

Westrend has been taking steps to complete a working capital financing but, due to the market price for Westrend shares being below the minimum price that Westrend can issue shares in accordance with the rules of the Vancouver Stock Exchange, efforts have not been successful. As a result, Westrend is proceeding with a 1 for 15 consolidation (reverse split) and name change, that was approved at last year's annual general meeting.

(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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