Monday March 16, 7:01 am Eastern Time
Company Press Release
Nerox Energy Corporation Files 1997 10 Q's
Converts Over $1 Million of Debt to Stock At $1.00 Per Share
IRVINE, Calif.--(BUSINESS WIRE)--March 16, 1998--Nerox Energy Corporation (OTCBB:NROX - news) announced today that is has filed its first, second and third quarter 1997 10Q's and expects to file its 1997 10K by the end of March.
''As of September 30, 1997, the Company has converted $627,141 notes payable and accrued interest, and $400,376 accounts payable to common stock at $1.00 per share,'' commented Jack Utter, President and Chairman of Nerox. ''By converting over $1 million in debt and bringing our required filings current we are putting the company in a position to take advantage of the huge potential the Jonesville Coal Mine provides. We are currently in discussion with several joint venture partners and are currently arranging financing to begin mining at Jonesville. The company has never been closer to reaching its potential.''
Nerox Energy Corp. is an emerging growth, fully integrated energy company with interests in oil and natural gas, coal and power plant development. The company's current primary focus is targeted on the development and marketing of the largest accessible high grade bituminous coal reserves in Alaska. The company's Jonesville Coal Mine is strategically located, offering ready access to both Pacific Rim and domestic markets.
Financial Statements in this press release other than historical facts are ''forward-looking'' statements within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such statements about the Company's future expectations, including future revenues and earning, and all other forward-looking statements be subject to the safe harbors created thereby. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results could differ materially from expected results.
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