News release from ORSI:
SAWYER ADECOR INTERNATIONAL, INC. Enters into Asset Acquisition Agreement
STOCKTON, Calif., March 26 /PRNewswire/ -- Fully reporting SAWYER ADECOR INTERNATIONAL, INC. has entered into an asset acquisition agreement and acquired all the assets and liabilities of privately owned OIL RETRIEVAL SYSTEMS, INC., Fort Worth, Texas. The agreement calls for among other things, change of the corporate name to OIL RETRIEVAL SYSTEMS, INC. (Nasdaq Bulletin Board: ORSI), change the board of directors and officers to include: M.O. Rife, III -- Chairman and President; Joe Bill Bennett -- Director and Vice President; Thomas Schliem -- Director; Pattey Hill -- Secretary and Kevin S. Benesch -- Treasurer, change the corporate office to 5020 Collinwood, Fort Worth, Texas, and a 1 for 10 reverse of the common stock. The new capitalization of the combined entities will be approximately 6,000,000 shares of the common stock with an estimated public float of 300,000 shares.
ORSI designs, manufactures and sells portable swabbing units to the oil and gas industry. The company operates out of a 60,000 square foot manufacturing facility in Fort Worth, Texas. The swabbing units are designed to keep shallow stripper or marginal oil and gas wells economically productive. The units provide a unique cost effective method for removal from the well bore of oil, gas and water. The portable units due to their applications, eliminates the time consuming costly need to rig up, run tubing, rods, downhole pumps, pump jacks and hook up to electricity. Basically, the unit consists of one of three different drive mechanisms: tractor, converted seismic unit, or truck chassis dependent on field application, depth of well and terrain. The units are equipped with a wench, wire line cable, 40 to 80 barrel fluid holding tank, hydraulic pump, digital depth controls, hydraulic oil saver, rope socket, swab cup mandrel, weight bar assembly and all other related equipment.
ORSI anticipates minimum profitable sales in 1997 of $3.5 million and 1998 sales in excess of $10 million. With the recent breakout of oil and gas prices to five year highs, ORSI plans to reap benefits for its shareholders by strategically taking advantage of the escalating prices, shortage of service equipment and personnel. Twenty percent (20%) of the stock of ORSI is owned by publicly traded OILEX, INC. (Nasdaq Bulletin Board: OLEX) headquartered in Houston, Texas. OLEX currently has an order for delivery in 1997, 10 portable swabbing units from ORSI.
SOURCE OIL RETRIEVAL SYSTEMS, INC. |
