FWIW, Charleston Post-Courier mention of the press release......
Guessing the spread is 1/2 3/4, mms flipping shares to willing buyers and sellers for the 1/4.
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Green Oasis, British sign deal
Thursday, September 9, 1999
By JIM PARKER
Of The Post and Courier staff
Charleston-based Green Oasis Environmental - a waste-oil recycler that's
been largely inactive since 1998 - said it has signed a deal that will allow a British
company to share in its technology.
The agreement with Kwikpower International, SA, a privately-held fuel
technology company based in London, includes a combination of cash, notes,
stock and an equipment deposit and is worth $30 million, Green Oasis said.
The money will permit the company to create a new business plan. "We will
be devoting our efforts to manufacturing" as opposed to research and
development, William D. Carraway, president of Green Oasis, said Wednesday.
A more formal agreement is expected to be finished by Sept. 24 and a
closing in early October.
Kwikpower is completing a private placement of common stock in Europe
prior to seeking a listing on the Nasdaq market system, according to a company
release.
Green Oasis said the deal would create 40 jobs locally at its plant in the
Charleston Neck area. Carraway said the company plans to start hiring in the
next two months with production beginning by year's end.
The company lost $843,000 last year after a $624,000 loss in 1997. As of
this spring, Green Oasis had assets of $1.2 million and liabilities of slightly more
than $2 million. |
