Nathaniel Energy Retains Audit Firm
Expects To Fully Comply With NASD Eligibility Rule
CASTLE ROCK, Colo., Oct. 4 /PRNewswire/ -- Nathaniel Energy Corporation (OTC Bulletin Board: NECX) has retained the accounting and auditing firm, Bailey and Saetveit and Company, P.C. to assist the Company in the process of complying with the new Eligibility Rule required by the National Association of Securities Dealers, Inc. (NASD) for OTC Bulletin Board companies.
Stan Abrams, President & CEO of NECX, said, "Retaining Bailey and Saetveit and Company, P.C. is a major step in enabling the Company to become a fully reporting public entity in line with the new OTC BB Eligibility Rule, and to bring us a step closer to our ultimate goal: a listing on the Nasdaq exchange."
"As a fully reporting small company we will enjoy greatly enhanced exposure on Wall Street that, in turn, would accelerate our expansion plans and fuel our growth into the next millennium," remarked Stan Abrams, who further added, "numerous doors of opportunity that are closed to OTC Bulletin Board companies quickly open for reporting companies."
The company will be making further announcements concerning an acquisition target and fourth quarter results. "I think our shareholders will be pleasantly surprised," commented Mr. Abrams.
NECX is a multi-faceted company that is implementing innovative and profitable ways to resolve the complex problem of tire recycling, re-use and the subsequent creation of low-cost fossil fuel suitable for creating energy for heating and electricity. The NECX facility collects used tires under pre- arranged tipping fee agreements with vendors on a daily basis. The tires are shredded and processed using patented methods and sold as a low-cost fuel to local municipalities and commercial customers. One example of this type of arrangement is Coastal Corporation's (NYSE: CGP) subsidiary, Colorado Interstate Gas, which under a special partnership arrangement with NECX provides low cost tire-produced energy to a commercial greenhouse operation in Colorado.
Because of the difficulty of separating metal, fabric and rubber from a typical tire, the ability to recycle each of these components has met with limited success. Many companies are involved with the collection, separation and disposal of old tires, but once recappable "shells" have been taken out, there still remain millions of useless tires that must be disposed of...and tons of recyclable or burnable resources lost to industry.
There is no direct competition on a large scale to the alternative fuel/recycling program that NECX has embarked upon. Large waste disposal companies rely on the disposal of trash tires in a limited number of landfills and storage in special, licensed areas that are prone to fire, pest infestation and the general degradation of the surrounding environment.
Burning tires for fuel is known to be a dirty, environmentally unfriendly business. To solve this problem, NECX acquired the exclusive rights to a patented tire combustion process called Thermal Combustors. This environmentally friendly process cleanly burns shredded tire material, providing low-cost energy without the usual harmful smoke and residue. It has been permitted by the state of Colorado for use in the Ripe Touch Tomatoes greenhouse project in Castle Rock, Colorado.
The statements contained in this release which are not historical facts contain forward-looking information with respect to plans, projections or future performance of the company, the occurrence of which involves certain risks and uncertainties that could cause the company's actual results to differ materially from expected results. Such risks include the timing of implementation and the scope and success of the program described here.
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SOURCE: Nathaniel Energy Corporation
CONTACT: Investors, Cesar A. Muniz of Managerial Advisory Services, Inc., in Beverly Hills, 310-388-5388, in New York, 212-214-0795, or in Tampa, 813-814-2725
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