Phoenix Resources Technologies Inc. makes announcement
Business Wire - April 25, 1997 17:51
FINANCIAL PHOENIX-RESOURCES-TECH PRTI COLORADO ARIZONA ENERGY OIL GAS MINING METALS EARNINGS V%BW P%BW
LITTLETON, Colo.--(BUSINESS WIRE)--April 25, 1997--Phoenix Resources Technologies Inc. (OTC BB:PRTI) Friday announced that preliminary unaudited income for the second quarter should be approximately $14 million gross and $1.3 million net pre-tax income, or 12 cents per share.
This income is attributed solely to the sale of assets to its interest in MVP Holdings Inc. Final figures will be forthcoming in the company's 10-Q, as adjusted and combined with all other operations.
Regarding the court settlement of Hughes wood products: the company has no ownership in Hughes wood products. The company sold the wood products operation to James Hughes in 1996. The company has warranties and contractual representations from the company's prior management, that the company is not at risk. The company was informed April 23, 1997, that this matter is slated to be consummated in mid to late May.
Forward looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995.
Investors are cautioned that such forward looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the company's products, increased levels of competition for the company, new products and technological changes, the company's dependence upon third-party suppliers, intellectual property rights and other risks detailed from time to time in the company's periodic reports filed with the Securities and Exchange Commission.
CONTACT: Phoenix Resources Technologies Inc.
Travis Miller, 800/954-7107
602/807-6500 (TEL/FAX)
e-mail: tgmphx@aol.com
REPEATS: New York 212-752-9600 or 800-221-2462; Boston 617-236-4266 or 800-225-2030; SF 415-986-4422 or 800-227-0845; LA 310-820-9473
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