Funding for bottling operations expansion
without dilution to shareholders
Phoenix Resources Technologies Inc. (OTC:PRTI) Thursday announced the company is in material negotiations with a third party.
The initial negotiations and subsequent closing would result in several operating subsidiaries being acquired, with strong cash flows, and a $2.5
million cash expansion of the company's water bottling facilities division. Management stated that ``the target operations are consistent with the
company's business.''
Further, management and the majority owner of PRTI, Rocky Mountain Crystal Water, proposed that it caused PRTI to make such acquisitions by
utilizing a significant portion of Rocky Mountain's PRTI convertible preferred. The action by Rocky Mountain is to avoid dilution of the company
(PRTI), although lowering Rocky Mountain's percentage ownership for the good of the company and its shareholders.
Additional information shall be made in a subsequent release relating to the financial impact to PRTI relating to these negotiations.
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.
More news for referenced ticker symbols: PRTI, and related industries: mining, oil/energy. |
