ARCX from list 81 had news last Tuesday. Good call Scouser..
Affiliated Resources Corporation Announces Contract to Purchase Interest In Triumph Energy of Texas, LLP
HOUSTON--(BUSINESS WIRE)--Nov. 7, 2000--Affiliated Resources Corporation (``Affiliated'' or the ``Company'') (OTCBB:ARCX - news) today announced that it has signed an agreement to purchase the 25 percent interest held by Triasis Energy Partners, LLC in Triumph Energy Partners of Texas, LLP. Financial terms were not disclosed. The closing is expected by the end of this week.
In a related transaction, Triumph has entered into an agreement with a NYSE oil and gas company to acquire three producing oil and gas properties, located in South Louisiana, valued in excess of $100 million (at current world oil and gas prices).
At current daily prices for oil and gas the purchase is estimated to yield Affiliated approximately $1,500,000 in annual revenues with a net equity value of $15,000,000.
``This acquisition supports Affiliated's business plan and we are enthusiastic about this venture's future,'' said Peter C. Vanucci, Affiliated Resources Corporation Chairman and CEO. ``We look forward to working with Triumph to take advantage of both companies' technology and know-how to achieve our goal of providing energy and energy related products throughout the world.''
Affiliated Resources Corporation is engaged in strategically identifying, acquiring and managing energy and energy related businesses whose products or services are technically innovative and market proven, and whose market penetration can be expanded through enhanced marketing or additional capitalization provided through a publicly traded corporation.
Affiliated maintains an Internet site at www.affiliatedresourcescorporation.com.
This press release contains forward-looking statements pursuant to the ``Safe Harbor'' provisions of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. With the exception of historical information, the matters discussed in this press release are ``forward-looking statements'' that involve a number of risks and uncertainties. The actual future results of the Company could differ significantly from those statements due to factors including, but not limited to: finalization of this acquisition, risks associated with the ability of both Affiliated and Triumph to profitably perform on agreements or contracts; future changes in the international oil and gas industry; the ability of management to manage the Company's growth; and factors discussed in the Company's annual report on Form 10-KSB and quarterly report on Form 10-QSB.
--------------------------------------------------------------------------------
Contact:
Affiliated Resources Corporation, North Easton, Mass.
Barry Goverman, Sr. VP
508/238-8122
email: bgoverman@worldnet.att.net
or
Investor Relations Consultant:
Stockholder Presentations, Inc.
Dane G. Louis, 407/547-0100
email: danelaxmi@iibinc.com |
