Well he's some more meat to the OBGL story;
NEW YORK, Aug 19, 2002 (BUSINESS WIRE) -- Baltic Oil Holdings Limited ("BOHL"),
which announced on August 9, 2002, that it had approved an agreement and plan of
merger to merge Oil Baltija Group, Ltd. of New Jersey ("OBGL") (pink sheets:
OBGL), of which BOHL owns approximately 90%, with and into BOHL, is distributing
to OBGL shareholders audited consolidated financial statements for all of OBGL's
operating subsidiaries for the years ended December 31, 2001 and 2000, prepared
in accordance with U.S. GAAP (the "Financial Statements").
The distribution to shareholders is scheduled to be mailed by OBGL's transfer
agent on August 20, 2002, to OBGL's shareholders of record of August 8, 2002. A
summary of the Financial Statements appears below.
As previously announced, BOHL intends to propose the election of its nominees to
the Board of Directors of OBGL at OBGL's annual meeting scheduled for August 23,
2002. If the new Board of Directors of OBGL approves the agreement and plan of
merger proposed by BOHL and submits it to the shareholders of OBGL for their
approval, BOHL intends to vote its shares to approve the agreement and plan of
merger. It is anticipated that the new Board of Directors of OBGL will call a
special meeting of the shareholders of OBGL in September, 2002 to approve the
agreement and plan of merger. All OBGL shareholders of record on the day the
agreement and plan of merger is approved by the OBGL shareholders will be
entitled to receive the merger consideration to be paid by BOHL.
As announced on August 9, 2002, under the proposed agreement and plan of merger,
upon completion of the merger, each share of OBGL not owned by BOHL would be
converted into the right to receive $5.00 (five dollars) in cash, for an
aggregate of approximately $12,300,000.
Summary Financial Information
As set forth in the Financial Statements, OBGL's operating subsidiaries are
primarily engaged in the trade of oil products: purchasing crude oil to be
resold to oil processing companies and purchasing processed oil products from
refineries and distributing them through wholesale and retail channels. The
group has established a network of retail petrol stations in Lithuania, Latvia
and Estonia.
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2001 2000
USD'000 USD'000
Net Sales 337,792 249,632
Operating Income 9,798 5,643
Net Income 7,150 6,153
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Short-term Assets 44,347 31,867
Property, Plant & Equipment 56,551 48,852
Other Assets 10,546 5,087
Total Assets 111,444 85,806
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Short-term Liabilities 56,256 43,365
Long-term Liabilities 17,875 12,073
Shareholders' Equity 37,313 30,368
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Baltic Oil Holdings Limited
CONTACT: Baltic Oil Holdings Limited, New York
Vyacheslav A. Ivanov, 212/859-5021 |
