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Wednesday September 3 7:27 PM EDT
Company Press Release
Penn Octane Corporation Announces Increase in Stockholders'
Equity
REDWOOD CITY, Calif.--(BUSINESS WIRE)--Sept. 3, 1997--Penn Octane Corporation (NASDAQ:POCC)
announced today that during the week of August 25, 1997, warrants to purchase shares of common stock of Penn
Octane Corporation originally issued to various holders during February 1996 through June 1996, exercised a total of
430,000 warrants to purchase 430,000 shares of common stock of Penn Octane Corporation at a price of $2.50 per
share through payment of $1,075,000 in cash.
The exercise of the warrants resulted in an additional increase in the company's stockholders' equity of $1,075,000.
The exercised warrants were due to expire between February 2000 and April 2001.
Penn Octane is a leading supplier of Liquid Petroleum Gas (LPG) to the National Oil Company of Mexico, Petroleos
Mexicanos (PEMEX) in the northeastern region of Mexico. Penn operates a 132-mile, six-inch pipeline from a
pipeline in Kleberg County, Texas to its terminal in Brownsville, Texas, which acts as a trans-shipment point for
delivery to Mexico.
In addition, the company owns and operates PennWilson CNG, located in Santa Fe Springs, Calif., a world leader in
the Compressed Natural Gas (CNG) station design, engineering, manufacturing and safety.
Certain of the statements contained in this news release are forward-looking statements. While these statements reflect
the company's beliefs, they are subject to uncertainties and risks that could cause actual results to differ materially.
Contact:
Penn Octane Corporation
Jerry Richter, 650/368-1501 |
