No Dave, it wasn't "The Lion"! <g>
Littlefield Corporation Announces Anticipated One Time Gain
Tuesday May 17, 10:14 pm ET
AUSTIN, Texas--(BUSINESS WIRE)--May 17, 2005--Littlefield Corporation (OTCBB:LTFD - News) announced today that it anticipates the receipt of the proceeds of a financial transaction which will give rise to a one time gain of approximately $700,000. While there is no absolute certainty that the transaction will close as currently planned, it has already become public knowledge in Austin, Texas through public court proceedings.
Littlefield Corporation would not normally announce such information until the transaction is a certainty; but in abundance of caution and to ensure that information is received by shareholders in a fair manner the Company is acknowledging public information which may otherwise already be in the hands of certain individuals.
The transaction has been previously reported in the Company's public filings.
Jeffrey L. Minch, President and Chief Executive Officer of Littlefield Corporation, offered the following comments:
"In an abundance of caution and discharging our obligations for
fairness to all investors, the Company is apprising the investing
public of information which may already be in narrow
dissemination in Austin, Texas related to a matter of public
record.
This one time gain will give rise to approximately $700,000 in
reportable earnings which have previously not been able to be
recognized by the Company in accordance with Generally Accepted
Accounting Principles.
This one time gain is anticipated to impact the Company's earnings
in the second quarter of 2005.
This is a good, but not unexpected, development, but one which has
been discussed and anticipated in the Company's public filings."
Littlefield Corporation is a public Delaware Corporation which conducts all of its business through appropriately formed and licensed corporate subsidiaries.
Investors are always cautioned to be careful in drawing conclusions from a single press release, the Company's performance in a single quarter or the individual opinions of any member of the Company's management in making their individual investment decisions.
In accordance with the safe harbor provisions of the Private Securities Reform Act of 1995: except for historical information contained herein, certain matters set forth in this press release are forward-looking statements that are subject to substantial risks and uncertainties, including government regulation, taxation, competition, market risks, customer attendance, spending, general economic conditions and other risks detailed in the Company's Securities and Exchange Commission filings and reports.
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Contact:
Littlefield Corporation
Jeffrey L Minch, 512-476-5141
Fax: 512-476-5680
jminch@littlefield.com
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Source: Littlefield Corporation |
