CBNR here is why!
Monday November 24, 12:59 pm Eastern Time
Company Press Release
SOURCE: Cabec Energy Corporation
Cabec Energy Corporation Announces Approval of Cooper Manufacturing
Reorganization Plan
DALLAS, Nov. 24 /PRNewswire/ -- Cabec Energy Corporation (OTC Bulletin
Board: CBNR - news) today announced that the U.S. Bankruptcy Court for
the Southern District of Texas, Houston Division, has approved an order
confirming the plan of reorganization of its Cooper Manufacturing
subsidiary. The plan provides for the sale of substantially all the
assets of Cooper to Tulsa Industries, Inc. and will be fully funded by
an investor group assembled by Cabec and Trent Latshaw, President of
Tulsa Industries, Inc. Cabec will retain a 3% royalty on gross sales and
a 15 percent nondilutable ownership interest in the reorganized company,
subject to payment provisions outlined in the plan. The purchase price
of approximately $2 million will be equity and used to fund the plan.
Additional capital will be provided to fuel growth. Commenting on the
decision, Ralph Curton, Jr., Chairman and CEO of Cabec Energy, said,
''We are pleased with the resolution of Cooper's reorganization. This
plan was approved by all eligible classes of creditors, who voted to
reject a competing plan. Our team at the Jackson Walker law firm,
Consolidated Capital Group, and many other individuals and groups did an
incredible job.
''Cooper is now well positioned to regain its former stature as the pre-
eminent player in the mobile truck-mounted rig industry. The key
alliances we have established over the last 15 months will enable Cooper
to have a head start in participating in the global boom that currently
exists in the oil and gas industry. We believe, in the long term, Cooper
will create a significant increase in value for our shareholders,'' he
said.
Cabec Energy Corporation, headquartered in Dallas, Texas, is a
diversified holding company focusing on opportunities primarily in oil
and gas related industries, and material handling, platforms, and
logistic services.
SOURCE: Cabec Energy Corporation
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