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Microcap & Penny Stocks : OILEX (OLEX)
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To: OFW who wrote (1867)12/10/1997 4:35:00 PM
From: Prudent Investor  Read Replies (1) of 4276
 
In January, 1997, the Board of Directors approved the acquisition
from Phoenix of a 20% interest it owned in Oil Retrieval Systems,
Inc. ("ORS") an Arizona corporation. ORS designs, engineers,
produces and sells portable swabbing units to the oil and gas
industry. ORS is a development stage company.

Oilex issued 3,000,000 shares of common stock to Phoenix in
exchange for its ownership of 1,205,420 common shares of ORS.

In May, 1997, Funscape Corp. (formerly Imperial Energy Corp.), a
Colorado corporation, acquired ORS. Funscape Corp. issued 2.5
million shares of its common stock in exchange for all of the
outstanding shares of ORS.

Funscape Corp. has stockholders and management who are also
stockholders and have management responsibilities in Oilex,
Phoenix and ORS.

Offie, the above information is contained in the 10KSB filed by Oilex in August.
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