Looks like the other 4 million shares passed onto PRTI shareholders was done at the end of 1997!
Riley G
PS. Was the person you named ever at PRTI as a director or officer?
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Phoenix Resources Technologies Inc. Makes Announcement
NISSWA, Minn.--(BUSINESS WIRE)--Oct. 8, 1997--Phoenix Resources Technologies Inc. announces that it will make a distribution of restricted shares of MVP Holdings Inc., to shareholders of record as of Oct. 1, 1997 (the Record Date) with distribution of such shares on or about Oct. 15, 1997.
The shares will be distributed on the basis of one (1) shares of MVP Holdings for each three (3) shares of Phoenix held by Phoenix shareholders. No fractional shares will be issued.
These shares were acquired in a sale of certain Oil and Gas Properties of Phoenix and constitute a non-taxable distribution as a distribution of Capital to shareholders.
The company acquired these shares on March 10, 1997, which commences the holding period under applicable SEC Rules and Regulations.
By Order of the Board of Directors.
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PRTI announces sale of certain operations and potential dividend
LITTLETON, Colo.--(BUSINESS WIRE)--March 11, 1997-- Phoenix Resource Technologies Inc Tuesday announced the following: that the unsolicited offer received by company management for its oil and gas operations, from MVP Holdings Inc., has been accepted by the board of directors.
The board of directors stated, "The offer is from MVP Holdings Inc. of Fountain Hills, Arizona. The offer made, consisted of shares and assumption of any and all liabilities of oil and gas operations.
"The offer accepted is in the amount of PRTI's historical cost of $12.7 million, which management agreed to accept 4 million shares with an augmentation agreement of $3.50 per share or $14 million, the assumption of all debts by MVP, and registration rights within one year.
"The board made its decision based upon the company's focus in bottling and selling its bottled water products. Plus the inherent operational cost, risk and capital outlay, actual income potential, without huge amounts of development cost therein attributable, and non guaranteed, as to development income or funding success, in oil and gas development. Further, the location of these properties and management thereof on a long distance basis is a critical factor."
Pursuant to this agreement, MVP and PRTI have certain normal post-closing events and matters to wind-up prior to full closure of this transaction. Further, management is looking strongly at a partial pass through of share ownership of MVP acquired, to existing PRTI shareholders at a future date, with Rocky Mountain Crystal Water (as shareholder), waiving its rights to such a dividend, considered to be a distribution of assets.
This is subject to board, counsel, SEC, accounting and tax experts, advice, rulings, approvals and ratification. Additional information will be forthcoming. |
