I cannot believe my eyes.
Please imagine myself yelling to you to the top of my lungs with only a miracle keeping you from being deaf for life. Now that you are ready; DON'T BUY THIS STOCK. I cannot believe that such crap is sill going on. I wonder what kind of investors will be sucked in this time.
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Monday January 26, 1:54 pm Eastern Time
Company Press Release
SOURCE: Titan Energy Corp., Inc.
Titan Announces Audited Numbers
FORT WORTH, Texas, Jan. 26 /PRNewswire/ -- Titan Energy Corp., Inc. (OTC Bulletin
Board: TANC - news) announced today it has received its favorable audited numbers for
fiscal year September 30, 1997. TANC, according to the audit, has $75 million in net assets; $5.4 million in total stock holder's equity and estimated future cash flows of $405,515,000. Subsequent to the audit, the only long term debt TANC had, $1.3 million has been converted to equity.
TANC hired the accounting firm of MERDINGER, FRUCHTER, ROSEN, & CORSO,
Public Accounts P.C., 888 Seventh Ave., New York, NY 10106, to conduct the audit.
President and Chairman, Trey Rife stated, ''With the audit complete, we have instructed our legal counsel to immediately prepare and file an amended complete 10SB so that the TANC can become a fully reporting company. Once reporting,'' he added, ''we will then take the necessary actions required to facilitate a Nasdaq Small Cap market listing.''
In related news, TANC has delivered one of its new fifth generation swabbing units to Oilex, Inc. (OTC Bulletin Board: OLEX - news), with a second due for delivery to OLEX by the end of February. Additionally, TANC and OLEX have agreed it would be to the mutual benefit of both corporations to unwind and cancel the option OLEX has to acquire 40% of TANC common stock.
In less than seven months, new management of TANC has acquired and now owns in excess of 13 million gross acres of oil and gas leases, both domestic and international. The TANC also owns outright 650 oil wells in the Corsicana Field in Texas with third party estimates of 84.5 million barrels of in-place oil. The TANC has a wholly owned subsidiary, OIL RETRIEVAL SYSTEMS, INC., which designs, manufacturers and sells portable swabbing units from its manufacturing facility in Ft. Worth, Texas.
This news release includes forward-looking statements that involve risks and uncertainties. The forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially due to a variety of factors, including without limitation the company's ability to produce and market products and/or services and other risks detailed from time to time in the company's reports filed with the Securities and Exchange Commission.
SOURCE: Titan Energy Corp., Inc.
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Monday January 26, 2:42 pm Eastern Time
Company Press Release
Correction -- Titan Energy Corp.
In DAM038, Titan Announces Audited Numbers, moved earlier today, the first graph, fourth
line should read ''TANC, according to the audit, has $7.5 million in net assets'' rather than
''$75 million'' as incorrectly transmitted by PR Newswire.
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