SERVICE SECTOR / Palmetto Resources Corporate Update
OFFICERS:
Dan Echino - President of Palmetto Resources Ltd, President of
Corlac Leasing Ltd
Todd F. Beck C.A - CFO of Palmetto Resources Ltd. CFO of Corlac
Leasing Ltd
DIRECTORS:
Dan Echino - President of Palmetto Resources Ltd.
President and CEO of Corlac Industries
Keith MacPhail - President and CEO of Bonavista Petroleum Ltd
former COO of Canadian Natural Resources
James G.van der Sloot C.A- Director of Corlac Industries, President of
Alberta Petroleum Energy
Director of Redwood Resources, consulting partner
with van der Sloot and MacPhail Chartered
Accountants.
Calvin J. MacPhail C.A - Partner of van der Sloot and MacPhail Chartered
Accountants
Al J. Kroontje - President of Telford Resources Ltd.
Operation Description
Palmetto Resources Ltd through it's wholly owned subsidiary - Corlac Leasing
Ltd. provides short term rental and long term financing of Oil and Natural
Gas production equipment. Corlac Leasing has locations in Lloydminister and
Medicine hat, Alberta and in Kindersley, Saskatchewan. Over the past 4 months
the business has expanded rapidly through internal growth. Corlac's strategy
is to provide equipment to Oil and Gas Exploration companies from the time of
Drilling through to the Pipeline. Unlike many of it's competitors, Corlac is
able to offer their customers financing flexibility by applying a portion of
the total rent paid against a buy out of the equipment. Corlac is able to
replenish their equipment inventories through a strategic relationship with
Corlac Industries Ltd (1997 revenues of over $50 million) which ensures
access to fabricating facilities and exclusive leasing rights to all of
Corlac Industries products including their proprietary Free Water Knockout
technology. Corlac has set up four divisions to segment it's operations:
Oil production equipment rental
Natural Gas production equipment rental
Drilling tools and equipment rental
Long term equipment and facility leasing
Corlac intends to expand through internal growth and by acquisition within
the industry. The short term equipment rental market is fragmented with small
to medium sized private companies which provides an excellent opportunity of
gaining market share through acquisitions. Our customer base also offers long
term opportunities as companies are striving to ensure that their capital is
placed to maximize returns for their shareholders.
Share Capital
Structure
Issues and outstanding 8,695,000
Directors and employee options 1,025,000
Basic # Shares 9,720,000
Warrants outstanding 3,060,000
Fully diluted # of shares 12,780,000
The Alberta Stock Exchange has neither approved nor disapproved of the
information contained herein.
For further information please contact: Todd F. Beck at (403)526-5011
Palmetto Resources Ltd
307,579 - 3 Street SW
Medicine Hat, Alberta
T1A 0H2 |
