Nerox Energy Corp. to Restructure Nearly $2 Million in Debt
IRVINE, Calif.--(BUSINESS WIRE)--March 2, 1998--Nerox Energy Corp. (OTCBB:NROX - news) announced today a plan to restructure nearly $2 million in debt by converting its outstanding liabilities to common stock at $1 a share. "By converting our existing debt to common stock at prices significantly higher than current market value, we can greatly improve the balance sheet and book value of our company to the benefit of our shareholders," commented Jack Utter, chairman and president of Nerox. "A majority of our creditors have agreed to the restructure plan and we expect completion by the end of this month (March 1998)." Nerox Energy Corp. is an emerging growth, fully integrated energy company with interests in oil and natural gas, coal and power plant development. The company's current primary focus is targeted on the development and marketing of the largest accessible high grade bituminous coal reserves in Alaska. The company's Jonesville Coal Mine is strategically located, offering ready access to both Pacific Rim and domestic markets.
Financial Statements in this press release other than historical facts are "forward-looking" statements within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The company intends that such statements about the company's future expectations, including future revenues and earnings, and all other forward-looking statements be subject to the safe harbors created thereby. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the company's actual results could differ materially from expected results. |
