GOOD NEWS for share holders of CODE: Concord Energy, Inc., Announces Agreement on $2.9
Million in Maturing Debt
JOURDANTON, Texas, March 3 /PRNewswire/ -- Concord Energy Incorporated (Nasdaq:
CODE - news) today announced the successful execution of an agreement by which $2.9 million in
debt which was due February 27, 1998, is now payable on or before February 27, 1999. The
company will continue to pay semi-annual interest as provided for in the original indenture
agreement.
Concord C.E.O. Mr. Deral Knight stated, ''Despite making $0.15 per share on a record $15
million in revenues in our first six months of fiscal year 1998, our stock has been at, or around, its all
time low. The renegotiated terms will now allow the company to further evaluate refinancing
opportunities.''
Concord is a fully integrated oil and gas service company that also has interests in oil and gas
properties. Concord's Kemco subsidiary designs, re-engineers and markets oil and gas processing
equipment. Concord's IPS subsidiary markets a proprietary information software system that
automates and expedites the dissemination of critical oil and gas production data.
This press release contains forward-looking statements. The actual results might differ materially
from those projected in the forward-looking statements. Additional information concerning factors
that could cause actual results to materially differ from those in forward-looking statements is
contained in Concord Energy's SEC filings, copies of which are available upon request from
Concord's investor relations department.
SOURCE: Concord Energy Incorporated |
