Monday April 6, 7:01 am Eastern Time
Company Press Release
Nerox Energy Corporation in Joint Venture Negotiations With Unioil Petroleum
Unioil to Provide up to $6 Million in Financing
IRVINE, Calif.--(BUSINESS WIRE)--April 6, 1998--Nerox Energy Corporation (OTC BB:NROX - news) announced today that it has entered into negotiations with Unioil Petroleum of London to develop Nerox's Jonesville Coal Mine in Alaska.
The definitive agreement is expected to be signed in April and will include $6 million in equipment lease, long-term debt and equity financing.
Jack Utter, chairman of Nerox, stated, ''Unioil has extensive experience in oil, gas and coal production. Nerox has provided all documentation needed for Unioil's due diligence analysis. It is anticipated that the structure for the needed financing will result in the first coal being sold and transported in early spring 1999.''
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 reserve 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 with 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. |
