Nerox Energy Corporation in negotiations to sell its Jonesville Coal Mine to Usibelli Coal Mines.
Transaction will result in Nerox becoming a debt free company with up to $1,000,000 in cash.
Irvine CA., May 4, 1998-Nerox Energy Corporation (OTCBB:NROX), announced today that it has entered negotiations to sell its Jonesville Coal Mine in Alaska to Usibelli Coal Mines of Alaska.
Usibelli Coal Mines is one of the largest and most politically connected coal mining companies in Alaska. The Jonesville mine is adjacent to one owned by Usibelli.
Jack Utter, Chairman and President, commented, "We decided to take these actions to allow for the implementation of our new corporate strategy to diversify into software, media and entertainment. The sale of the mine will not only leave the company debt free, it will provide the company up to $1,000,000 in cash, a potential royalty income stream and a substantial increase in book value."
Nerox Energy Corporation. is an emerging growth holding company whose holdings include interests in oil and natural gas, coal and power plant development. The company is currently working 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 market.
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 are 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.
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Nerox Energy Corporation
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