(PR NEWSWIRE) DJ: Midland Inc. Announces New Board
DJ: Midland Inc. Announces New Board
DENVER--(BUSINESS WIRE)--June 16, 1998--Midland, Inc. (OTC BB:MIDL), today
announces the recession of the Arcon Energy, Inc. reverse merger with the
resignation of James R. Clark and John Spriggs. In the best interest of
Midland, Inc. and the shareholders, Mark Pierce (secretary / SEC attorney
for Midland, Inc.) was named President to pursue legal actions against Dan
Fisher and his affiliates for fraud and embezzlement. Additional legal
counsel has been retained to assist Midland, Inc. with the upcoming
litigation in the United States and the Bahamas.
The company would like to inform its shareholders that all stop transfers
are in full force plus appropriate legal actions are being expediently
pursued and the purging of the corporate shell is a vital legal step in the
pursuit of recovering damages.
Midland, Inc. is presently in friendly negotiations with John Spriggs for
the construction of the DF-144 plant upon which John Spriggs' has already
agreed to cancel his 50,000 Preferred Series "B" stock thus reducing the
total dilution 7,500,000 common shares. Also the company is in continuing
acquisition negotiations and possible joint ventures with other corporations
with audited assets and revenues.
In reference to Midland's current stock structure: 1.) Warrants can be
exercised for 1 warrant (MIDLW) plus .50 for one common share (MIDL). 2.)
Preferred Series "A" stock 3:2 split for the Shareholders of Record at the
close of business on May 29, 1998, the company is presently awaiting the new
CUSIP number.
Since John Spriggs has resigned and the previous phone numbers are Arcon
Energy, Inc., Investor Relations will be handled out of Atlanta by private
investor Gary Swancey who has offered his services free of charge. The
Board of Directors feels it is in the best interest of the shareholders to
accept Mr. Swancey's gracious offer to assist the company during this
transition. Mr. Swancey has been in communication with the company almost
daily since he became a private investor in October of 1997. He is
extremely knowledgeable through his own personal due diligence of the
company's history and stock structure.
As more corporate matters conclude we shall keep our shareholders informed
in a timely matter in the form of news releases.
Safe Harbor Act Disclaimer: This release may contain forward-looking
statements that involve risks and uncertainties including, without
limitation, continued acceptance of the company's products and services,
increased levels of competition, new products and technological changes, the
company's dependence upon financing, third-party suppliers and intellectual
property rights, and other risks detailed from time to time in the company's
federal filings, annual report, offering memorandum, or prospectus.
CONTACT: Midland Inc. Investor Relations
Gary Swancey, 770/389-5645
07:58 EDT JUNE 16, 1998
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