Patrick, here is the release.
Did not seem to do much for the stock. Down with a Bid of .626 and Ask of .65
Wednesday July 1, 10:00 am Eastern Time
Company Press Release
SOURCE: ARXA International Energy, Inc.
ARXA International Energy, Inc. Announces Property Sale
HOUSTON, July 1 /PRNewswire/ -- ARXA International Energy, Inc. (OTC Bulletin Board: ARXA - news) announced
today the sale of their Flowella and Colson Fields located in Brooks County, Texas for approximately $845,000 cash.
Craig Ford, President and CEO of ARXA, stated ''The sale of these assets is consistent with the company's capitalization
strategy as set forth in our annual 10-K. Accordingly, the company is selling non-performing and low yield assets and
committing the proceeds to an overall capitalization plan which includes new equity infusions. The proceeds from this sale
will be deployed in the OPMI/Harwell and Omega acquisitions and project financing deals, both of which will dramatically
increase our asset base and cash flow which is the overriding objective of the company at this stage.'' Mr. Ford went on to
explain ''The Flowella and Colson Field assets were sold at prices considerably above their appraised value because the
buyers were motivated by the exploration potential in the area. Since exploration is beyond the scope of the company's
business plan at this stage, ARXA targeted these assets for aggressive sale.''
The private Securities Litigation Reform Act of 1995 provides a ''safe harbor'' for forward looking statements. Certain
information included in this press release (as well as information included in oral statements or other written statements
made or to be made by ARXA) contains statements that are forward-looking, such as statements relating to the future
anticipated direction of the energy industry, plans for future expansion, various business development activities, planned
capital expenditures, future funding sources, anticipated sales growth and potential contracts. Such forward-looking
information involves important risks and uncertainties that could significantly affect anticipated results in the future, and,
accordingly, such result may differ from those expressed in any forward-looking statements made by or on behalf of
ARXA. These risks and uncertainties include, but are not limited to, those relating to development and expansion activities,
dependence on existing management, financing activities, domestic and global economic conditions, changes in federal or
state tax laws, and market competition factors.
SOURCE: ARXA International Energy, Inc. |
