OILEX, INC.
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For immediate Release Contact: C.Jones & Co.
Allen Jones
Phone: (303) 470-8783
Investor Relations
OILEX ADDS BOARD MEMBER
Houston, TX - July 14, 1998- OILEX, INC.(OTC-BB-OLEX) announced today that a new 13 D filing with the Securities and Exchange Commission has been filed by a Mr. Saul Yarmak. Mr. Yarmak has accumulated over 30 % of the common stock of OLEX out of the public market and is continuing to add additional shares of OLEX to his portfolio. In addition, as of July 13, 1998 Mr. Yarmak has been placed on the Board of Directors of OLEX. Mr.Yarmak did his independent due diligence on OLEX and determined that it was an excellent company with an outstanding portfolio of assets that OLEX management has poised for growth. Mr. Yarmak spent several days in the field offices of OLEX personally scrutinizing the operations and meeting field employees. Mr. Yarmak is in consultations with the debenture holder to buy out the remaining OLEX $ 675,000 convertible debenture to prevent the shares from reaching the market, and will advance funds to cover current working capital requirements as well as arrange for a leasing agreement to acquire 10 additional swabbing units . These units are manufactured by Oil Retrieval Systems, Inc. a wholly owned subsidiary of Power Exploration, Inc. (OTC-BB- PWRX formerly known as Titan Energy Corp, Inc. TANC). The 10 swabbers will be placed into OLEX'S already producing oil fields in Texas in order to fully implement current managements ultimate goal of over 1500 barrels of oil per day.
OLEX management is very pleased with the addition of Mr. Yarmak to the Board of OLEX. Mr. Yarmak brings 30 years of extensive accounting experience and hands on day to day operation knowledge with growing junior to mid-sized companies bringing them to profitability. OLEX management believes that with the cash infusion and experience Mr. Yarmak brings to the Board, this will assist OLEX and its shareholders to become a profitable company and a potential acquisition target over the next few years.
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This news release includes forward-looking statements that involve risks and uncertainties. The forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities litigation Reform Act of 1995. Actual results may differ materially due to a variety of factors, including without limitation the company's ability to produce and market products and/or services and other risks detailed from time to time in the company's reports filed with the Securities and Exchange Commission. |
