Thought this might be of interest to you all, seems to me that it has some pretty major implications for WRN. The deal really is in the works, as we speak.
Salut,
Leigh McBain
**********************************************
Company Press Release
Rhodes, Wolters & Associates Changes Name to SkyTex International,
Closes Buyout of Skytop Brewster
SAN ANTONIO--(BUSINESS WIRE)--July 23, 1998--The company is pleased to announce that its name has been changed from Rhodes, Wolters & Associates Inc. (''RWAS'') to SkyTex International Inc. (OTCBB:SKTX - news; new symbol).
The company has also closed on the buyout of six of eight shareholders in Skytop Brewster by SkyTex. The company currently owns 69% of the voting shares and 62.87% of the total equity in Skytop Brewster, which was purchased at a price of 503,000 shares of SkyTex.
Skytop Brewster has been in the drilling and service rig manufacturing business since 1954. Management believes they operate as one of the three premier manufacturers of drilling and service rigs in the world.
Skytop has completed delivery of one of its new 1500 HP diesel electric rigs with one additional delivery to be completed in the third quarter. In addition, Skytop is currently building two 450 HP service rigs for delivery in the third quarter to CALTEX of Indonesia.
The Board of Directors of SkyTex currently consists of C.L. (Marty) Long Jr., president of Skytop, Jeff Williams, CFO of Skytop, and Ralph Morren. They have joined SkyTex's new offices in San Antonio.
The company has entered into a letter of intent to purchase 27.5% of Taylor Rig LLC in Tulsa, Oklah., with its manufacturing facility at Port of Catoosa, Oklah. The company is currently finalizing the contracts to close this agreement. The terms are as follows: $500,000 in cash and $325,000 in stock valued at $5 per share to Brett and Oscar Taylor. Oscar and Brett Taylor will be joining the SkyTex board. Oscar Taylor is the founder of Taylor Rig LLC and shall remain in that capacity after the transaction is closed.
SkyTex is currently finalizing negotiations with the corporation that holds the remaining 72.5% of the stock of Taylor Rig LLC and has been advised by the president of that corporation that a purchase of their stock position for shares in SkyTex is acceptable to his Board of Directors.
The company's auditors are currently working to complete the audits on SkyTop and Taylor Rig. These audits are expected to be completed within two to three weeks. The company will seek to retain one of the Big 5 accounting firms to represent the company.
The company intends to issue a 504 private placement through a broker dealer (two are currently discussing acting in this capacity for the company) at $5 per share with attached warrants to facilitate the closing of the Taylor Rig acquisition, to expand the current manufacturing facilities at Skytop Brewster to increase their ability to deliver more drilling and service rigs during each quarter and for general working capital.
The company is talking to private industry and investment banking firms about a $10 million private offering to provide funding for future acquisitions. One of these acquisitions is a company which is located in Houston, which refurbishes offshore and onshore oil and gas drilling and service rigs, equipment and accessories.
Management's short-term goals are to close these two additional companies in the near future.
You may contact the company at: SkyTex International Inc., 9311 San Pedro, Suite 1130, San Antonio, Texas 78216. Office phone 210/308-7360; Fax 210/308-5946.
Contact:
SkyTex International Inc., San Antonio
Ralph Morren, 210/308-7360 |
