NEWS RELEASE !! (More Good News)
Wednesday August 19, 6:01 am Eastern Time
Company Press Release
American Millennium Corporation Announces Nabla
Participation in Oil Well Monitoring
TAVARES, Fla.--(BUSINESS WIRE)--Aug. 19, 1998--American Millennium Corporation, Inc. (NASDAQ OTC: AMCI -
news) announced today that Midland, Texas based Nabla had installed one of its pump-off controllers on the oil lease where
American Millennium is installing its satellite monitoring equipment. Nabla is a wholly owned subsidiary of Lufkin Industries
which is the world's largest manufacturer of pump jacks for the oil industry. Nabla manufactures, installs, and services the
pump-off controller which is a multi-functioned ''smart box'' that provides digital readouts of various conditions on the well,
automatic error shutdowns, and conditions in the down hole.
American Millennium CEO Steve Watwood confirmed that the agreement to link the Nabla equipment with American
Millennium's satellite transceiver at the oil lease owned by Griffin Petroleum was reached at an August meeting in Midland
between the two companies. According to Watwood, the AMCI satellite transceiver manufactured by Torrey Science will be
circuit designed to ''talk'' to the Nabla box and export the gathered data by satellite so that the oil well conditions can be
remote monitored via a laptop computer.
American Millennium will unveil its remote monitoring service being offered to the oil and gas industry at the Permian Basin
International Oil show this October in Odessa, Texas. ''We will demonstrate to the oil industry that oil lease operators can
reduce their costs, get highly accurate information on a daily basis, stay current on their reports, and download all of this from
a computer from any place in the world. This is user friendly technology that anybody from the oil executive to a guy in a
hard hat at the well site can easily utilize. If you know how to get on the Internet, then you can talk to your oil well,''
Watwood stated.
In unrelated matters, AMCI President and Chief Operations Officer James Statham confirmed that agreements had been
completed whereby the company has effected a stock buy-back of some 1,730,000 shares of its common stock and eliminated
$827,433 in debts as of the end of its fiscal year on July 31, 1998. The details of those transactions were reported in the
company's most recent filing with the U.S. Securities and Exchange Commission on August 18, 1998. Statham noted that these
agreements were part of the company's overall plan of focusing on its wireless telecommunications objective.
This press release contains forward-looking statements that involve risk and uncertainties that could cause the company's
actual results and experience to differ materially from anticipated results and expectations expressed in these forward-looking
statements. In particular, AMCI's plans may be revised, and its actual results may differ materially from that indicated by its
current plans.
Contact:
American Millennium Corporation, Inc., Tavares
James C. Statham
352-742-5010 |
