*******NEWS RELEASE***********
Westrend Natural Gas Inc -
New president and director; clarification re JV with Hartfield
Westrend Natural Gas Inc
WRN
Shares issued 18,885,569
1998-08-12 close $0.18
Friday Sep 4 1998
Mr. Stephen Winter reports
Mark Roberts has resigned as president and director of the company as of Sept.
3, 1998 in order to pursue other business ventures. Howard W. Gaddis Jr. of San
Antonio has been appointed to the board of directors of the company and has
also been appointed as the new president replacing Mr. Roberts. Mr. Gaddis is a
practicing attorney in the State of Texas.
The company would like to clarify certain matters with respect to its news release
in Stockwatch, June 2, 1998. In that news release, after announcing an agreement
wherein a joint venture would be created between Alamo Logging Services and
Hartfield Technical Services, it was stated that the new joint venture will be
operating debt-free and that the new joint venture is debt-free. There was
inconsistency in these two statements and the latter statement was inaccurate in
that the joint venture was in the process of being established. Also, at the time that
this news release was made, Westrend management believed that the joint venture
would be set up debt-free, since Westrend entered into the underlying agreement
with Hartfield on this basis. However, based on information provided by Hartfield,
management wishes to clarify that substantially all of the debts of Alamo Logging,
secured against assets of Alamo Logging which became available to the joint
venture, were paid. Accordingly, the assets of the joint venture were substantially
debt-free at the time the joint venture was established.
It has also come to the management's attention, that UCC lien filings in the United
States (with respect to debts that have been paid) against certain of the assets
contributed to the joint venture have not been released by the lenders.
Management has requested that these lenders immediately provide the requisite
UCC releases.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
********LEIGH********
Can you enlighten us any further on these developments???
Thankyou.
Chuckr |
