Further information concerning Mr. Gaddis
in this press release from Roger Fullerton:
Subject:
Westrend Natural Gas, Inc Press Release
Date:
Fri, 04 Sep 1998 15:58:46 -0500
From:
Roger Fullerton <rfull@ix.netcom.com>
For Investor Relations
Contact: Roger Fullerton Symbol: WRN.V
612-929-7243 U.S. Pink Sheets: WTNG/F
September 3, 1998
PRESS RELEASE
Mr. Mark Roberts has resigned as President and Director of the Company
as of today's date in order to pursue other business ventures. Mr.
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 in the place and stead of Mr. Roberts.
Mr. Gaddis is a practicing attorney in the State of Texas. He has his
Masters of Business Administration from the University of Texas, and he
is a qualified civil engineer. Westrend management believe that Mr.
Gaddis can make a significant contribution to the future development of
Westrend by applying his wide ranging expertise in business and
corporate law matters, and drawing on his experience in the oil & gas
industry.
The management of Westrend would like to clarify certain matters with
respect to its press release dated June 1, 1998. In that press release,
after announcing an agreement wherein a joint venture would be created
between Alamo Logging Services Inc. and Hartfield Technical Services,
Inc., it was stated that "the new Joint Venture will be operating
debt-free..." and "...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 press 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 wish 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 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.
On behalf of the Board of
WESTREND NATURAL GAS, INC.
Per: "Stephen Winter"
Director
THE VANCOUVER STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENTS OF THIS
PRESS RELEASE.
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