OILEX ANNOUNCES REORGANIZATION TO PROTECT SHAREHOLDER INTERESTS
Luling, Texas - Oilex, Inc. (OTC:BB OLEX) has announced significant events towards the reorganization of the company in an effort to protect the interests of both the company and its shareholders.
The company has accepted the resignations of all previous officers and directors with the exception of Richard Clark. Mr. Clark, formerly CEO, has agreed to continue to serve the company as a director. Mr. Saul Yarmak, now the company's largest shareholder, has been named as President and a director of Oilex.
"These resignations have come about due to serious questions concerning the activities of certain prior officers, directors, consultants and employees of Oilex" explained Mr. Yarmak.
On August 26, 1998, Oilex filed legal proceedings in the District Court of Clark County, Nevada. The complaint, which names two former officers, two former employees, one former consultant as well as numerous other individuals and companies, seeks to resolve significant and material questions concerning prior transactions involving assets of the company including cash, stock and royalty interests. In conjunction with that legal action, the company
was granted a Temporary Restraining Order in an effort to prevent, pending further review by the court, transfer of company stock which the company believes was improperly acquired.
Furthermore, and as fully expected by the company, at least one of the named individuals in those legal proceedings has filed an action against the company. Mr. Yarmak explained that "the company fully expected this tactic would be used and looks forward to the opportunity to prove its case in the courts. The company and its shareholders have been victimized and we will not sit idly by and allow the responsible parties to walk away without full
financial and legal responsibilities for their actions."
"The company is pursuing every possible option available to resolve these issues and move forward to maximize shareholder value. The company is in continuing contact with all appropriate public regulatory and law enforcement agencies in an effort to further investigate these matters." Mr. Yarmak continued, adding that "The company, with the assistance of its financial auditors, are internally reviewing every single transaction of the company since
approximately November, 1994. These findings will be reported to the appropriate public agencies, the courts and to shareholders."
"As many shareholders are aware," explained Mr.Yarmak, " the company has undergone a great deal of turmoil over the past few weeks. We wish to assure our shareholders that these matters will be resolved in their best interests. The company views this as the beginning of a new era for Oilex."
In other related matters, the company announced that it has moved its corporate office and administrative headquarters to its Luling Field located in Luling, Texas. Interested parties may contact the company at 830-875-5601. |
