Fron CAIFTALK AT AOL
Subj: BURDITT OF CAYC Speaks WITH BURDITT OF OLEX-No one else knows
Date: 98-09-09 03:29:17 EDT
From: CALIFTAL
In related news on February 25, 1998, CAYC announced it entered into an
agreement with publicly held Oilex, Inc. (OTC Bulletin Board: OLEX -
news) for the issuance of a $2 million convertible debenture,
convertible into OLEX shares at $2 per share.
OLEX has already received $250,000 of the funding with the balance being
provided as OLEX's cash flow needs are presented to CAYC. CAYC already
owns a minority interest in OLEX and announced that it is accumulating
additional shares in the open market place. The Boards of CAYC and OLEX
are discussing further opportunities that should benefit both companies
and their shareholders in the immediate future.
CAYC is in the business of acquiring energy companies and assets, both
domestic and international, and developing them to full potential.
This news release includes forward-looking statements that involve risks
and uncertainties. The forward-looking statements in this release are
made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Actual results may differ materially due
to a variety of factors, including without limitation the company's
ability to produce and market products and/or services and other risks
detailed from time to time in the company's reports filed with the
Securities and Exchange Commission.
Wednesday February 25, 3:24 pm Eastern Time
Company Press Release
SOURCE: Oilex, Inc.
Oilex Receives Unsolicited $2.2 Million Offer For Australian Overrides
HOUSTON, Feb. 25 /PRNewswire/ -- Oilex, Inc.(OTC Bulletin Board: OLEX -
news) announced today that it has received an unsolicited offer of $2.2
million ($U.S. Funds) for the potential sale of its giant approximately
35 million acre producing over riding royalty interest in Australia as
well as the sale of its 1/2 of 1% non-producing override OLEX owns in
Titan Energy Corp.'s (OTC Bulletin Board: TANC - news)
Ft. Worth, Texas, approximately 12.9 million acres ATP-615 concession.
This offer was sent via certified mail to OLEX's investment banker
Baron-Marney Capital, Ltd. and is being seriously evaluated by
management.
In related news, Baron-Marney on behalf of its clients Caye Chapel, Inc.
(OTC Bulletin Board: CAYC - news) Las Vegas, Nevada and OLEX have
negotiated a $2 million convertible debenture from CAYC to OLEX, which
is convertible into OLEX shares at $2 per share. OLEX has received
$250,000 of the funding in the past five days. The balance will be
provided as OLEX cash flow needs are presented to CAYC. CAYC already
owns a minority interest in OLEX and has advised the board
of OLEX that it intends to attempt to acquire up to an additional 5% of
its common stock for investment purposes over the next 90 days out of
the open market. CAYC has also informed the OLEX board it may elect to
acquire an additional 10% of the issued and outstanding common shares
and/or seek representation on the OLEX board.
Oilex, Inc. -- New (OTC Bulletin Board: OLEX - news) now trades under
the new symbol of OLEX.
OLEX is a developmental stage company engaged in the acquisition and
development of oil and gas properties and has assets domestically and
internationally.
This news release includes forward-looking statements that involve risks
and uncertainties. The forward-looking statements in this release are
made pursuant to the safe harbor provisions of the Private Securities
litigation Reform Act of 1995. Actual
results may differ materially due to a variety of factors, including
without limitation the
company's ability to produce and market products and/or services and
other risks
detailed from time to time in the company's reports filed with the
Securities and
Exchange Commission.
SOURCE: Oilex, Inc.
Joe PTG&LI !!!
Caye Chapel Inc. (OTC: CAYC)Date: Sep 08Last Trade
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