ALL:
Press Release
For Immediate Release
From: Brush Creek Mining and Development, Inc.
NASDAQ Symbol: BCMDE
Contact:
Ken Friedman, Director (303) 582-3650
Larry Stockett, New Chairman & CEO (702) 369-2126
Brush Creek Mining & Development Elects New Chairman and CEO …
Offer to Merge U.S. Cement Company if Settlements Reached
November 16, 1998, Grass Valley, CA. Brush Creek Mining and
Development, Inc. (Nasdaq Symbol: BCMDE) announced today that it
received the resignation of its Chairman and C.E.O., James Chapin. The
Board accepted the proposal submitted by Mr. Larry Stockett, President of
U.S. Cement Company to step in as a White Knight and accordingly
appointed him President and C.E.O.
The Board is well aware of the lack of certainty about the success of Mr.
Stockett's plans. On the other hand, the Board has examined carefully all
alternatives and has concluded that
Mr. Stockett's plans represent the only plan presented to the Board which
has any realistic possibility of restoring value to the shareholders of Brush
Creek.
On October 11, 1998 the gold mining and exploration company lost its
funding source. Several law suits were filed which will be attempted to be
resolved quickly so the company can preserve the value of its assets and
pursue the U.S. Cement Company proposed
acquisition.
U.S. Cement Company has a web site at (http://www.uscement.com).
Under the terms of Mr. Stockett's employment, Mr. Stockett has agreed to
use his best efforts to resolve the current legal and financial problems of
Brush Creek, and upon resolution, to transfer his 51% ownership of U.S.
Cement Company to Brush
Creek. He has agreed to accept restricted shares of stock of Brush Creek
at a price of $5 per share for the to be audited book value of U.S. Cement.
He also agreed to serve as Chairman of the Board and C.E.O. of Brush
Creek without compensation
until the company has achieved it first quarterly after tax profit. As an
incentive bonus, Mr. Stockett will receive one million shares of Brush Creek
restricted stock if the BCMDE shares achieve a $5 per share closing price
for 10 consecutive
trading days. Brush Creek stock has been trading under $ .25 per share
since it lost its funding in October.
The company does not represent that any forward looking statement will
actually occur and management has presented its future plans under a "safe
harbor" disclosure statement.
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