Do oil and water mix?
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Feb. 13, 1997--Phoenix Resources
Technologies Inc. (OTC:PRTI) Thursday announced the investment in Rocky
Mountain Crystal Water Inc., located in Littleton, Colo.
Management stated "that diversification is in line with the company's business in
natural resources."
Rocky Mountain Crystal Water Inc. is a company engaged in the bottling,
marketing and distribution of artesian and spring water and which maintains a
proprietary natural source that has been analyzed as one of the purest waters in the
world. The company maintains bottling operations at its bottling plant located in
Wyoming.
PRTI issued 6 million shares of its preferred, voting and convertible at the
discretion of Rocky Mountain Crystal Water Inc.'s sole option at 1 preferred to 10
common ratio. In exchange, Rocky Mountain Crystal Water Inc. issued 6 million
of their common shares to PRTI representing, 49 percent of Rocky Mountain
Crystal Water Inc., for and in consideration and in payment in full thereof.
The effective date of closing was Jan. 31, 1997, subject to contract and post
closing warranties, actions and representations of PRTI and its management.
Further, Michael Puhr has been elected as president of PRTI and board member of
PRTI. James Ray, former president and board member resigned his positions and
is no longer involved in management of PRTI.
Additional information shall be made in a subsequent release relating to the
financial impact to PRTI relating to this investment by the company into Rocky
Mountain Crystal Water Inc. It is internally estimated as an increase of $9 million
to $12 million in assets and equity with an excess of $20 million in current and
pending orders in Rocky Mountain Crystal Water Inc. subject to independent
auditor's confirmation and opinions.
Forward looking statements in this release are made pursuant to the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995.
Investors are cautioned that such forward looking statements involve risks and
uncertainties, including, without limitation, continued acceptance of the company's
products, increased levels of competition for the company, new products and
technological changes, the company's dependence upon third-party suppliers,
intellectual property rights and other risks detailed from time to time in the
company's periodic reports filed with the Securities and Exchange Commission.
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