Mvp Holdings Makes Announcement
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SAN DIEGO (Oct. 21) BUSINESS WIRE -Oct. 21, 1997--MVP Holdings Inc. (OTC BB:MVPH) Tuesday announced that the restricted common stock in MVP Holdings Inc. issued to Phoenix Resources Technologies Inc. in exchange for certain assets has been distributed to the shareholders of Phoenix Resources Technologies Inc.
With the distribution of this restricted stock, the stock augmentation agreement in the contract for purchase of the assets is no longer in effect.
No stock, other than the original 4 million shares of common stock, has been issued under the agreement, and none will be issued as all terms and conditions required of MVP Holdings Inc. by the contract for purchase of assets and any other agreements with Phoenix Resources Technologies Inc. have been fulfilled.
It is the understanding of MVP Holdings Inc. that Rocky Mountain Crystal Water Inc. and/or Olympus Ventures have made claims as to the ownership of the 4 million shares of restricted common stock issued to Phoenix Resources Technologies Inc. under the contract for purchase of assets.
Any such claims, if made, have no basis in fact, and MVP Holdings Inc. has no agreements with either Rocky Mountain Crystal Water Inc. or Olympus Ventures and, in the opinion of management, has no obligation to such parties.
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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CONTACT: MVP Holdings Inc., San Diego
Joe Casias, 800/844-5549
619/551-6797 (fax)
KEYWORD: CALIFORNIA
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