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Microcap & Penny Stocks : OILEX (OLEX) -- Ignore unavailable to you. Want to Upgrade?

To: OFW who wrote (1997)	12/16/1997 3:45:00 PM
From: OFW	Read Replies (3) \| Respond to of 4276

A few details of the S-8 filed by Oilex today: The filing reports that the company has issued 500,000 shares of common stock (.09/share) to C. Allen Jones (as an individual), 6977 East Chestnut Hill Street, Highland Ranch, Colorado 80126. The consulting services agreement states as follows: " . . . Oilex does not separately maintain the capability to perform all of the necessary public relations services and other functions which Oilex requires; and . . . Oilex desires to have the benefit of an independent consultant aiding in the public relations of the Company . . ." Consultant to provide the following services: "(a) Orderly management of the public relations and market liaison for the Company in the United State corporate marketplace. (b) Day to day guidance on the release of relevant information to the public, relations with various shareholders and representatives of shareholders, formulation of marketing strategies for maintaining the company in the public arena and guidance with respect to selection of publications and market newsletter strategists." Payment as follows: "This fee will be payable as follows: (a) 150,000 shares on December 15, 1997 (b) 150,000 shares on January 15, 1998 (c) 200,000 shares on February 15, 1998" Term of Agreement: " . . . shall be from November 1, 1997 until April 30, 1998." This agreement comes on the heels of the S-8 filed by Oilex on December 9, 1997 in which it announced that a total of 1.2 million shares were issued to two other consultants in lieu of cash payment for their services. As a result, within the past seven days, Oilex has announced the issuance of a total of 1.7 million shares of common stock to consultants. I believe the total number of outstanding shares was approximately 33 million shares. This last week's transactions represent approximately 5.1% of the entire outstanding shares. It would appear, IMHO, that the company is now using extensive quantities of common stock to finance services which, under normal conditions, should be paid for in cash from operating revenues. Offie