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Gold/Mining/Energy : Arcon Energy (MIDL Presently) The Ultimate Sleeper -- Ignore unavailable to you. Want to Upgrade?

To: FARRIS who wrote (3166)	6/11/1998 10:03:00 AM
From: jeffrey rainey	Read Replies (1) \| Respond to of 4142

Midland Inc. Announces Clarifications Business Wire - June 10, 1998 08:15 %MIDLAND MIDL %TEXAS %ENERGY %OIL %GAS V%BW P%BW HOUSTON--(BUSINESS WIRE)--June 10, 1998--John H. Spriggs, President of Midland Inc. (OTC BB:MIDL), today announced that after an initial review of actions taken by the former CEO Daniel W. Fisher the Board of Directors has taken the following actions in the best interest of the company and shareholders: 1. Placed immediate stop transfer orders on all Midland Preferred Series "A" stock issued to Daniel W. Fisher and/or affiliates of Daniel W. Fisher, due to fraud on the part of Daniel W. Fisher. 2. Placed immediate stop transfer orders on all Midland Common Stock Warrants issued to Daniel W. Fisher and/or affiliates of Daniel W. Fisher, due to fraud on the part of Daniel W. Fisher. 3. Placed immediate stop transfer orders on all Midland Preferred Series "B" stock issued to Daniel W. Fisher and/or affiliates of Daniel W. Fisher. Presently, the company is in the process of conducting an audit as to Midland Inc. funds which may have been misappropriated. Management has retained legal counsel and is in the process of preparing a stock fraud lawsuit against Daniel W. Fisher and affiliates to cancel the above shares that were fraudulently issued to Daniel W. Fisher or entities he controls or controlled plus the issued Preferred Series "B" at the time of the acquisition of Arconenergy by Midland Inc. It has come to the Board's attention that Fisher made an offer to the shareholders of Novagaz (a company Fisher controlled) common stock to trade their stock for Midland Common or Preferred Stock. The Board never approved or even discussed such a transaction. To clarify matters for the Novagaz shareholders, Midland Inc. has no intentions to acquire or merge with Novagaz. The above actions will not impede or effect the ongoing operations of the company. Development of the DF-144 plant continues on schedule. Presently the necessary paperwork is being submitted to NASDAQ for the announced split pending receipt of a CUSIP number. Additional information will be made available as soon as events warrant. CONTACT: Midland Inc., Houston John H. Spriggs, 281/493-2722 Headlines Next Story