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Microcap & Penny Stocks : NAMX -- North American Expl.-- Que Sera Sera! -- Ignore unavailable to you. Want to Upgrade?

To: Sidney Reilly who wrote (4174)	7/29/1998 6:37:00 PM
From: bob	Read Replies (1) \| Respond to of 4736

Can't tell. He is still hiding.

To: Sidney Reilly who wrote (4174)	7/31/1998 9:46:00 AM
From: bob	Read Replies (4) \| Respond to of 4736

Home - Yahoo! - Help [ Business \| US Market \| By Industry \| IPO \| AP \| S&P \| International \| PRNews \| BizWire ] Friday July 31, 9:13 am Eastern Time Company Press Release North American Exploration Corporation (NAMX) Announces New Board Members and Plan to Reduce the Number of Authorized Shares SEATTLE--(BUSINESS WIRE)--July 31, 1998--NAMX announced today that Mr. Thomas Lourie and former US Senator Steven Symms have joined Messrs. Stamm, Mannebach and Ziller on its expanded 5-man board of directors. Biographical notes for each director will be posted to the NAMX website. In Western Nebraska, seven more gas wells, in which NAMX has working interests, were hooked up on July 8th and 9th, bringing to 9 the total wells from which NAMX has achieved production over the last 3 months. While the commencement of production from these wells is a significant early step in NAMX's long-term development, given the number of shares currently outstanding, NAMX does not consider that the per share profit impact of these wells is material. At a meeting of the newly expanded board on July 23, 1998, a compensation arrangement for directors and for the Company secretary was approved which involved, inter alia, the immediate issuance of options for approximately 56 million shares of common stock. The options are exercisable over a 10-year period at a strike price of 110% of the closing bid price of NAMX shares on July 23, 1998, or 110% of the closing bid price of NAMX shares on the date of exercise of the options, whichever is lower. At the same board meeting, the board approved a reverse split to reduce the number of authorized shares, currently 200 million, and the number of outstanding shares, both by a factor of 100. Each lot of 100 old shares will be equal to 1 new share. From the close of trading on Friday, August 7, 1998, NAMX will cease the trading of old shares. Trading of new shares will commence with the opening of the market on Monday, August 10, 1998. Old certificates must be exchanged for new certificates over a two-month period commencing Monday, August 10, 1998. To exchange certificates, both the old certificates and proof of ownership of such old certificates in one of the following forms must be submitted to the transfer agent: 1. Stock Purchase Agreements respecting the purchase of the shares 2. Subscription agreements respecting such purchase 3. Brokerage Confirmations 4. Checks or other evidence of payment 5. Service or Compensation Agreements covering services rendered as payment for any such shares 6. Any other similar instrument evidencing ownership of such shares. The board has adopted a policy of disclosing material information to investors and to the public exclusively through press releases, which will also be posted to the NAMX website. Neither directors, nor officers of the Company will speak directly to individual shareholders; or to others to avoid the possibility that one investor could become privy to information that is not available to all investors. Anyone requesting information from the Company will be referred to the Company's most recent press release and to its website. The board believes that the above information is accurate at the date of this press release, but, except as indicated above, makes no assessment or recommendation as to its materiality, or any effect that it may have on the future results of the company or on the company's share price. NAMX undertakes significant risks in the course of its business and actual results may vary materially from expectations. Contact: North American Exploration Corp., Seattle Michael Stamm Voice: (206) 326-5468 Fax: (206) 326-5469 or Investor Relations Contact: ML/Communications Martin Linskey Voice: (716) 442-2790 Fax: (716) 442-3227 NAMX Website: 209.238.2.45 (Permanent URL: namx.com available after August 6)