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

To: OFW who wrote (4100)	10/1/1998 12:02:00 PM
From: OFW	Read Replies (2) \| Respond to of 4276

CAYE CHAPEL ISSUES NEWS RELEASE THIS MORNING: To anyone new watching this thread, this post is informational only and investors should note that, to the best of my knowledge, there is no longer any connection between Oilex and Caye Chapel. NIXON, TEXAS (Oct. 1) BUSINESS WIRE -Oct. 1, 1998--CAYE CHAPEL, INC. (OTC BB-CAYC) announced today that: It has entered into negotiations for the acquisition of a specialty bit manufacturing company which specializes in manufacturing mining and oil and gas drilling bits. The negotiations cover the acquisition of patents, inventory of raw materials, manufacturing rights, bit assembly equipment and all other inventory. Caye Chapel has also entered into a letter of intent with the inventor of the drilling bits for additional patents and manufacturing rights. The bits were originally designed and manufactured in Canada. Negotiations are further underway with a world-wide, internationally recognized distributor who has expressed an interest in acquiring the rights for distributing the bits on an international basis with anticipated orders for the United States alone for the next year to be in excess of $5 Million. Projected earnings on the sale of bits is anticipated to be approximately twenty percent (20%) of gross sales. Several new mines are in the process of being developed in the Central and Southwestern United States which the distributor anticipates will be a source of increasing demand for the bits. The acquisitions, as anticipated at this time, involve the exchange of nonproducing assets owned by Caye Chapel's subsidiary Churchill Industries. The issuance of stock is not anticipated in connection with the potential acquisitions. CAYC management further stated that Mr. Allen Burditt has resigned from his position as a consultant to the board and no longer has any involvement with Caye Chapel. This news release includes forward-looking statements that involve risks and uncertainties. The forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities litigation reform Act of 1995. Actual results may differ materially due to a variety of factors, including without limitation the company's ability to produce and market products and/or services and other risks detailed from time to time in the company's reports filed with the Securities and Exchange Commission. -0- SH/dx* CONTACT: Caye Chapel Inc., Nixon Bill Steubing, 830/582-2588