Allenergy Inc. Poised for Growth Through Acquisition.Business Editors SANTA ANA Santa Ana, city, El Salvador Santa Ana (sän'tä ä`nä), city (1993 pop. 129,873), W El Salvador. It is the second largest city in the country and the commercial and processing center for a sugarcane, coffee, and cattle region. , Calif.--(BUSINESS WIRE)--May 22, 2001 Allenergy Inc., an Oklahoma corporation, was admitted to trading on the Over The Counter (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). ) Market as of Feb. 2, 2001 and is trading under the symbol of ALRY. Allenergy is involved in stripper well Noun 1. stripper well - an oil well whose production has declined to less than ten barrels a day stripper oil well, oiler - a well that yields or has yielded oil oil production, the salvage of used oil field equipment and oil field service work -- primarily the plugging of wells for environmental purposes for both the state of Oklahoma and numerous individual oil producing companies. Formed in 1989, Allenergy was a closely held company Closely held company A company who has a small group of controlling shareholders. In contrast, a widely-held firm has many shareholders. It is difficult or impossible to wage a proxy battle for any closely-held firm. until 1997, during which time it held various oil and gas leases for long-term investment purposes only. In 1997, with the purchase of New Lift Inc., Allenergy acquired a proprietary method of economically extracting oil from wells and other recovery technologies, and became active in the oil extraction business. More oil-related company acquisitions followed, which included; CDS Oil Co. in 1998, with choice oil leases and large acreage; and in late-1999, the purchase of both Total Service Inc., with more than 35 years experience in the oil well plugging business, and Hoenig Transportation Inc., a 41-year-old trucking firm which hauls salt water waste (and/or bottom waste) from oil storage tanks for the coal seam Noun 1. coal seam - a seam of coal seam, bed - a stratum of ore or coal thick enough to be mined with profit; "he worked in the coal beds" coalface - the part of a coal seam that is being cut gas industry to company-owned disposal wells for processing and oil recovery. Hoenig also cleans up oil spills. Today, Allenergy maintains: corporate headquarters in California and three field office locations with 21 employees in Oklahoma, various oil field services equipment (including large equipment capable of plugging wells up to a depth of 12,000 feet), a substantial fleet of vehicles, maintenance facilities, salvage operations / yards, multiple storage tanks and 20,000 acres of oil leases. As of Jan. 31, 2001, Allenergy had 2,483,131 shares of common stock issued and outstanding, held by 476 shareholders, with 60% in the public float. Company president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Rodger W. Garrity, stated, "Allenergy anticipates continued short- and long-term growth from both... increased numbers of income producing oil leases and increases in oil well plugging activities within the state of Oklahoma... and an aggressive acquisition program focused on numerous oil-related service companies which is now underway." For more information, contact Joseph Cordi, Allenergy Investor Relations Investor relations The process by which the corporation communicates with its investors. , 760/772-0487 or contact Allenergy Inc. headquarters directly at 1820 East Garry Ave., Suite 111, Santa Ana, CA 92705, 949/955-1411, or visit its Web site at www.allenergy-online.com. Note: Except for historical information contained herein, the statements in this release are forward-looking statements that are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provision of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the company's actual results in future periods to differ materially from forecasted results. Such risks and uncertainties include, but are not limited to; market conditions, competitive factors, the ability to successfully complete additional financings and other risks. |
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