American Energy Services Inc. Announces Update On Debt Restructure and Market Success.Business/Energy Editors HOUSTON--(BUSINESS WIRE)--May 1, 2002 American Energy Services Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :AEYS) announced today that significant progress has been made on its plan for debt restructure. AES President Pat Elliott said, "We are 70% into final negotiations with major lenders and creditors. We feel confident that we can complete these negotiations by late May to mid-June." This restructure, by significantly reducing the debt, will assist AES in attracting the necessary capital for executing on its acquisition strategy, which will be in keeping with the plan of growth by accreted acquisition. On the market front, Elliott noted that AES' increased bidding activity with the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Department of Defense (DOD (1) (Dial On Demand) A feature that allows a device to automatically dial a telephone number. For example, an ISDN router with dial on demand will automatically dial up the ISP when it senses IP traffic destined for the Internet. ) has begun to bear fruit. "We have been notified by the U.S. Navy that AES is the successful bidder on a number of DOD valve requirements," commented Elliott. AES is proud to participate in these highly technical, precision products that serve our nation's needs, such as acoustically modulated noise abatement valves (ARDBall(TM)) for the U.S. Navy; high pressure exotic alloy flow control valves; and aluminum bronze Noun 1. aluminum bronze - an alloy of copper and aluminum with high tensile strength and resistance to corrosion aluminium bronze copper-base alloy - any alloy whose principal component is copper , titanium-lined corrosive application valves. Additional announcements on these new events at AES will be forthcoming as the plan progresses. About American Energy Services Inc. Founded in 1987, American Energy Services Inc. (OTCBB:AEYS) designs, engineers, manufactures, markets and services over 300 standard and specialty valves of varying sizes and pressures used to regulate the movement of liquids, gases and solid materials. AES is a licensed API monogram monogram [Gr.,=single letter], symbol of a name or names, consisting typically of a letter or several letters worked together. A famous monogram is that of Christ, consisting of X (chi) and P (rho), the first two letters of Christ in Greek. holder and its valves are manufactured according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the specifications of the American Petroleum Institute The American Petroleum Institute, commonly referred to as API, is the main U.S. trade association for the oil and natural gas industry, representing about 400 corporations involved in production, refinement, distribution, and many other aspects of the industry. (API) and are ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. 9000 approved. The company markets its products in over 31 countries on six continents Six Continents is a large retail PLC in UK which split into Six Continents Retail known as Mitchells and Butlers plc. The hotels and soft drinks business of Six Continents PLC is now known as InterContinental Hotels Group PLC. to a broad range of industries including petrochemical, plastics, energy, utility, engineering, construction and power generation. The company's clients include manufacturers, producers, processors, transporters and refiners of oil and natural gas, mining and mineral processing mineral processing or ore dressing Mechanical treatment of crude ores to separate the valuable minerals. Mineral processing was at first applied only to ores of precious metals but later came to be used to recover other metals and nonmetallic minerals. , plastic and petrochemical processing and power generators. The company owns three patents and has three trademarks AEV AEV Arbeiter-Ersatzkassen-Verband (Association of Health Insurances for Workers, Germany) AEV AFOS (Air Force Operation Service) Era Verification AEV Art Education Victoria, Inc AEV Average Error Variance , AES and AES Accuseal 500. For more information, visit the company's Web site http://www.aesvalves.com. The statements made American Energy Services Inc. (AES) may be forward-looking in nature within the meaning of the federal securities laws that are subject to risks and uncertainties. AES believes that its primary risk factors include, but are not limited to: changes in the overall economy; changes in technology; the number and size of competitors in its markets; changes in the law and regulatory policy; and the mix of product and services offered in the company's target markets. This release contains forward-looking statements that are subject to risks and uncertainties. Forward-looking statements include information concerning the financial condition, results of operations, plans, objectives, future performance and business of American Energy Services. American Energy Services includes forward-looking statements in descriptions of future earnings and cash flows, anticipated capital expenditures and management strategies, plans and objectives. Statements preceded by, followed by or that include the words "believes," "expects," "anticipates" or similar expressions are generally considered to be forward-looking statements. Forward-looking statements involve both known and unknown risks and uncertainties and actual results or performance may therefore differ materially from the expected results or performance expressed or implied by the forward-looking statements. The following important factors and risks could affect American Energy Services' actual results or performance. Primary risk factors include, but are not limited to: competitors in the market, changes in regulatory policy, changes in the price and demand for the products produced by the company's technology, a shortage of waste oil feed stock, lack of availability of manufacturing materials, lack of qualified staff and a lack of availability of third party financing for customers. In light of these risks and uncertainties the events discussed in this release may not occur. Please direct all inquiries to inaVest, toll free 866/774-6468. |
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