Caye Chapel Inc. Cancels Transactions.NIXON, Texas--(BUSINESS WIRE)--Sept. 18, 1998--Caye Chapel Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:CAYC CAYC Canadian Association for Young Children ) announced today that: 1. The acquisition of 160 wells on approximately 2,150 acres of oil and gas mineral leases has been cancelled. 2. Caye Chapel had signed a letter of intent to acquire privately owned McCormick Drilling Co. and its wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. for $4.5 million. That transaction has now been cancelled. 3. Any agreements between Honduras Petrochemical Oil Co. and Caye Chapel and/or any of its shareholders have been cancelled because of non-performance by Honduras Petrochemical Oil Co. 4. CAYC will keep the Great Plains Resources assets acquired, which includes approximately 1,800 shallow oil wells situated in south Texas on about 40,000 gross acres of oil and gas mineral leases. The assets include seven portable swabbing units, four oil storage facilities, rolling stock rolling stock Any of various readily movable transportation equipment such as automobiles, locomotives, railroad cars, and trucks. Rolling stock generally makes good collateral for loans because the equipment is standardized and easily transportable among and significant barrels of oil. 5. CAYC has appointed a new board of directors as well as officers. Board members and officers are as follows: Keith Alexander, Jr., President and Director William Steubing, CFO See Chief Financial Officer. and Director Foy Farris, Director R.M. Frederich has resigned as an officer and director. The newly elected board is currently investigating additional acquisitions that they feel will rapidly compliment the growth of CAYC. The new board is also discussing numerous funding mechanisms to assist CAYC with its future. 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 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. provisions 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. 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. |
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