Crystal Gas Storage, Inc. Announces Redemption of Senior Preferred Stock.Business Editors and High Tech Writers SHREVEPORT, La.--(BUSINESS WIRE)--Dec. 30, 1999 Crystal Gas Storage, Inc. (AMEX AMEX See: American Stock Exchange :COR) today announced the redemption on February 4, 2000 of its $.06 Senior Convertible Voting Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. . Pursuant to Crystal's Amended and Restated Articles of Incorporation The document that must be filed with an appropriate government agency, commonly the office of the Secretary of State, if the owners of a business want it to be given legal recognition as a corporation. , as amended, each holder of Senior Preferred Stock will be entitled to receive $1.00 in exchange for each share of Senior Preferred Stock. Further information will be sent to each holder of Senior Preferred Stock after February 4, 2000. Holders of Senior Preferred Stock are asked not to surrender any shares of Senior Preferred Stock to the Company or the transfer agent for the Senior Preferred Stock at this time. The Senior Preferred Stock is being redeemed in conjunction with the proposed merger of Crystal into a wholly owned subsidiary 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. of El Paso Energy Corporation. Crystal currently expects the merger to be completed on January 5, 2000. Crystal Gas Storage, Inc. currently owns and operates through wholly owned subsidiaries two natural gas storage facilities near Hattiesburg, Mississippi, and holds various interests in natural gas properties primarily in Arkansas and Louisiana. Statements in this release other than historical facts are forward-looking statements made inreliance upon 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. 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. As such, the involved risks and uncertainties are subject to change at any time. The Company derives its forward-looking statements from its operating budgets which are based on various assumptions, including matters regarding crude oil and natural gas production, prices, demand and supply, changes in the market for natural gas storage and transportation, the use of the Company's existing net operating tax loss carryforwards, regulatory uncertainties, legal proceedings All actions that are authorized or sanctioned by law and instituted in a court or a tribunal for the acquisition of rights or the enforcement of remedies. and environmental matters. Although the Company believes its assumptions are reasonable, it is impossible to predict the impact of certain factors that could cause actual results to differ materially from those anticipated. |
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