Crystal Oil Company Announces its Name Change to Crystal Gas Storage, Inc.SHREVEPORT, La.--(BUSINESS WIRE)--June 14, 1999-- Crystal Oil Company (AMEX AMEX See: American Stock Exchange : COR) today announced its name change to Crystal Gas Storage, Inc. effective June 14, 1999. Joe N. Averett, Jr., President and Chief Executive Officer of the Company said, "The premium salt cavern natural gas storage business is the Company's primary business today. Our strategic position in natural gas storage offers what we consider excellent opportunities for future growth. We believe the new name of Crystal Gas Storage, Inc. more accurately reflects who we are." Crystal Gas Storage, Inc. currently owns and operates through 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. two natural gas storage facilities near Hattiesburg, Mississippi, and holds various interests in natural gas properties primarily in Louisiana. The company actively reviews acquisition opportunities in the energy related sector with a focus on acquisitions that will maximize the return on the Company's existing capital resources and benefit from the availability of the Company's large net operating loss carryforwards Net operating loss carryforwards Application of losses to offset earnings in future years. and other tax benefits. Statements in this release other than historical facts are forward-looking statements made in reliance 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. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion