Energas: Kentucky Converts $1,400,000 of Debt to Equity.Energy Editors/Business Editors OKLAHOMA CITY Oklahoma City (1990 pop. 444,719), state capital, and seat of Oklahoma co., central Okla., on the North Canadian River; inc. 1890. The state's largest city, it is an important livestock market, a wholesale, distribution, industrial, and financial center, and a farm , Okla.--(BUSINESS WIRE)--March 11, 2004 Energas Resources Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :EGSR EGSR Eurographics Symposium on Rendering EGSR Employer Support of the Guard and Reserve EGSR Engineer General Service Regiment ) is pleased to announce that it has accepted an offer by a note holder to convert $1,400,000 due on the note into 2,800,000 shares of Energas' common stock. This conversion cancels $1,400,000 of liabilities and increases the net worth of Energas by $1,400,000. President George Shaw George Shaw (December 10, 1751 - July 22, 1813) was an English botanist and zoologist. Shaw was born at Bierton, Buckinghamshire and was educated at Magdalen Hall, Oxford, receiving his M.A. in 1772. He took up the profession of medical practitioner. stated, "This conversion allows us to use the dollars which we would otherwise spend repaying this note to develop our gas properties in Kentucky Kentucky, state, United States Kentucky (kəntŭk`ē, kĭn–), one of the so-called border states of the S central United States. It is bordered by West Virginia and Virginia (E); Tennessee (S); the Mississippi R. . It shows great faith in the future of Energas by the note holder. I'm glad they have chosen to become owners in our company by converting their note into common stock." The $1,400,000 note was originally in the principal amount of $1,500,000 and was one of three notes given in August 2003 as payment for the Company's Kentucky gas properties. The remaining two notes continue to be payable over 20 years with interest at 8.5% and are convertible into shares of Energas common stock at a conversion price of $1.00. Further announcements will be forthcoming. |
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