Energy Producers Inc. and Life Energy Technology Holdings Inc. Agree to Proceed Ahead.
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--March 28, 2001
Energy Producers Inc. ("EPI")(OTC Pink Sheets:EGPI) further comments on its press release of Feb. 27, 2001 in the context of the filing of an 8K-A report by Life Energy Technology Holdings Inc. ("LETH") regarding the status of its agreement with EPI.
After preliminary discussions between EPI and LETH it was agreed that the announced agreement between the two companies would proceed, subject to EPI's identifying sufficient additional assets to offset the loss of assets and prospects occurring as a result of the cancellation of EPI's agreement with Calmon Enterprises Inc. ("Calmon").
The acquisition of the new assets must be to the satisfaction of LETH.
On the basis of the discussions, EPI is agreed that LETH is not in violation of the agreement and its performance is merely pending until such time as EPI can satisfy LETH that it has identified sufficient assets and properties to substitute for the loss resulting from the termination of EPI's purchase of the assets from Calmon.
It is expected that any such replacement assets would be of equal or greater value to those originally proposed to be purchased in the Calmon acquisition. In the spirit of the agreement, LETH is encouraging EPI to make these identifications immediately, in an effort to move forward with the agreement with dispatch.
Energy Producers Inc. has represented to the board of Life Energy that Energy Producers is in review and due diligence for potential project/acquisitions located in Texas, Oklahoma, Ohio, Arkansas, and internationally in Australia and the Republic of Kazakhstan.
Energy Producers Inc. principal executive offices are located at 7944 E. Beck Lane, Suite 200, Scottsdale, AZ with regional offices located at its subsidiary operations, Producers Supply Inc. in Stephens, Ark. where the company operates an oil and gas field equipment, inventory, service and supply business. Energy Producers Inc. is listed OTC on the Pink Sheets under the symbol EGPI.
Energy Producers Inc. is focused on oil and gas production, with an emphasis on acquiring existing production, facilities, technology, proven reserves, resource properties, and inventories.
Statements which are not historical facts are forward-looking statements. The company, through its management makes forward-looking public statements concerning its expected future operations and performance and other developments.
Such forward-looking statements are estimates reflecting the company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements.
It is impossible to identify such factors, factors which could cause actual results to differ materially from those estimated by the company include, but are not limited to change in market conditions, change in technology, prices related to oil and gas, financing terms, and any other unforeseen change.
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|Date:||Mar 28, 2001|
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