Gentry Steel Commences Trading on OTC Bulletin Board
January 15, 1998
PHOENIX, Dec. 9 /PRNewswire -- Gentry Steel, Inc., (OTC BB: GTYS) reported today that the Company has met all the necessary requirements and has begun trading on the Nasdaq OTC Bulletin Board Stock Exchange under the symbol "GTYS", effective November 19, 1997.
In addition, Gentry's Board of Directors approved an increase in total authorized common shares through a three-to-one stock dividend on common shares outstanding. Authorized shares will increase from 5,000,037 shares to 20,000,148. Stockholders and warrant holders of record on Jan. 15, 1998, will be entitled to receive three additional shares of common stock, or warrants to purchase shares of common stock, for each share of common stock or warrant held on that date.
"We are very pleased to have qualified for the new listing and encouraged by the Board's decision to increase the number of shares outstanding," said John Rud, Gentry president and CEO. "We anticipate that the OTC listing and our increased number of shares will hopefully generate greater interest in our company and broaden our shareholder base. The new listing should also provide the investment community with easier access to financial information about Gentry."
Gentry Steel, Inc. is a mining company that has filed 104 mineral claims within the State of Arizona. Currently, Gentry is involved in mining operations at the Gentry Iron Ore Deposit in Gila County, AZ. This iron ore deposit contains 2.6 million tons of proven, drill-indicated, high grade, reserves and 23 million tons of demonstrated reserves ideally suited for the manufacture of a red/brown iron oxide pigment with high purity and low toxicity. Once the Gentry's production facility is operational, the Company plans to manufacture and sell this high grade, iron oxide pigment throughout the world. This pigment equates to the highest quality pigment on the market today.
CONTACT: Jack Bothe for Gentry Steel, Inc., 800-261-8552
SOURCE Gentry Steel, Inc.
/CONTACT: Jack Bothe for Gentry Steel, Inc., 800-261-8552/
CO: Gentry Steel, Inc. ST: Arizona, California IN: MNG SU:
EB-DM -- SFTU036 -- 8950 12/09/97 08:27 EST http://www.prnewswire.com
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|Date:||Dec 9, 1997|
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