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MAC Partners Issues Response to Statements by Ocean Resources, Inc.


DALLAS -- With regard to the announcement made by one of MAC Partners, LP's former clients, Ocean Resources, Inc. (OTCBB OTCBB

See OTC Bulletin Board (OTCBB).
:OCRI OCRI Ottawa Centre for Research and Innovation ) on Friday, February 4, MAC Partners today issued the following comments.

By mutual agreement, MAC's management services agreement with Ocean was terminated as Ocean progressed into active operations. During the wind-down of those services, MAC complied with industry-standard requests for financial disclosures. MAC is very proud of the work it did in assisting the reorganization of Ocean, the procuring Procuring, in general, is the act of acquiring goods or services, usually by contract. It may refer to:
  • Procurement, a business process to acquire goods or services.
  • Procuring, the act of aiding a prostitute in the arrangement of a sex act with a customer.
 of its ship and equipment, and in getting Ocean's recovery operations Operations conducted to search for, locate, identify, rescue, and return personnel, sensitive equipment, or items critical to national security.  underway.

MAC has cooperated, and will continue to do so, in providing documentation in support of its management services fees. MAC management considered its response alternatives, to OCRI's press release, and resolved to initially issue this press release while it reviews its other legal options. As for amounts owed to MAC by OCRI, MAC will continue to seek all available remedies.

Mark Ariail, President of MAC, stated, "The proper forum for the resolution of such matters is certainly not through press releases. That has been an unfortunate turn of events. We have been forthcoming with OCRI, as we are with all of our client companies. Meanwhile we will continue to seek resolution to this matter."

MAC Partners, LP, is a merchant banking firm providing financial and management services to companies, both public and private, both start-up Start-up

The earliest stage of a new business venture.
 and on-going. It specializes in emerging markets and turn-around opportunities. MAC Partners, as a practice, welcomes any of its client companies to inquire in·quire   also en·quire
v. in·quired, in·quir·ing, in·quires

v.intr.
1. To seek information by asking a question: inquired about prices.

2.
, including audit, the financial operations as they relate to that client company.
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Publication:Business Wire
Date:Feb 11, 2005
Words:261
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