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PETRO PLUS INC. DISPELS NEGATIVE RUMORS ABOUT COMPANY'S AFFAIRS

 PETRO PLUS INC. DISPELS NEGATIVE RUMORS ABOUT COMPANY'S AFFAIRS
 KELOWNA, British Columbia, Dec. 19 /PRNewswire/ -- The following is being issued today by Petro Plus Inc. (Alberta: PPV.A):
 It has come to the attention of Petro Plus Inc. (the "company") that it is necessary to dispel negative rumors that are being spread about the company's affairs which might be harmful to our shareholders' investment decisions.
 Firstly, the company is not bankrupt or in financial trouble. In fact, the company has never been in a better financial position with approximately $250,000. in their bank account. Large expenditures of capital have not been required by the company to get to the current position of finalizing contractual negotiations which will result in substantial cash flow. The company has been very conservative in its operational spending and only intends to raise capital as required. The present contractual offer will make it much easier to raise both debt or equity financing in order to meet our contractual obligations. The company does not intend to dilute the present shareholders by doing a large financing at low market prices. Proposed private placements have been offered to the company but will not be accepted under $2.00 based on projections of cash flow that will be produced as a result of the present offer for retail operations.
 The directors and officers of Petro Plus Inc. are very excited with the prospects of the present offer before it which was previously announced by the company. They feel that there never has been a better time to invest in the company and in fact have been and intend to acquire stock through the market at the present prices. It has come to the attention of the company that several investors have not been able to meet margin calls and therefore have had their positions sold out by their brokerage house. This would explain some of the large selling presently being experienced in the shares of the company. We anticipate that the problems of these investors will be taken care of soon or have been already taken care of and therefore will not continue to affect the market of the company.
 Petro Plus Inc. has and will continue to work closely with the Alberta Stock Exchange in disclosure of all company affairs and have been informed by the A.S.E. that the company is not under any special investigations at the present time. All of the company's activities and the trading in its shares are monitored by the A.S.E. in normal course.
 The company is very concerned about the negative effect that inaccurate information will have on its investors and therefore request that all inquiries about the company's affairs be directed to the company at 604-861-5573 or 403-540-1966 or its investor relations company at 604-533-9171.
 -0- 12/19/91
 /CONTACT: John J. Harms, VP Administration, or Shelley Germann, V.P. Legal of Petro Plus Inc., 604-861-5573/
 (PPV.) CO: Petro Plus Inc. ST: British Columbia IN: OIL SU:


CH -- LA009 -- 3869 12/19/91 11:51 EST
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Publication:PR Newswire
Date:Dec 19, 1991
Words:509
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