DGAP-News: Avalon Oil&Gas, Inc. Files Amended S-1 Registration / Company plans OTCBB spin off of Oiltek and dividend to shareholders
(firmenpresse) - Avalon Oil&Gas, Inc. / Key word(s): Strategic Company Decision
20.10.2010 15:00
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MINNEAPOLIS - Avalon Oil&Gas, Inc., (Avalon) (OTCBB: AOGN; Frankfurt:
A3MA) announced today that its majority-owned subsidiary, Oiltek, Inc., has
filed a seventh amendment to the Form S-1, in which it responded to
comments received from the Securities and Exchange Commission (SEC). Upon
approval of the Form S-1, the Oiltek's shares will be listed on the OTC
Bulletin Board. Avalon plans to distribute the shares which it owns in
Oiltek to Avalon's shareholders on a date determined by the Board of
Directors. Avalon is responding to comments received from the SEC regarding
Oiltek in order to complete the revised filing. The Company expects this
filing to be effective and the stock of Oiltek to have a CUSIP Number and
Trading Symbol in the near future.
Kent Rodriguez, Avalon's CEO stated, 'Completing the Oiltek S-1
Registration Statement demonstrates our commitment to our shareholders and
will enable us to commercialize our oil and gas technology assets. We are
pleased to be able to offer Avalon shareholders of record a stock dividend;
the record date will be announced once it has been determined by our Board
of Directors. We are also pleased to spin off Oiltek as an OTCBB Company
instead of a Pink Sheet Company.'
Avalon and Oiltek are actively seeking new energy recovery technologies to
commercialize for oil and gas production enhancement.
About Avalon Oil&Gas, Inc.
Avalon Oil&Gas, Inc. is an oil and gas investment company engaged in the
acquisition of oil and gas producing properties. Avalon is acquiring
interests in stable, mature production assets in Louisiana, Texas,
Arkansas, Kansas and Oklahoma. In addition, Avalon's technology group
acquires and develops oil production enhancing technologies. Avalon is
building an asset portfolio of innovative technologies in the oil and gas
industry to maximize enhancement opportunities through Oiltek, Inc.,
Avalon's majority-owned subsidiary.
Forward-Looking Statements
This press release contains statements, which may constitute
'forward-looking statements' within the meaning of the Securities Act of
1933 and the Securities Exchange Act of 1934, as amended by the Private
Securities Litigation Reform Act of 1995. Those statements include
statements regarding the intent, belief or current expectations of Avalon
Oil&Gas, Inc., and members of its management as well as the assumptions
on which such statements are based. Prospective investors are cautioned
that any such forward-looking statements are not guarantees of future
performance and involve risks and uncertainties, and that actual results
may differ materially from those contemplated by such forward-looking
statements. The Company undertakes no obligation to update or revise
forward-looking statements to reflect changed assumptions, the occurrence
of unanticipated events or changes to future operating results.
FOR FURTHER INFORMATION, please visit the company's website at
www.avalonoil.com
Contact:
Avalon Oil&Gas, Inc., Minneapolis
Kent Rodriguez
Phone: +1 952-746-9655
Fax: +1 952-746-5216
20.10.2010 15:00 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
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Media archive at www.dgap-medientreff.de and www.dgap.de
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Datum: 20.10.2010 - 15:00 Uhr
Sprache: Deutsch
News-ID 32374
Anzahl Zeichen: 0
contact information:
Kategorie:
Business News
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