OTC Bulletin Board: KING - King Resources Announces Major Capitalization Change
GULFPORT, Miss., July 12 /PRNewswire/ --
King Resources, Inc. (), www.kingresources.com ,
announced this morning that Norris R. Harris, President and Chairman of the
Board of the company, plans to personally purchase 32,500,000 shares of the
company's common stock from Gator Resources LLC. Immediately after the
closing of this transaction, scheduled to take place prior to July 31, 2001,
Mr. Harris will return the 32,500,000 shares of common stock to the company's
treasury stock. This is a reduction in outstanding stock of forty percent and
leaves 40,939,804 shares outstanding.
Mr. Harris stated, "I am purchasing this stock to be returned to the
treasury for the benefit of our valued shareholders who have stayed with the
company during the rebuilding process. A reduction in the number of
outstanding shares of this magnitude will greatly increase the potential
earnings per share."
King Resources, Inc., is in the business of exploration and production of
oil and natural gas in the continental United States, Australia and West
Africa.
This press release contains forward looking statements, such as future
development activity. KING notes that there are a variety of factors that
could cause the actual results to differ materially from the anticipated
results expressed.
:=) Gary Swancey
AI
