AOGN news-stock dividend
Avalon Oil & Gas, Inc., (Avalon) (OTCBB: AOGN) announced today that its majority-owned subsidiary, Oiltek, Inc., has filed a sixth amendment to the Form S-1 Registration Statement originally filed October 22, 2007. Avalon plans for Oiltek’s shares to be listed on the OTC Bulletin Board. The Company will distribute the shares which it owns in Oiltek to Avalon’s shareholders on a date determined by its 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 is an important milestone for the Company. This structure 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 upon Board approval, and to spin off Oiltek as an OTCBB Company instead of a Pink Sheet Company. We expect the Board to select a record date in the next few weeks,” added Rodriguez.
