MJXX - Majestic Companies Ltd. (fka MJXX)

[jmhollen]

Majestic Issues Message to Shareholders

SALT LAKE CITY, Jul 25, 2002 (PRIMEZONE via COMTEX) -- Majestic Companies Ltd. (OTCBB: MJXX), through a reverse takeover by Freedom Oil and Gas Inc., a Nevada Corporation, of 57 West South Temple, Suite 420, Salt Lake City, Utah, is now wholly controlled by management appointed through Freedom Oil and Gas.

The result of this transaction is nothing short of a sea change in Company focus and direction as it relates to daily perations, corporate goals and direction.

The management of Majestic is now moving forward with plans to explore and develop key natural gas and oil targets in the Central Utah Foreland Thrust Belt. It is the goal of current management to fund any exploration and development efforts without further dilution of Majestic shares. This will be
accomplished by making use of current share blocks available to management as well as the possible use of highly selective debt instruments. Management is quite sensitive to the dilution and loss that many long-term shareholders have endured and it is present management's intent to build value for the shareholder
body as efficiently as possible.

The former management and Board of Majestic Companies Ltd. maintains no ongoing role in the Company as it now stands. Key members of the former management team have maintained an involvement in the Safety Products Division of Majestic and
it has been disclosed that this division will now be spun off from the Company as it is now structured. The management of Majestic wishes them well in their future efforts.

In closing, the management team now leading Majestic wishes to stress that the holdings of the present shareholder body have been unaffected by this recent reverse takeover. Shareholders hold the same number of shares as they did prior and present management hereby pledges that reverse splits shall not be employed as a means to market strategy in future corporate efforts. Majestic now hopes to grow shareholder value through sound and well-planned activities within the resource sectors of oil and natural gas. Majestic is now engaged in exploration
activities in a region, which some industry experts believe to be the last great area of untapped potential in oil and natural gas on the North American continent. The management of Majestic thanks the present shareholder body for their patience during this period of transition. We are keenly aware that the
past year has been a challenging time for each of you and we are resolved to make it quite clear that this is, clearly and conclusively, a new Majestic.

For additional information please contact Investor Relations at 1-866-238-1185, between the hours of 9-5 p.m., Eastern Time.

On Behalf of the Board:

J. David Gowdy

President & CEO

By Staff
CONTACT:
Majestic Companies Ltd.
J. David Gowdy, President and CEO
[phone]

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