EFIR news out
EGPI Firecreek, Inc. Announces Retirement of Convertible Debt
Date : 08/02/2010 @ 8:27AM
Source : MarketWire
Stock : EGPI Firecreek, Inc. (EFIR)
EGPI Firecreek, Inc. Announces Retirement of Convertible Debt
EGPI Firecreek, Inc. (OTCBB: EFIR) announced today the successful retirement of a convertible debt originally tied to the funding of their 3 well acquisition program.
As previously reported, the Company acquired the rights to a 3 well drilling program which initiated the start of oil production for their oil and gas division. As part of their funding for the project, the Company agreed to a convertible debenture with a private lending group. Because of the nature of the financing and its dilutive nature which would be caused by any conversions, the Company felt it would be in the interest of the Company and its shareholders to replace the financing before any further dilution to the Company's shares could take place.
Dennis Alexander, EGPI's President, stated, "As with any aggressive growth company, both working capital and project financing is always key to the success and abilities a company has in achieving their goals. We plan on continuing our efforts in obtaining more traditional non-dilutive forms of financing as we continue to fund our operations for growth, acquisition and project completion purposes."
The Company would also like to announce that plans for its acquisition of Caddo International are still ongoing and close to being finalized. Final changes and implementations for its closing documents are expected to be completed within the next few days.
About EGPI Firecreek, Inc.
EGPI Firecreek, Inc.'s business and acquisition strategy is focused on both the vertical integration of enterprises serving the DOT Construction and Intelligent Traffic System markets alongside its wholly owned subsidiary M3, Lighting, Inc. (M3), and on oil and gas production with an emphasis on acquiring existing fields with proven reserves, the rehabilitation of potentially high throughput oilfields, resource properties and inventories, through its wholly owned subsidiary Energy Producers, Inc. (Energy Producers) and the newest Chanwest Resources, Inc. EGPI Firecreek, Inc. is also looking to expand into Alternative energy sources as well as industries in the energy field. Other companies in the oil sector include Exxon Mobil, Pantina Oil and Gas Inc., Frontier Oil Inc. and Cabot Oil & Gas Inc.
Safe Harbor
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of EGPI Firecreek, Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond EPGI Firecreek Inc.'s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in EGPI Firecreek, Inc.'s filings with the Securities and Exchange Commission.
CONTACT:
EGPI Firecreek, Inc.
Public Relations and Shareholder Information
Joe Vazquez
(754) 204-4549
Email:infinityglobalconsulting@gmail.com
