DALLAS, May 15, 2013 /PRNewswire/ -- Claimsnet.com inc. (CLAI). On May 9, 2013, TransCoastal Corporation sold their common stock to Claimsnet.com inc. for 3,721,036 shares of Series F Convertible Preferred stock. (the "Company" or "Claimsnet.com")
TransCoastal Corporation has been a privately held independent oil & gas company formed in August 1998 and headquartered in Dallas, Texas. Since inception, TransCoastal's growth has focused on the acquisition of producing oil and gas properties. The Company's strategy is driven by exploitation opportunities of proven yet underdeveloped mature oil and gas fields which possess long-life reserve potential with low risk development opportunities.
A more complete presentation of Claimsnet.com's transaction with TransCoastal can be found on the SEC's web page (www.sec.gov) under the Company Claimsnet.com attached to the 8-K report filed with the SEC.
Comment on Merger from the Founders at TransCoastal
"We are thrilled about the merger with Claimsnet. To achieve this opportunity, our team has been laser-focused on adding value through the acquisition and development of oil and gas properties over the past several years. With greater access to the capital markets, we will be able to increase the pace of development in our proven reserve category.
We are very grateful to our current shareholders for supporting our growth thus far, and we believe this merger is an important step in benefiting both our current and future shareholders. We are a proven, efficient producer of oil and liquid rich natural gas in the State of Texas. We look forward to the significant opportunities that lie ahead for our company's continued growth, both organically and through future acquisitions, "The Founders" W.A. Westmoreland, David J. May and Stuart G. Hagler.
Comment on Merger from the CEO of Claimsnet.com
Don Crosbie, CEO of Claimsnet.com, commented that this merger has been something the company has been seeking for some time, believing it was the best way to maximize stakeholder value and give its shareholders an opportunity to participate in the future of a growing company, in a growing industry. In addition, I will be staying the on the board of the combined companies, he said.
For further information on TransCoastal, please visit our website www.transcoastal.net
