Paradigm Oil and Gas, Inc. Retires its First of Several Shares of Common Stock back to its Treasury
EUSTACE, Texas, July 10, 2013 (eTeligis via ACCESSWIRE)--Paradigm Oil and Gas, Inc. (OTC PINK: PDGO) Paradigm Oil & Gas, Inc. today announced the commencement of its plan of retiring stock to the treasury. The first transaction is 70 Million shares of common stock which will help the Cap structure and show that our plan is to reduce some of its dilution. The shares were held in a Collateral Reserve Account until certain creditors were paid off.
“Our goal is to continue to clean up the treasury and work on our revenue while our auditors prepare to be reinstated to trade on the OTCBB Market. Paradigm Oil & Gas plans on retiring additional shares in the coming weeks. Once we have accomplished our goal and show a clean balance sheet with assets and real revenue; it will pave the road to getting the Company listed on the American Stock Exchange.”, stated Chairman/CEO, Vince Vellardita.
Using the Centurion; we will start on one of our contracts next week generating revenue from our Technology Division and at the same time begin the process of oil production from our wells. Our goal by year’s end is to have the assets that were previously written off, added back on the books and have them create revenue and cash flow for the Company so that we will meet the necessary requirements to be listed on the American Stock Exchange. We will continue to follow our business plan; therefore, creating shareholder value.
About Paradigm Oil and Gas, Inc.
Paradigm Oil and Gas, Inc. (OTC Pink: PDGO) is a dynamic company in business to provide service work to the oil and gas marketplace and to produce oil. Paradigm's goal is to identify oil producing wells and use modern technology to make them profitable based on modern commodity pricing. Paradigm Oil & Gas has several proven oil production leases and options for many more, holds the rights to the Centurion Technology, and owns rigs that target shallow stripper wells. For more information about Paradigm Oil and Gas, visit www.paradigmpdgo.com. If you wish to be added to Paradigm’s mailing list, please email: vince@paradigmpdgo.com
Forward Looking Statements
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks. Paradigm Oil and Gas, Inc., is a company with limited experience in the oil and gas industry. At the time of this release Paradigm Oil and Gas, Inc. lacks the financial capabilities to meet its financial obligations and its management expects to dilute the Company's shares to raise the necessary operating capital. Based upon industry standards Paradigm would be considered highly speculative and lacks any competitive advantage over its competition. Additional risks you should consider are that this list is limited and additional risks not mentioned may apply: failure to meet Paradigm's financial and contractual obligations, Paradigm's managerial errors made based upon the Company's limited experience and knowledge of the industry, commodity risk, acts of God and regulatory risk. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements.
Contact:
Vince Vellardita, President
Paradigm Oil and Gas, Inc.
vince@paradigmpdgo.com
