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Friday August 11, 12:14 pm Eastern Time Press Release SOURCE: EuroGas, Inc. EuroGas Submits Revised Merger Offer To Teton Petroleum Company`s Board of Directors - EuroGas Common Stock Now Trading on Berlin Stock Exchange - LONDON, Aug. 11 /PRNewswire/ -- EuroGas, Inc. (OTC Bulletin Board: EUGS - news) today announced that its Board of Directors has submitted a revised merger offer to Teton Petroleum Company`s Board of Directors. The new offer, which affords both companies considerably more flexibility to finance the merger than had previously existed, will remain confidential until the Teton Board has had a chance to review the new terms. The EuroGas Board has declared its interest to schedule a full shareholder vote, assuming the Teton Board accepts the proposal. ``We have made a revised offer that we believe creates value for Teton shareholders and is fair to EuroGas shareholders,`` said Karl Arleth, President and CEO of EuroGas. We will bring this proposal to a vote of all EuroGas shareholders as soon as we get a green light from Teton.`` In addition to the revised offer, EuroGas and Teton Petroleum signed a Stand-Still agreement on July 28, 2000. Both parties have agreed to a 30-day merger Stand-Still period due to delays in both companies` ability to complete the merger transaction requirements. The agreement provides an opportunity for both companies to fully explore changing funding opportunities for the Goloil project in Russia. The agreement will also allow for the completion of the due diligence process. EuroGas and Teton will continue attempts to negotiate a final merger agreement during the 30-day Stand-still period. Separately, EuroGas announced that its common stock was listed for trading on the Berlin Stock Exchange on August 2, 2000 under the symbol EUG.B. About Eurogas: EuroGas is an international, independent energy company that controls methane gas concessions in Poland and has oil and gas exploration and development joint ventures in Canada, Poland, the Slovak Republic, Ukraine, and in the Sakha Republic. EuroGas, Inc. common stock is traded on the OTC Bulletin Board under the symbol EUGS, and on the Frankfurt and Berlin Stock Exchanges under the symbols EUG.F and EUG.B, respectively. Website: http://www.eugs.com Statements regarding anticipated oil and gas production and other oil and gas operating activities, including the costs and timing of those activities, are ``forward-looking statements`` within the meaning of the Securities Litigation Reform Act. The statements involve risks that could significantly impact EuroGas, Inc. These risks include, but are not limited to, adverse general economic conditions, operating hazards, drilling risks, inherent uncertainties in interpreting engineering and geologic data, competition, reduced availability of drilling and other well services, fluctuations in oil and gas prices and prices for drilling and other well services and government regulation and foreign political risks, as well as other risks discussed in detail in the EuroGas Inc.`s filings with the U.S. Securities and Exchange Commission. SOURCE: EuroGas, Inc. |
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| Autor (Datum des Eintrages): | Softbanker (11.08.00 18:46:04) |
| Beitrag: | 2 von 10 (ID:1556059) |
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