SYMBOL - NWOL
North West Oil Group Inc. is a publicly traded Oil & Gas company trading under the ticker symbol (PINKSHEETS: NWOL) on the U.S. Pinksheets market.
Contact:
3 Makarenko Street, #1/19
Moscow, 105062
Telephone: (495) 621-11-15
Fax: (495) 621-13-04
E-mail : szng@szng.ru
Website : http://www.szng.ru
NEWS:
http://www.quotestream.com/quotepage.php
October 2, 2007 - 11:04 AM EST
North West Oil Group Inc. Announces Reverse Stock Split
Retains New York-Based Special Council to Resolve Certain Issues, Discrepancies and Misrepresentations Made by Nord Oil and Its Management
North-West Oil Group Inc. (PINKSHEETS: NWOG) today announced that its Board of Directors has approved a reverse stock split of North West Oil Group\'s common stock at a ratio of 1 for 100 shares effective at the opening of trading Tuesday October 2, 2007. Following the split, the Company\'s common shares will trade under the new ticker symbol (PINKSHEETS: NWOL).
The Company also announced today that it has retained the services of New York-based special council to resolve certain issues, discrepancies and misrepresentations made by Nord Oil and its management. The Company previously announced they have retained Jewett, Schwartz, Wolfe & Associates Certified Public Accountants to conduct a complete SEC audit according to GAAP standards for the two years of operations of 2006-07 and first quarter of 2008.
Mr. Malyshev, President of North West Oil Group Inc., stated, \"Our financial results of the past year are proving the merit and strength of our business plan. The 1 for 100 reverse stock split is intended to enhance investors\' visibility into the Company\'s profitability on a per share basis while also providing more useful information in making period-to-period comparisons. The Company also believes that a higher share price could broaden its appeal to a wider base of investors allowing it to potentially qualify for listing on a larger exchange, improving trading volumes and stockholder value.\"
Malyshev continued, \"Although we continue to make great strides in an effort to create transparency and value for our shareholders, we\'re keenly aware that there is much more work ahead of us. With that said, the recent efforts to put the past behind us are providing great cause for optimism allowing us to focus solely on future growth opportunities which we view as extremely encouraging.\"
Source: http://www.quotestream.com/quotepage.php