Paradigm Oil and Gas Continues its Strategy of Retiring Shares in Preparation for Listing on the American Stock Exchange
EUSTACE, Texas, Aug. 13, 2013 /PRNewswire/ -- Paradigm Oil and Gas, Inc. (OTC PINK: PDGO) ("Paradigm") today announced that they have retired an additional 150 million shares of common stock and returned them to the treasury of the Company's authorized shares. This along with the 70 million shares the company cancelled a few weeks ago decreases its issued and outstanding shares by 220 million. In the past few weeks alone they have reduced the issued and outstanding shares by close to 50 percent.
We still feel as though we will succeed by bringing our corporate structure to a more sustained evaluation for our shareholders. As we stay with our plan of getting our audits up to date and reevaluating our assets and cleaning up our corporate structure we will increase our revenues and earnings. "I understand it hurts the company's market capital, but it is more important to Paradigm Oil and Gas not to have a false market valuation, but a real one showing the true value of its assets, and an accurate picture of the Company's revenue and earnings. We feel as though our share price is way too low, and we are still on target to be filing for the American Stock Exchange by year's end," stated Vince Vellardita President/CEO of Paradigm Oil and Gas.
The company is planning a share buy back from our outstanding float with an insider tender offer to purchase the necessary shares to keep the corporate structure to about 100 million shares issued and outstanding in our treasury. We are firm believers in our business strategies, we will continue to follow our business plan and do everything to increase shareholder value.
For a quick update the company's latest acquisition, Cam Trucking Oil Well Services has already landed several contracts with our relationships in the oil and gas industry and will be booked solid by week's end.
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: email@example.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.
Vince Vellardita, President
Paradigm Oil and Gas, Inc.
SOURCE Paradigm Oil and Gas, Inc.