TexCom Completes $4.25 Million Equity Private Placement Through Financial West Group for Biodiesel Project

    HOUSTON, Oct. 17 /PRNewswire-FirstCall/ -- TexCom, Inc. (OTC Pink
 Sheets: TEXC) announced today that it has closed private placement offering
 of Series A Convertible Preferred Stock for gross proceeds of $4.25
 million.
     Private Placement Proceeds will go toward TexCom's investment of $3.5
 million in Houston Biodiesel, LLC to build and operate a 35 Million gallon
 per year biodiesel processing facility in Seabrook, Texas as well as for
 general corporate overhead needs. TexCom will act as Asset Manager for the
 project. The funds raised will complement previously announced project
 commitments of $10.6 Million in equity from U.S. Renewable Group. LBC
 Houston, LP will provide terminal assets, storage and terminal services for
 the biodiesel plant as previously announced.
     Pursuant to the terms of the offering, the Company issued 2,125,000
 shares of Series A stock Convertible Preferred Stock at a price of $2.00
 per share. The stock will pay a 10% dividend, and is convertible into two
 shares of common stock at $1.00 per share. Additionally, each share of
 Series A stock will be accompanied by a warrant entitling the holder to
 purchase two shares of common stock, par value $0.001 at an exercise price
 of $3.00 per share for a period of five years following their issuance.
     Following the private placement, TexCom, Inc. will have approximately
 43 million shares of common stock outstanding assuming full conversion of
 this offering.
     Financial West Group (FWG) acted as placement agent for the offering.
 Brokers for FWGs Socially Responsible division, Progressive Asset
 Management (PAM) were the lead selling agents.
     Louis Ross, C.E.O. of Texcom stated, "We are very pleased with the
 results of the Private Placement provided through Financial West Group and
 their subsidiary, Progressive Asset Management. Their investors have a core
 appreciation for the economic opportunity in the biofuels sector and the
 added environmental benefits of the Seabrook project."
     Gene Valentine, CEO of Financial West Group stated, "FWG and PAM were
 excited at the opportunity to provide funding for a facility such as
 Houston Biodiesel which gave our investor base access to an opportunity
 with potential upside, not to mention the more environmentally friendly
 characteristics of Biodiesel."
     About TexCom, Inc.
     Headquartered in Houston, Texas; TexCom, Inc. is pursuing expansion in
 biodiesel production and certain energy related businesses and developing
 them to their logical and full commercial potential. For more information,
 please visit the company Web site at http://www.texcomresources.com .
     About Financial West Group and Progressive Asset Management:
     Founded in 1985, Financial West Group, member NASD/SIPC, based in
 Westlake Village, California offers a full range of financial services
 including Socially Responsible Investing (SRI). Progressive Asset
 Management (PAM) is the SRI division of FWG. Since 1987 the PAM team has
 dedicated itself to delivering competitive financial returns with social
 and environmental benefits.
     Forward-Looking Statements
     Statements contained herein and the information incorporated by
 reference herein may be forward-looking statements within the meaning of
 Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act").
 Forward-looking statements can be identified by the use of forward-looking
 terminology such as, but not limited to, "may," "will," "expect,"
 "anticipate," "estimate," "would be," "believe," or "continue" or the
 negative or other variations of comparable terminology. We intend such
 forward-looking statements to be covered by the safe harbor provisions
 applicable to forward-looking statements contained in Section 21E of the
 Exchange Act. Such statements (none of which is intended as a guarantee of
 performance) are subject to certain assumptions, risks and uncertainties,
 which could cause our actual future results, achievements or transactions
 to differ materially from those projected or anticipated.
     Forward-looking statements include statements concerning plans,
 objectives, goals, strategies, future events, or performance and underlying
 assumptions and other statements, which are other than statements of
 historical facts. These statements are subject to uncertainties and risks
 including, but not limited to, product and service demands and acceptance,
 changes in technology, economic conditions, the impact of competition and
 pricing, and government regulation and approvals. TexCom cautions that
 assumptions, expectations, projections, intentions, or beliefs about future
 events may, and often do, vary from actual results and the differences can
 be material. Some of the key factors which could cause actual results to
 vary from those TexCom expects include changes in natural gas and oil
 prices, the timing of planned capital expenditures, availability of
 acquisitions, uncertainties in estimating proved reserves and forecasting
 production results, operational factors affecting the commencement or
 maintenance of producing wells, the condition of the capital markets
 generally, as well as our ability to access them, and uncertainties
 regarding environmental regulations or litigation and other legal or
 regulatory developments affecting our business.
     Our expectations, beliefs and projections are expressed in good faith
 and are believed to have a reasonable basis, including without limitation,
 our examination of historical operating trends, data contained in our
 records and other data available from third parties. There can be no
 assurance, however, that our expectations, beliefs or projections will
 result, be achieved, or be accomplished. Readers are cautioned not to place
 undue reliance on these forward-looking statements, which speak only as of
 the date hereof. We undertake no duty to update these forward-looking
 statements.
     Brad Barker of TexCom, Inc., +1-713-914-9193
 
 

SOURCE TexCom, Inc.

More by this Source


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.