TexCom, Inc. to Divest Aviation Subsidiaries
HOUSTON, Aug. 7 /PRNewswire-FirstCall/ -- TexCom, Inc. (OTC Pink Sheets: TEXC) announced today that it has signed a Stock Purchase Agreement with AvStar Aviation, Inc. of Houston for the sale of TexCom's aviation related subsidiaries, San Diego Airmotive and Sky Patrol Aviation, Inc. San Diego Airmotive operates aircraft maintenance, repair and inspection facilities at the Ramona Municipal Airport in Ramona, California and at the French Valley Airport in Temecula, California. Sky Patrol Aviation makes available aerial surveillance services. Lou Ross, President of TexCom, stated, "As TexCom moves forward in implementation of our plans in biodiesel production, these aviation related businesses no longer fit with our core business strategies. We're very pleased that we have located an acquirer in AvStar with plans and capabilities to expand in the aviation sector." Robert Gaidousek, Vice President of AvStar added, "We are looking forward to the acquisitions of the two companies from TexCom, as it fits our plans of growth in the business of maintenance, repair and overhaul of aircraft. To that end we are also in the process of opening a maintenance facility, and have leased hangar space at Houston Southwest Airport, to serve the Houston market, in addition to the operations in Southern California." The subsidiaries are being sold to AvStar for $410,000 plus the assumption of up to $90,000 in payables. The stock sale will close on or before October 31, 2006, subject to completion of standard due diligence by AvStar. About TexCom TexCom, Inc. is headquartered in Houston, Texas and is an early-stage, growth-oriented company with its primary focus on the production of biodiesel. TexCom also has interests in liquid waste disposal servicing the petrochemical and drilling industries. Additionally, the company is engaged in exploration and production of oil and gas through its wholly owned subsidiary TexCom Partners, LLC. 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. Cautionary Note to U.S. Investors The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms herein, such as "probable", "possible", "recoverable", "risked" among others, that the SEC's guidelines strictly prohibit us from including in filings with the SEC. Readers are urged to carefully review and consider the various disclosures made by use which attempt to advise interested parties of the additional factors which may affect our business. Contacts: Greg Noble Greg@tcri.net 713-914-9193 http://www.texcomresources.com
SOURCE TexCom, Inc.
More by this Source
TexCom Announces Results for Third Quarter of 2013
Nov 01, 2013, 11:49 ET
Browse our custom packages or build your own to meet your unique communications needs.
Learn about PR Newswire services
Request more information about PR Newswire products and services or call us at (888) 776-0942.