TransCoastal Completes the Sale of ANC Holdings, Eliminating $1.5m in Debt and Amends Its Articles of Incorporation
DALLAS, July 3, 2013 /PRNewswire/ -- TransCoastal Corporation (formerly Claimsnet.com inc.) (OTC Bulletin Board: CLAI) announced today that as of June 27, 2013, TransCoastal completed their disposition of ANC Holdings, Inc. a wholly owned subsidiary of the corporation. The cashless transaction allows TransCoastal to eliminate $1.5 million in debt and other assets and liabilities associated with the medical claims processing subsidiary. Stuart Hagler, Chief Executive Officers added, "This transaction will help to strengthen our balance sheet, and free us up to pursue our core business."
TransCoastal has filed two amendments to its articles of incorporation with the Delaware Secretary of State effective July 1, 2013. The first amendment effectuated a 200 to 1 reverse stock split to the holders, as of May 9, 2013, of its equity stock. The second amendment changed the corporation's name from Claimsnet.com inc. to TransCoastal Corporation and increased the total number of the corporation's authorized equity stock to 275,000,000 shares with 250,000,000 of the shares being designated as common stock and the remaining 25,000,000 being designated as preferred stock.
TransCoastal Corporation is a Dallas-based oil and gas exploration company focusing its efforts in the state of Texas. For further information on the Company, please visit our website www.TransCoastal.net.
Regarding Forward-Looking Statements
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SOURCE TransCoastal Corporation