CLX Energy, Inc. Announces Reverse and Forward Split of Common Stock

Apr 03, 2001, 01:00 ET from CLX Energy, Inc.

    DENVER, April 3 /PRNewswire/ -- E. J. Henderson, President of CLX Energy,
 Inc. (OTC Bulletin Board:   CLXN) announced today that in order to facilitate
 efforts to provide liquidity to small shareholders and reduce shareholder
 related expenses, our shareholders approved a reverse split and forward split
 of the Company's common stock by an 84% majority of the issued and outstanding
 stock at the Annual Shareholders Meeting held on March 20, 2001.
     The split transaction occurred at 6:00 a.m. on April 2, 2001.  All
 shareholders of record on March 30, 2001 will receive 1 share of CLX Energy
 common stock for every 100 shares of CLX Energy stock held in their accounts
 at that time.  Any shareholder holding fewer than 100 shares of CLX Energy
 stock on March 30, 2001 (referred to as a "Cashed-Out Shareholder"), will
 receive a cash payment instead of fractional shares.  If a shareholder holds
 100 or more shares in an account, any fractional share in the account will be
 cashed out but only following the forward split.  For example, if a
 shareholder owned 130 shares before the transaction, as a result of the
 reverse split they would own 1.3 shares and after the forward split they would
 own 32 1/2 shares and only the 1/2 share would be cashed out.  This cash
 payment of the cashed-out shares will be $0.156 per share which was the price
 of 1900 shares traded on March 30, 2001.  Immediately following the reverse
 split, at 6:01 a.m. on April 2, 2001, all shareholders who are not Cashed-Out
 Shareholders will receive 25 shares of CLX Energy common stock for every
 1 share of stock they received after the reverse stock split.  The issued and
 outstanding common stock is reduced from 10,523,132 shares to approximately
 2,625,275 shares.
     The Company will benefit from this transaction as a result of reduced
 administrative cost by "Cashing Out" over 700 very small shareholders
 representing approximately 22,000 shares of common stock (0.2% of the issued
 and outstanding).  The reduced number of shares will also have the result of
 increasing earnings per share by a 4 to 1 margin.
 
     CLX Energy, Inc.'s common stock is listed on the OTC Bulletin Board under
 the new symbol: CLXN.
 
     For further information please contact: E. J. Henderson, President of CLX
 Energy, Inc., 518 17th Street, Suite 745, Denver, CO  80202, 303/825-7080, Fax
 303/825-7082.
 
 

SOURCE CLX Energy, Inc.
    DENVER, April 3 /PRNewswire/ -- E. J. Henderson, President of CLX Energy,
 Inc. (OTC Bulletin Board:   CLXN) announced today that in order to facilitate
 efforts to provide liquidity to small shareholders and reduce shareholder
 related expenses, our shareholders approved a reverse split and forward split
 of the Company's common stock by an 84% majority of the issued and outstanding
 stock at the Annual Shareholders Meeting held on March 20, 2001.
     The split transaction occurred at 6:00 a.m. on April 2, 2001.  All
 shareholders of record on March 30, 2001 will receive 1 share of CLX Energy
 common stock for every 100 shares of CLX Energy stock held in their accounts
 at that time.  Any shareholder holding fewer than 100 shares of CLX Energy
 stock on March 30, 2001 (referred to as a "Cashed-Out Shareholder"), will
 receive a cash payment instead of fractional shares.  If a shareholder holds
 100 or more shares in an account, any fractional share in the account will be
 cashed out but only following the forward split.  For example, if a
 shareholder owned 130 shares before the transaction, as a result of the
 reverse split they would own 1.3 shares and after the forward split they would
 own 32 1/2 shares and only the 1/2 share would be cashed out.  This cash
 payment of the cashed-out shares will be $0.156 per share which was the price
 of 1900 shares traded on March 30, 2001.  Immediately following the reverse
 split, at 6:01 a.m. on April 2, 2001, all shareholders who are not Cashed-Out
 Shareholders will receive 25 shares of CLX Energy common stock for every
 1 share of stock they received after the reverse stock split.  The issued and
 outstanding common stock is reduced from 10,523,132 shares to approximately
 2,625,275 shares.
     The Company will benefit from this transaction as a result of reduced
 administrative cost by "Cashing Out" over 700 very small shareholders
 representing approximately 22,000 shares of common stock (0.2% of the issued
 and outstanding).  The reduced number of shares will also have the result of
 increasing earnings per share by a 4 to 1 margin.
 
     CLX Energy, Inc.'s common stock is listed on the OTC Bulletin Board under
 the new symbol: CLXN.
 
     For further information please contact: E. J. Henderson, President of CLX
 Energy, Inc., 518 17th Street, Suite 745, Denver, CO  80202, 303/825-7080, Fax
 303/825-7082.
 
 SOURCE  CLX Energy, Inc.