FORT STOCKTON, Texas, Sept. 17, 2018 /PRNewswire/ -- MMEX Resources Corp. (OTCPK: MMEX), a development-stage company focusing on the development of a 10,000 barrel-per-day (BPD) crude distillation unit and a full-scale crude oil refinery in Pecos County near Fort Stockton, Texas, today announced it intends to reverse split its shares on a 100 to 1 basis to provide a capital structure that allows the Company to up-list to other stock exchanges with higher share price listing minimums.
Jack W. Hanks, President and CEO of MMEX Resources Corp., said, "On September 14, 2018, we gave notice to FINRA that our board of directors had approved a 1 for 100 reverse split of our common stock, to be effective on October 19, 2018. Accordingly, and assuming approval from FINRA is received, each 100 shares of common stock outstanding as of October 19, 2018 will be reclassified as and converted into and become a right to receive one share of common stock. In addition, on September 14, 2018 as announced in our 8K filed today, we repurchased one of our convertible debt notes as the initial step to purchasing potentially other convertible debt notes. Both of these programs will simplify our capital structure, allow us to list on stock exchange platforms with higher stock price listing requirements, greater transparency, and governance leading , we believe , potentially to better opportunities to complete financing for our project development."
About MMEX Resources Corp.
MMEX Resources Corporation (MMEX) is a development stage company formed to engage in the exploration, extraction, refining and distribution of oil, gas, petroleum products and electric power. MMEX focuses on the acquisition, development and financing of oil, gas, refining and electric power projects in Texas, Peru, and other countries in Latin America. Its current project is the development of a 10,000 barrel-per-day (BPD) crude distillation unit and a full-scale crude oil refinery in Pecos County near Fort Stockton, Texas. For more information about MMEX, visit www.mmexresources.com.
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The following constitutes a "Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties, which could cause our actual results to differ materially from those described in the forward-looking statements. These risks include but are not limited to the Company's ability to continue as a going concern, our lack of revenues, general business conditions, the requirement to obtain significant financing to pursue our business plan, our history of operating losses and other risks detailed from time to time in the Company's SEC reports. In particular, readers should note MMEX undertakes no obligation to update forward-looking statements.
SOURCE MMEX Resources Corp.