HOUSTON, April 19, 2011 /PRNewswire/ -- Bionic Products, Inc. (Pinksheets: BNPD) has sold its controlling interest in the public entity BNPD to Texas Oil and Minerals, Inc., an acquisitions and exploration company located in San Antonio and Houston, Texas.
"Texas Oil & Minerals acquired BNPD through a restricted stock transaction and is applying to FINRA & CUSIP for a name change immediately. These steps will bring the company to another level in the oil and gas industry," said the new company president, Tom Gouger.
"Management Candidates are now being selected and appointed to the Board of Directors, each with credentials in the oil industry as well as advisory levels and experience to expand their resources immediately. This is a significant step and adds value to our shareholders as well as to create new opportunities for financing additional drilling prospects as well as to increase exploration and production," Gouger added.
Tom Gouger is a lifelong oilman with three generations of leadership in the industry. He has forged relationships and is considered one of the most knowledgeable executives in the industry with over 35 years of hands-on experience in drilling as well as leasing and oil exploration.
The domestic market is now under pressure as the steady flow of oil is uncertain from the Middle East. The company believes new exploration and increased production domestically is needed to bring more crude to market.
Safe Harbor Statement:
This release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as INCL or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Similarly, statements herein that describe the Company's business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements.
SOURCE Bionic Products, Inc.