Business Services Industry
Penn Octane Corp. Announces Intention to File Registration Statement for Public Offering of Common Stock
Business Wire, Oct 21, 1997
REDWOOD CITY, Calif--(BUSINESS WIRE)--Oct. 21, 1997--Penn Octane Corp. (NASDAQ SmallCap:POCC) announced today that it is contemplating filing a registration statement with the Securities and Exchange Commission for the sale of its Common Stock, par value $.01 per share, in an underwritten primary and secondary offering, subject to market conditions.
The SEC filing is expected to be made before the end of the fourth quarter of 1997. the contemplated offering is intended to raise funds for capital improvements and general corporate purposes.
Penn Octane's plans are based on current market conditions. Any adverse changes in market conditions or in general economic factors may cause Penn Octane to delay or even abandon its plans with respect of the offering.
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy any shares of Common Stock of the Company. Offers of shares of Common Stock, if any, in connection with the contemplated offering shall be made only by means of a prospectus contained in a registration statement to be filed by the Company with the SEC.
Penn Octane is a leading supplier of liquefied petroleum gas to Mexico and propylene to the petrochemical industry in Texas. Penn Octane operates a 132-mile, six-inch pipeline from a pipeline in Kleberg County, Texas to its terminal in Brownsville, Texas, which acts as a trans-shipment point for delivery to Mexico.
In addition, the Company owns and operates PennWilson CNG, Inc., located in Sante Fe Springs, Calif., a leader in compressed natural gas station design, engineering, manufacturing and safety.
Certain of the statements contained in this news release are forward-looking statements. While these statements reflect the company's beliefs, they are subject to uncertainties and risks that could cause actual results to differ materially.
CONTACT: Penn Octane Corp.
Jerry Richter, 650/368-1501 (President/CEO)
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