Ramoil Management, Ltd. Announces Intent To File Civil Lawsuit Against Parties Sued by U.S. Securities and Exchange Commission

Business Wire, Oct 12, 2001

Business Editors/Legal Writers

LAS VEGAS--(BUSINESS WIRE)--Oct. 12, 2001

Gary W. Walters, Chm. and CEO of Ramoil Management, Ltd. (Pink Sheets:RAMO) announced today that the Company was preparing a civil lawsuit against the defendants named by the Securities and Exchange Commission as stock manipulators of one million shares of RAMO stock.

The SEC is demanding disgorgement of $3.3 million from the Defendants as a result of manipulating RAMO stock.

Walters stated that "our lawsuit against these same Defendants will track the SEC's complaint, as well as seek treble damages under civil RICO statutes. We intend to get judgments against these defendants and return the money they stole back to the corporate treasury for the benefit of shareholders. At the same time, we intend on determining whether the dumping of our stock by these Defendants is related to a huge artificial short position that we believe exist in our shares. The SEC did a great job in putting this case together and we congratulate every member of staff that helped from the Division of Enforcement to Market Surveillance."

Walters stated that the Company was putting its previously announced buy back program on hold to make sure that shareholders are fully informed of the pending lawsuits and the likely recovery amounts to the Company's treasury which should, in Management's opinion, significantly increase share value.

Further details regarding the complaint can be viewed at the SEC's website at www.sec.gov.

Safe Harbor Forward-Looking Statements

Except for historical, information contained herein, the statements in this release are forward-looking statements that are made pursuant to the safe harbor provision of; the Private Securities litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties that may cause the companies actual results in future periods to differ materially from forecasted results. Such risks and uncertainties include, but are not limited to, market conditions, competitive factors, the ability to successfully complete additional financings and other risks.