SAN DIEGO, July 2, 2002 (PRIMEZONE) -- Majestic Companies Ltd. (OTCBB:MJXX) recently disclosed discussions with Freedom Oil and Gas Inc., a Nevada Corporation, of 57 West South Temple, Suite 420, Salt Lake City, Utah, to acquire the Company for an undisclosed amount. Recognizing the need for strong leadership from within the petroleum industry, Majestic has tapped Mr. J. David Gowdy to serve as CEO and Mr. Jay Bowden to serve as Chief Financial Officer. Both of these gentlemen will serve critical roles in the implementation of the business and development plans, which are to arise following the successful conclusion of the referenced acquisition. The appointments of Messrs. Gowdy and Bowden will not become active until the successful conclusion of the planned acquisition has been realized.
Mr. J. David Gowdy, CEO, served as the President of Mountain Home Petroleum, Inc., a privately owned oil and gas exploration company, from 1995 to 2002. At Mountain Home he managed geological data acquisition and leasing activities. He also assisted in farmout negotiations that resulted in the Company obtaining an assignment of significant drilling and AMI rights in the Freedom Trend, Sanpete County, Utah. He has previously served as legal counsel and consultant to Hewitt Energy Group, a Texas corporation from 1989 to present. From 1986 to 1988 he served as Senior Vice President and General Counsel to New Century Petroleum Inc., an oil and gas exploration and production company in California and Texas. Mr. Gowdy received his B.A. degree in 1979 from Kansas State University, graduating Phi Beta Kappa and received his J.D. degree in 1982 from the J. Reuben Clark Law School at Brigham Young University, graduating Cum Laude. He is married and the father of seven children.
Mr. Jay Bowden, CFO, served as the financial officer of privately held Henry Petroleum, of Midland, Texas. Mr. Bowden was responsible for the supervision of the accounting department, management of cash, preparation of financial statements, review of tax returns, development of budgets and forecasts, negotiation of mergers and acquisitions, maintenance of corporate debt, and review of corporate contracts and agreements. His duties included establishing corporate accounting policies and procedures, maintaining a strong system of internal controls, coordinating audits, developing strategic plans, analyzing variance reports, managing the corporate information system, and serving on the company's "Executive Operation Committee" and "Pension Management Committee."
Majestic is pleased that these gentlemen have agreed to assume key positions of leadership upon the successful conclusion of the planned acquisition. The coming weeks and months promise to be periods of significant transition for our Company.
For additional information please contact, Investor Relations, at 1-866-238-1185, between the hours of 9-5 p.m., Eastern Time.
About Freedom Oil & Gas
Freedom Oil and Gas is a dynamic junior exploration and development company focused upon the targeting, exploration and development of potential natural gas and oil reserves in the Central Utah Foreland Thrust Belt. With the Freedom Oil and Gas package comes a highly skilled and proven management and operations team whose responsibility will be the successful implementation of the revised overall business plan which will emerge from this planned acquisition.
Majestic is now progressing with discussions with a keen eye towards growing shareholder value through sound and well-planned diversification into the resource sectors of oil and natural gas. Freedom is now engaged in exploration activities in a region, which some industry experts believe to be the last great area of untapped potential in oil and natural gas on the North American continent.
About The Majestic Companies, Ltd.
The Majestic Companies, Ltd. is a holding company that manufactures and markets safety-related products, including: the SAFE-T-BAR(TM), a patented school bus occupant restraint system, and the SAFE-T-GARD, a patented wheel guard/deflector shield for school buses, through its wholly-owned subsidiary Majestic SAFE-T-PRODUCTS, Ltd. The SAFE-T-PRODUCTS division recently acquired, and is in the development stage for two patent pending products: REFILTER(TM) -- a recyclable, diesel-engine filter system designed to meet upcoming EPA emission standards and the DISPENSETEC Glove Box, a hands-free automatic glove dispenser that reduces and/or eliminates the cross-contamination in healthcare and clean room environments attributed to the donning of latex gloves.
Additional information can be obtained on the Company's Websites at www.themcl.com and www.safe-t-bar.com. Note: Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934 and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Majestic SAFE-T-PRODUCTS, Ltd. is a wholly owned subsidiary of The Majestic Companies, Ltd.
On Behalf of the Board: Francis A. Zubrowski, Interim Chairman and CEO
This news release has been prepared by management of Majestic Companies Ltd., who take full responsibility for its contents. The SEC has neither approved nor disapproved of the contents of this news release. This news release may include forward-looking statements within the meaning of section 27a of the United States Securities Act of 1933, as amended, and section 21e of the United States Securities and Exchange Act of 1934, as amended, with respect to achieving corporate objectives, developing additional project interests, the companies' analysis of opportunities in the acquisition and development of various project interests and certain other matters. These statements are made under the "Safe Harbor" provisions of the United States Private Securities Litigation Reform Act of 1955 and involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements contained herein.