SAN DIEGO, June 27, 2002 (PRIMEZONE) -- Majestic Companies Ltd. (OTCBB:MJXX) is currently in 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.
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.
For additional information please contact Kelly Boatright, Investor Relations, at 1-866-238-1185, between the hours of 9-5 p.m., Eastern Time. Mr. Boatright is the President of Majestic's newly appointed Investor Relations firm, Windward Communications. Windward is a full service communications firm with a strong experience base in the natural resource sectors. Windward will work closely with Majestic and Freedom management as discussions progress.
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, 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.