TEMECULA, Calif., June 10, 2004 (PRIMEZONE) -- CLX Energy (OTCBB:CLXN) today announced changes to its management team including the resignation the Company's Chief Executive Officer, Secretary, Treasurer and the majority of the Board of Directors. The Company has filed a Form 8-K Current Report with the Securities and Exchange Commission detailing these changes.
At a May 24, 2004 meeting of CLX Energy's Board of Directors, Shane H. Traveller and Steven R. Peacock were appointed to the Board and the Board accepted the resignations of James L. Burkhart, Robert E. Gee and Stephen W. Houghton. Following the appointments of Mr. Traveller and Mr. Peacock, the Board also accepted the resignation of E.J. Henderson as Chief Executive Officer and Treasurer of the Company and the resignation of W.C. Davis as Secretary. The Board appointed Mr. Traveller to serve as Chief Executive Officer and Treasurer of the Company and Mr. Peacock as Secretary. The Board of Directors now consists of Mr. Traveller and Mr. Peacock as well as E.J. Henderson, the Company's former CEO.
Mr. Traveller brings an extensive background in service to public companies both as an independent auditor, then later as an officer and director. He is a licensed CPA and sits on the board of directors of four other public companies where he serves as chairman of the audit committees. Mr. Traveller has served in positions ranging from CFO, President and COO of both private and publicly traded companies. As a consultant and independent auditor, Mr. Traveller has been closely involved in the development and implementation of internal controls, management of staff, preparation and filing of countless financial statements and SEC filings. He has led clients through IPO's and secondary offerings, private placements, mergers and acquisitions.
Mr. Peacock has fifteen years of experience in seeking out and identifying emerging growth investment opportunities, both startup companies and work out assignments and is skilled at analyzing management structure and setting up programs for raising capital. He has working knowledge of taking companies through the process of becoming publicly traded, as well as assistance with strategic planning, corporate communications including shareholder relations and Internet marketing. He also has an extensive background in SEC requirements and filings utilizing a broad network of legal, accounting, insurance, Internet technology and public relations affiliates. Mr. Peacock was directly responsible for raising approximately $8M under an exemption from registration, creating market liquidity for a company's stock and building its investor base from 250 to over 4,000 shareholders.
In the 8-K filing, CLX Energy also disclosed that the Company plans to undergo a transition in business strategy. The plan includes establishing a wholly owned subsidiary of CLX to be named CLX Oil and Gas, LLC, which will be subsequently sold to prior management in exchange for their stock positions. CLX then intends to operate as a holding company, seeking to acquire interests in private and public companies across a spectrum of industries.
All statements included in this release, including statements regarding potential future plans and objectives of CLX Energy are forward-looking statements. Such statements are necessarily subject to risks and uncertainties, some of which are significant in scope and nature beyond CLX Energy's control. 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. Actual results may differ materially depending on many factors. CLX Energy cautions that historical results are not necessarily indicative of the future performance.