PATERSON, N.J., Nov. 3, 2008 (GLOBE NEWSWIRE) -- Quest Minerals & Mining Corp. (OTCBB:QMNM) (Frankfurt:QMNA), a Kentucky-based operator of energy and mineral related properties, today announced a 1-for-10 reverse split of its common stock, which will be effective at the market open on Tuesday November 4, 2008. At that time, the shares will begin trading on the OTC Bulletin Board on a split adjusted basis under the symbol (OCTBB:QMLM).
The Quest reverse stock split initially will result in a higher share price. This is expected to enhance the Company's ability to raise capital, broaden its appeal to investors, reduce per share transaction fees, and reduce certain administrative costs. Quest's President, Eugene Chiaramonte, Jr., discussed the reasons for the reverse split: "Due to the recent collapse of the global economy and the energy sector, there has been a constriction of credit and liquidity that has adversely affected our access to additional financing required for the continued production volumes at our Pond Creek mine. We believe the reverse split will ultimately position our Company to receive additional access to capital which we believe is in the best interests of our company and our stockholders."
The reverse split will reduce the number of issued and outstanding shares of the Company's common stock from approximately 1,217,418,367 to approximately 121,741,837. The number of authorized shares of common stock will remain unchanged at 2.5 billion.
Information for Stockholders
As a result of the reverse stock split, stockholders will receive one new share of common stock for every ten shares held. Registered holders may request a letter of transmittal from the Company or its transfer agent, Nevada Agency & Trust Company, for the exchange of stock certificates. Stockholders with shares in brokerage accounts will be contacted by their brokers with instructions. Fractional or partial shares will not be issued and instead will be rounded up to the nearest whole number of shares. Stockholders with shares held in brokerage accounts are encouraged to contact their brokers with any questions.
About Quest Minerals & Mining
Quest Minerals & Mining Corp., or Quest, acquires and operates energy and mineral related properties in the southeastern part of the United States. Quest focuses its efforts on properties that produce quality compliance blend coal. For more information on Quest Minerals & Mining Corp., please visit our website at www.questmining.net.
Forward-Looking Statements
This document contains discussion of items that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although Quest believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Factors that could cause actual results to differ from expectations include, but are not limited to, lack of revenue producing operations, lack of working capital, debt obligations, judgments and lien claims against Quest and certain of its assets, difficulties in refinancing short term debt, difficulties identifying and acquiring complementary businesses, fluctuations in coal, oil & gas, and other energy prices, general economic conditions in markets in which Quest does business, extensive environmental and workplace regulation by federal and state agencies, other general risks related to its common stock, and other uncertainties and business issues that are detailed in its filings with the Securities and Exchange Commission.