MANDEVILLE, La., Feb. 13, 2006 (PRIMEZONE) -- Crosspoint Group, Inc. (Pink Sheets:CPGP) today announced that it had entered into an agreement to acquire Public Gas Company of Oklahoma (PGC), which will become a subsidiary of Crosspoint Group, Inc.
PGC is a thriving natural gas utility company with exclusive right-of-ways in the growing oil and gas production region of McAlester, Okla. With over 250 plus residential and commercial customers, and approximately 19 plus miles of new Polyethylene main supply lines, the company is growing rapidly and turning record profits. With the projected population growth in PGC's exclusive area, there is tremendous potential for expanding both our residential and commercial customer base. Additionally, PGC is in a favorable position for exporting our natural gas to other pipeline companies via our hub connection.
According to the company's geological petroleum engineers, the well's proven reserves and production capacity appear to qualify under IRC, section 613, which would give the company favorable tax treatment, both on the federal and state levels.
The company is also actively negotiating to acquire other operating gas properties to expand its capabilities and grow significantly within the industry.
Forward-looking statements in this press release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including without limitation, continued acceptance of CPGP's products, increased levels of competition, new products and technological changes, CPGP's dependence on third-party suppliers.
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