SCOTT, La., Jan. 25, 2011 (GLOBE NEWSWIRE) -- ESP Resources, Inc. (OTCBB:ESPI) (the "Company" or "ESP Resources") issued a statement regarding Mr. Christopher Metcalf, former CEO of the Company's predecessor company, Pantera Petroleum, Inc. ("Pantera"). The Company confirmed that it is not a party to any recent litigation between Mr. Metcalf and the Securities and Exchange Commission, nor does it have any knowledge of the details of such litigation. The facts alleged in such litigation all took place prior to current management becoming involved with the Company, after which the Company changed its name to ESP Resources, Inc. to better reflect the current direction and business plan. Mr. Metcalf's resignation from the Company on August 18, 2010 was not related to any matter relating to the Company's operations, policies, practices or this litigation.
The Company also reiterated that its core business is supplying petrochemical services to the oil and gas industry. Any exploration activities associated with the Company were related to Pantera and are not part of the Company's current revenue or current business activities. Through its wholly owned subsidiary, ESP Petrochemicals, Inc., the Company manufactures, blends, distributes and markets specialty chemicals and analytical services to the oil and gas industry. ESP Resources supplies retail and wholesale specialty chemicals for a variety of oil field applications including production, drilling, waste remediation, cleaning, and waste water treatment. From its blending and distribution facilities, the Company distributes its product line throughout the oil and gas producing regions of Louisiana, Texas, Mississippi, Alabama, Arkansas and Oklahoma, both onshore and offshore.
Legal Notice Regarding Forward-Looking Statements:
This press release contains "forward looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management. Forward looking statements are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "aims", "potential", "goal", "objective", "prospective", and similar expressions or that events or conditions "will", "would", "may", "can", "could" or "should" occur. Information concerning oil or natural gas reserve estimates may also be deemed to be forward looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. Actual results may differ materially from those currently anticipated due to a number of factors beyond the reasonable control of the Company. It is important to note that actual outcomes and actual results could differ materially from those in such forward-looking statements.
Readers are cautioned not to place undue reliance on the forward-looking statements made in this press release. In evaluating these statements, you should consider the risks discussed, from time to time, in the reports we file with the U.S. Securities & Exchange Commission. For a discussion of some of the risks and important factors that could affect the Company's future results and financial condition, see the Company's Form 10-Ks and 10-Qs on file with the U.S. Securities & Exchange Commission.