2004-11-30 08:35:07
XRG Inc. Board Authorizes Reverse Stock SplitBusiness Editors
CLEARWATER, Fla.--(BUSINESS WIRE)--Nov. 30, 2004--
XRG Inc. (OTCBB:XRGC), a provider of a wide range of
truckload freight services in the United States, today announced that
its board of directors has authorized a reverse stock split of its
common stock in a ratio of one-for-twenty (1:20). The reverse split
affects all the issued and outstanding common shares, stock options
and warrants of the company. As a result of the foregoing, the company
expects to have approximately 16,450,000 fully diluted shares of
common stock outstanding.
"This is a timely decision made by XRG's board of directors," said
Kevin Brennan, chief executive officer. "The stock reverse positions
us to achieve our goal of a listing on a national exchange, and it
adjusts our capital structure to more appropriate levels. Most
importantly, it will allow us to execute our acquisition strategy.
Throughout the truckload carrier industry we have identified numerous
acquisition opportunities that will greatly enhance our core business.
With our new capital structure we'll be poised to capitalize on these
acquisitions. After the restructure of our outstanding shares, our
stock will become a significantly more attractive currency to
potential acquisitions. Consequently, we'll be able to continue the
rapid and profitable growth of XRG. I am convinced that this decision,
coupled with continued strong execution by management, will contribute
to increasing shareholder value."
About XRG Inc.
XRG Inc. is a public company trading on the OTCBB under the symbol
"XRGC" that was established in November 2000 to consolidate
established and profitable truckload carriers throughout the United
States. The company is targeting carriers that have long-term customer
relationships and typically generate revenues between $5 million and
$70 million. Our consolidation strategy enables us to diversify our
customer base, technical capabilities and geographic areas served. For
more information about XRG Inc., visit http://www.xrginc.com or call
727-475-3060.
KEYWORD: NORTH AMERICA FLORIDA UNITED STATES
INDUSTRY KEYWORD: TRANSPORT TRUCKING
SOURCE: XRG Inc.
CONTACT INFORMATION:
XRG Inc.
727-475-3060
info@xrginc.com
or
Liolios Group Inc.
Scott Liolios or Michael Cannivet (Investors)
949-574-3860
scott@liolios.com