PHOENIX, AZ, (NAMC) - Aztore Holdings Inc. (Pink Sheets: AZHG), an Arizona corporation with an estimated 250 shareholders (the "company"), announced that it would not be extending its outstanding Series B and Series C Warrants (the "warrants") when they expire on Dec. 15, 2005. The warrants were issued to implement a predecessor's bankruptcy plan, confirmed in December 1995. The exercise prices of the warrants are $1.00 and $1.50, respectively. The company believes its current per share net asset value is substantially less then $1.00 per share.
The company also announced that its board of directors will call a shareholders meeting as soon as financial information is available and request the shareholders approve a 2,500-for-1 reverse stock split (the "reverse split"). The company currently has 10,889,978 shares of common stock outstanding. After the reverse split, the company will pay cash for any fractional shares below one. The company is assessing the value of a fractional share. Shareholders owning 8,565,157 shares of the company's outstanding common stock, or approximately 78.8% of the outstanding shares, have agreed to vote in favor of this resolution when it is formally brought to the shareholders. After the reverse split, the company will have an estimated 35 shareholders with more than one share.
About Aztore. Since 1995, the company has been engaged in the investment business specializing in very small and speculative public companies. The company's portfolio has been made up of loans to and securities of these companies. The company is exempt from regulation under the Investment Company Act of 1940 even though it has more than 100 shareholders, due to its bankruptcy antecedents. During the period covering fiscal 2002 through fiscal 2004, The company liquidated significant portions of its portfolio and paid off liabilities of more than $2,000,000 and is continuing to concentrate or liquidate its investment positions. Aztore is located at 14647 S. 50th St., Suite 130, Phoenix, Ariz., 85044 and its telephone number is 480-759-9400.
Forward-Looking Statements. Certain matters discussed within this press release may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, no assurances can be given that the expectations will be attained. Forward-looking statements are inherently uncertain and actual results and activities may differ materially from those estimated or projected. Certain factors that can affect our ability to achieve projected results include, among others, uncertainties inherent in valuation estimations and the realizability of investments, the highly speculative nature of our investment targets and limited capital. We have no obligation to update the statements contained in this release or to take action that is described herein or otherwise presently planned.
