Trophy Resources Settles Debt With Major Creditors
February 24 2009 - 10:00AM
Marketwired
Trophy Resources (PINKSHEETS: TRSI) is pleased to announce a final
settlement with its three major creditors. With these agreements
Trophy has settled over $800,000.00 in debts owed from the
company's past ventures. By settling these debts the company is
positioned to move forward in making strategic acquisitions or
combinations that will be accretive to the company.
Please note that Trophy is not completely debt free with
approximately $60,000 in other small debts, but that these
settlements greatly improve our ability to move forward. We would
like to thank our creditors for their cooperation in this matter.
We look to further update the investment community and our
investors as we move forward.
Lastly, we are committed to improving transparency for the
investors by providing periodic updates as well as our intent in
updating issuer information on the pink sheets and company web site
as they occur.
Trophy Resources, Inc. (www.trophyoil.com) is a development
stage company. The Company's goal is to evaluate profitable
options, build a solid foundation of assets through acquisition of
existing businesses, land and/or leases, and explore and develop
opportunities on these leases.
This release contains "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E the Securities Exchange Act of 1934, as amended and
such forward-looking statements are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. "Forward-looking statements" describe future expectations,
plans, results, or strategies and are generally preceded by words
such as "may," "future," "plan" or "planned," "will" or "should,"
"expected," "anticipates," "draft," "eventually" or "projected."
You are cautioned that such statements are subject to a multitude
of risks and uncertainties that could cause future circumstances,
events, or results to differ materially from those projected in the
forward-looking statements, including the risks that actual results
may differ materially from those projected in the forward-looking
statements as a result of various factors, and other risks. Trophy
Resources, Inc. is an exploration with limited experience in the
oil and gas industry. At the time of this release Trophy Resources
lacks the financial capabilities to meet its financial obligations
and its management expects to dilute the company's shares to raise
the necessary operating capital. Based upon industry standards
Trophy would be considered highly speculative and lacks any
competitive advantage over its competition. Additional risks you
should consider -- this list is limited and additional risk not
mentioned may apply: failure to meet Trophy's financial and
contractual obligations, Trophy's managerial errors made based upon
the Company's limited experience and knowledge of the industry,
commodity risk, acts of God and regulatory risk. You should
consider these factors in evaluating the forward-looking statements
included herein, and not place undue reliance on such
statements.
Contact: Mr. Joseph Canouse 678-325-4772
Joe.canouse@thinpinkllc.com
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