RESULTS OF 2011 ANNUAL MEETING OF STOCKHOLDERS18-Nov-2011
HOUSTON, TX - (Marketwire) – November 18, 2011 - TexCom, Inc. (Pink Sheets:TEXC)(the "Company" or "TexCom"), an environmental services company for the oil and gas industry, today announced the results of its Annual Meeting of Stockholders, held Wednesday morning, November 16, 2011, in Houston, Texas.
At the Annual Meeting and through November 17, 2011 (to which date the final vote on the matters below was adjourned), stockholders voted to approve and ratify:
- the re-election of all director nominees, which included Louis Ross, Stephen Barth, Randall Lowry, Wallis Marsh, James Short and John Wade. Former director Britt Brooks did not stand for re-election, but will continue to serve as Executive Vice President and Corporate Secretary;
- the ratification of a conversion of the Company from a Texas corporation to a Nevada corporation, which the Company anticipates completing during the fourth quarter of 2011;
- the ratification and authorization of the Board of Directors to effect a reverse split of TexCom's outstanding common stock in a ratio of 1:4 subject to the Company obtaining a commitment for a capital infusion into the Company of $4 million or more within twelve months of the date of the meeting;
- the ratification of the Company's 2011 Stock Incentive Plan; and
- the ratification of GBH CPAs, PC as independent auditors for the Company for the fiscal years ended December 31, 2011 and December 31, 2010.
Following the formal portion of the Annual Meeting, Lou Ross, TexCom's Chairman, President and CEO, gave a corporate presentation to stockholders and guests in attendance, commenting on key milestones and accomplishments achieved by the Company in 2011. He also outlined the Company's primary plans and objectives for the coming 2012 fiscal year, which include:
- Increasing the Company's ownership stake in its subsidiary M.B. Environmental Services, LLC to 100%;
- Exploiting its expertise and resources to organically grow its NORM disposal business domestically and in international markets;
- Vertically integrating NORM engineering and decontamination services into M.B. Environmental's service offerings;
- Establishing Eagle Ford Environmental Services, LLC as the preferred NOW disposal services provider to E&P companies in the Eagle Ford Shale;
- Identifying, evaluating and pursuing strategic acquisitions of Class II disposal sites in other prolific oil producing regions in the U.S.; and
- Completing the audit of its historical operations with the goal of obtaining the quotation of the Company's common stock on the OTCQB or Nasdaq's BX Venture Market, as appropriate.
About TexCom, Inc.
TexCom, headquartered in Houston, Texas, is a growth-oriented environmental services company with a primary focus on the disposal of nonhazardous wastes generated by the oil & gas industry. TexCom is expanding its interests to disposal of nonhazardous industrial wastewater, serving the refining and petrochemical industries. For more information, please visit www.texcomresources.com.
This press release and the presentation referenced above may contain forward-looking statements, including information about management's view of TexCom, Inc.'s future expectations, plans and prospects. In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements. Any statements made in this news release or such presentation other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of TexCom, Inc., its divisions and concepts to be materially different than those expressed or implied in such statements. Unknown or unpredictable factors also could have material adverse effects on TexCom's future results. The forward-looking statements included in this press release and the presentation are made only as of the date hereof. TexCom cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, TexCom undertakes no obligation to update these statements after the date of this release, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by TexCom.