Full Press Release Details
announces Common Share Sale and Dividend
CO - 06/12/2008 -- Croff Enterprises, Inc. (OTCBB: COFF)announced today that the
members of the Board of Directors including the Company's Chairman and President
have entered into agreements to sell all of their shares in Croff Enterprises,
Inc. As part of the sale, the existing Board of Directors and
officers will resign and the Company will be relocated to Beverly Hills,
California. Jerry Jensen, Chairman of Croff, stated that he was
selling his shares, "Constituting almost half of the issued and outstanding
shares, to allow a new management team to grow the company and develop a more
liquid market for the company's stock. This sale will complete the Board of
Directors plan to separate the non-operated oil and gas assets into a separate
company, which was completed in December 2007, and allow a new management team
to acquire a potentially more scalable business for the public
announced that a special dividend of $.40 per common share has been declared to
all shareholders of record as of June 10, 2008. This would distribute most of
the company's cash to existing shareholders prior to the change in control of
the Company. Harvey Fenster, director, announced his resignation
following the meeting, effective at the close of business on June 10,
2008. This sale is expected to close by June 21, 2008.
formerly an independent energy company, assigned all of its oil and gas assets
to its former Preferred B shareholders in December 2007. It has been seeking a
new business in 2008. This news release contains forward-looking statements
within the meaning of Section 21E of the Securities Exchange Act of 1934, which
are made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995.
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