United Heritage Corporation Now Authorized to Consummate Transactions Described in Definitive 14C Information Statement
30 Maio 2008 - 2:22PM
Business Wire
United Heritage Corporation (NASDAQ: UHCP) (the �Company�), a
public company involved in the development of medium gravity crude
oil assets, today announced that as of May 22, 2008, it is
authorized to consummate the transactions described in its
Definitive Information Statement on Schedule 14C that was mailed to
its shareholders on May 2, 2008. Accordingly, the Company is now
authorized to reincorporate in Delaware under the name Glen Rose
Petroleum Corporation. The Company�s stock will continue to trade
under the symbol UHCP until the reincorporation is complete and a
new symbol is assigned. The transactions described in the 14C
Information Statement are as follows: the issuance of warrants to
DK True Energy Development and RTP Secure Energy Corp.; the
issuance of warrants to Applewood Energy, Inc. and GWB Petroleum
Consultants Ltd.; the issuance of warrants to Richardson &
Patel LLP as partial compensation for legal services rendered to
us; the provision for issuance of common stock and warrants to one
or more broker dealers as compensation for services to be rendered
to us; the issuance of warrants to Blackwood Capital Limited as
compensation for services rendered and to be rendered to us;
adoption of the United Heritage Corporation 2008 Equity Incentive
Plan; the issuance of warrants included in an offering of units
consisting of common stock and warrants which was made by the
Company in November 2007; the issuance of units consisting of
shares of our common stock and warrants to purchase our common
stock in a private offering of our securities to accredited
investors; the issuance of common stock and warrants to Blackwood
Ventures LLC pursuant to an agreement to convert debt; the issuance
of 666,667 shares of common stock subscribed for by accredited
investors in a private offering undertaken in January 2008; the
issuance of common stock and warrants to the estate of Walter G.
Mize in exchange for the relinquishment of a put right; and
reincorporation of the Company in Delaware under the name Glen Rose
Petroleum Corporation. This summary is qualified in its entirety by
reference to the Definitive Information Statement on Schedule 14C
which is available for review on the SEC�s website at www.sec.gov.
About United Heritage Corporation United Heritage Corporation,
founded in 1981 and based in Dallas, TX, is focused on the
development of on-shore oil and gas assets. The company has four
leases covering 10,500 acres in the Wardlaw Field located in
Edwards County, TX. A report published by J.R. Butler & Co. in
1984 concluded that there was oil in place on the property. The oil
is categorized as "medium crude", the deposits are in the medium
gravity range of heavy oil at 15-18 API gravity. Management
believes its acreage has always held substantial reserves, but
questions remain as to the technology necessary to properly extract
the reserves. Some oil production has already been established from
the field. Private Securities Litigation Reform Act Safe Harbor
Statement: All statements in this press release that are not
statements of historical fact are forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
as codified in Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, including any
projections of earnings, revenue, cash or other financial items,
any statements of the plans, strategies, and objectives of
management for future operations, any statements regarding future
economic conditions or performance, statements of belief and any
statements of assumptions underlying any of the foregoing. These
statements are based on expectations and assumptions as of the date
of this press release and are subject to numerous risks and
uncertainties, which could cause actual results to differ
materially from those described in the forward-looking statements.
The risks and uncertainties include our limited capital resources
and limited access to financing and the outcome of our pilot
project in the Wardlaw Field. United Heritage Corporation assumes
no obligation to update these forward-looking statements to reflect
future events or actual outcomes and does not intend to do so.
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