Quest Minerals & Mining Announces Reverse Stock Split
Friday August 17, 2007 06:00:24 EDT
PATERSON, N.J., Aug 17, 2007 (BUSINESS WIRE) --
Quest Minerals & Mining Corp. (OTCBB: QMMG; Frankfurt: QMN.F), a Kentucky based operator of energy and mineral related properties, announced today the effectiveness of a 1 to 4 reverse stock split of the Corporation's outstanding common stock pursuant to which; each four (4) outstanding shares of the Corporation's common stock shall be automatically converted into one (1) share of common stock. In conjunction with this reverse stock split, the Corporation's stock symbol on OTC Bulletin Board will change to QMMC.
Eugene Chiaramonte, Jr., President of Quest, stated, "Due in part to the low market price of the Corporation's common stock and the high number of shares outstanding, we believe it is in the best interests of the Company and its Shareholders to effect the Reverse Stock Split.
"The Corporation's Articles of Incorporation, as amended, provide that the Corporation may, by resolution or resolutions of the board of directors and without approval or consent of the stockholders of the Corporation, adopt any recapitalization affecting the outstanding shares of capital stock by effecting a forward or reverse split of all outstanding shares and any class of capital stock. Our board of directors approved the reverse stock split on August 3, 2007 with a record date of August 16, 2007."
About Quest Minerals & Mining
Quest Minerals & Mining Corp., or Quest, acquires and operates energy and mineral related properties in the southeastern part of the United States. Quest focuses its efforts on properties that produce quality compliance blend coal. The company's wholly-owned subsidiary, Gwenco, Inc., currently leases over 600 acres of coal mines that have approximately 12,999,000 tons of coal; 9,000,000 of which are proven reserves. For more information on Quest Minerals & Mining Corp., please visit our website at www.questmining.net.
Forward-Looking Statements
This document contains discussion of items that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although Quest believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Factors that could cause actual results to differ from expectations include, but are not limited to, lack of revenue producing operations, lack of working capital, debt obligations, judgments and lien claims against Quest and certain of its assets, difficulties in refinancing short term debt, difficulties identifying and acquiring complementary businesses, fluctuations in coal, oil & gas, and other energy prices, general economic conditions in markets in which Quest does business, extensive environmental and workplace regulation by federal and state agencies, other general risks related to its common stock, and other uncertainties and business issues that are detailed in its filings with the Securities and Exchange Commission.
SOURCE: Quest Minerals & Mining Corp.
Quest Minerals & Mining Corp.
Eugene Chiaramonte, Jr., 973-684-0035
Copyright Business Wire 2007
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