OKLAHOMA CITY, July 12, 2006 (PRIMEZONE) -- Bancorp International Group, Inc. (Other OTC:BCIT) announced today that it has completed the filing of its Form 10-KSB for the years 2000-2005 inclusive, as well as its Form 10-QSB for the three months ended March 31, 2006. Having completed these report filings, the Company is current in its reporting obligations under applicable federal securities laws.
On August 31, 2005, the SEC temporarily suspended trading in the securities of the Company pursuant to Section 12(k) of the Securities Exchange Act of 1934. In its Release, the SEC stated that it temporarily suspended trading in the common stock of the Company because it appeared that the applicable stock certificates, purportedly of the Company and signed by Thomas Megas as President and M. Puig as secretary, were counterfeit.
The Company filed a civil action in the District Court of Oklahoma County, Oklahoma on September 21, 2005 against 12 different defendants alleging that they conspired to fraudulently prepare and distribute at least 235,000,000 shares of common stock of the Company.
The District Court of Oklahoma County, Oklahoma entered an order approving settlement Agreement requiring the settling parties to return the alleged fraudulently issued shares of common stock to the Company and the Company was paid the cash proceeds alleged to have been wrongfully received by the defendants subject to such Order. In addition the Company issued new shares with a new CUSIP number which became effective for all previous, current and future common stock issued by the Company transfer agent.
"We are pleased to have completed the resolution of this unfortunate chapter in the history of BCIT and are pleased to have shown the Company and its principals played no part in the wrongful actions. We are excited in the future of the Company and its business model," said Thomas P. Megas, President of the Company.
Bancorp International Group, Inc. is a shell corporation development-stage enterprise and has not realized any revenue from its prior operations, which were discontinued in 2000. In September 2005 the Company entered into a non-binding joint venture agreement with ESC Oil Export, Ltd. Under the terms of that joint venture arrangement, the Company will obtain the rights to sell and market the oil and natural gas production from the petroleum reserves of Papua, New Guinea. This joint venture is subject to the approval and acceptance by the government of Papua, New Guinea of certain related natural gas and supply contracts. Until the governmental approval and acceptance are obtained, the joint venture agreement with ESC Oil Export, Ltd. will not be binding or effective. Because the Company is only in the preliminary stages of this joint venture with ESC Oil Export Ltd., the Company has not completed a definitive plan of operation.
Within the past 30 days the Company entered into a Letter of Intent with a Midwestern oil company that will enable the Company to acquire the working interest in producing wells and proven non-developed reserves. The Company is awaiting an additional engineering report that will determine the price to be paid for the wells and reserves in concluding the final terms of the Purchase Agreement and estimates the study being completed by July 25, 2006.
The objective in acquiring the Midwestern oil producing properties is to assist the Company in its current objective of becoming an Energy Corporation and enhancing its ability to qualify for inclusion or listing on the NASDAQ or American Stock Exchange.
BCIT is also submitting a 15c 211 submission document in order to ensure that the shares of the Company can resume trading.
Thomas P. Megas
Disclaimer
Certain statements included in this news release constitute "forward-looking statements" within the meaning of section 27A of the Securities act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Certain, but not necessarily all, of such forward-looking statements can be identified by the use of forward-looking terminology such as "anticipate," "believes," "expects," "may," "will," or "should," or other variations thereon, by discussions of strategies that involve risks and uncertainties.
Bancorp International Group, Inc.'s actual results or industry may be materially different from any future results expressed or implied by such forward- looking statements. Factors that could cause actual results to differ materially include general economic and business conditions; Bancorp International Group Inc.'s ability to implement its business strategies; competition; availability of key personnel; increasing operating costs; unsuccessful promotional efforts; changes in brand awareness; acceptance of new product offerings; retention of members and independent marketing representatives; and changes in, or the failure to comply with, government regulations. Bancorp International Group, Inc. undertakes no obligation to update any forward-looking statements or to make any other forward-looking statement, whether as a result of new information, future events, or otherwise.