MIDLAND, Texas, May 8, 2007 (PRIME NEWSWIRE) -- Penge Corp. (Pink Sheets:PNGC) today announced that is has reduced its short and long-term debt by $2.45 million dollars during the period from January 1, 2007 to May 2, 2007.
Penge Corp. converted $1,234,299 of short and long-term debt into common stock and reduced its non revenue producing real estate holdings by approximately $1.22 million dollars for a total monthly interest expense reduction of over $23,000 per month. The full details of the January 1- March 31, 2007 quarter will be filed with the Securities and Exchange Commission by the May 15, 2007 filing deadline.
Additional company information and archived press releases are now available on the newly redesigned www.pengecorp.com corporate website.
About Penge Corp.
Penge Corp., a Delaware corporation, is a public holding company that is vertically integrating the retail and wholesale nursery businesses. Penge's current holdings include two Texas Landscape Center retail nurseries in Midland and Odessa, Texas, and three wholesale growing facilities in Tucson, Arizona, Houston, Texas and Midland, Texas. Penge Corp. maintains its principal offices in Midland, Texas.
The Penge Corporation logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=3644
Forward-looking Statements. This Press Release does not constitute an offer of any securities for sale. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. While these statements are made to convey the company's progress, business opportunities and growth prospects, readers are cautioned that such forward looking statements represent management's opinion. Actual company results may differ materially from those described. The company's operations and business prospects are always subject to risk and uncertainties. A more extensive listing of risks and factors that may affect the business prospects of the company and cause actual results to differ materially from those described in the forward-looking statements can be found in the reports and other documents filed by the company with the Securities and Exchange Commission.