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Patriot Mechanical Handling's Parent Company MOS International plc Receives UK £700,000 Investment From Chairman
18th October, 2005
HOUSTON, TX--(MARKET WIRE)--Oct 18, 2005 -- Patriot Mechanical Handling Inc. (Other OTC:PMHH.PK - News), a leading provider of mechanical handling solutions and services to the oil and gas industry, announced today that the Chairman of MOS International plc has invested UK £700,000 in the parent of Patriot Mechanical Handling. The money will be used as additional working capital for the Company and its subsidiaries.
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MOS International plc has placed 175,000,000 new ordinary shares of 0.025p at 0.40p per share. This is a discount of 2.4% to the closing price on Friday, 30th September, 2005.
The funds have been invested by Philip Wood, Executive Chairman of MOS International plc. Moss is now the beneficial owner of 176,500,000 ordinary shares representing 12.29% of the Company's issued share capital.
The placing is a related party transaction under the AIM Rules. The Directors of the Company, other than Philip Wood, consider, having consulted with the Company's nominated adviser, that the terms of the transaction are fair and reasonable insofar as the Company's shareholders are concerned.
Application has been made for the admission of 175,000,000 new ordinary shares for trading on the AIM market. The new ordinary shares will rank pari passu with the existing ordinary shares of the Company.
This press release contains information that constitutes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from any future results described within the forward-looking statements. Risk factors that could contribute to such differences include those matters more fully disclosed in the Company's reports filed with the Securities and Exchange Commission. The forward-looking information provided herein represents the Company's estimates as of the date of the press release, and subsequent events and developments may cause the Company's estimates to change. The Company specifically disclaims any obligation to update the forward-looking information in the future. Therefore, this forward-looking information should not be relied upon as representing the Company's estimates of its future financial performance as of any date subsequent to the date of this press release
Contact:
Patriot Mechanical Handling, Inc.
Tel: 281-445-4745
Fax: 281-445-9839
Email Contact
MOS International plc
Philip Wood
Chairman
Tel: 01274 531 862
Capital Group Communications Inc
Devin J. Bosch
President
(415) 843-0200 office
(415) 843-0214 Fax
Email Contact
Release link:
http://biz.yahoo.com/
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