SOURCE: Texas Hill Country Barbecue, Inc.
IRVING, TX--(Marketwire - Nov 7, 2012) - The Management of Great Northern Energy ("GNE"), an Irving, Texas based oil and gas exploration and production company, confirmed today that GNE is in negotiations with Texas Hill Country Barbecue (PINKSHEETS: THCB) on an asset acquisition by THCB from GNE's asset inventory of leasehold and cash flow producing assets.
"The intention of the parties is to reach an agreement on all aspects of this proposed transaction, including identifying GNE assets to be included and the number of shares of THCB stock to be transferred to GNE as consideration. If an agreement can be reached, we anticipate that a Letter of Intent will be executed by both parties by December 15, 2012, which is the date of THCB's annual shareholders meeting. We also will change the name from Texas Hill Country Barbecue to a name more closely aligned with THCB's new asset basis and operations at the shareholders meeting," said Jerry Monday, President and Chairman of the Board of Directors of THCB.
"By consumating a transaction with GNE, the stage will be set to provide our shareholders with a measureable value for their investment and patience with THCB over the past few years," added Monday.
This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. A statement containing works such as "anticipate," "seek," "intend," "believe," "plan," "estimate," "project," "plan," or similar phrases may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Some or all of the events or results anticipated by these forward-looking statements may not occur. Factors that cause or contribute to such differences include the future U.S. and global economies, the impact of competition, and the Company's reliance on existing regulations.