PGAS's Year: Dept Retirement, Preserved Tiny 25M
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(Total Views: 939)
Posted On: 07/21/2017 4:34:06 PM
PGAS's Year: Dept Retirement, Preserved Tiny 25M Float, Increasing Revenues, Growing Multi M revenue, Expansion
7/21/2017 Update about debt elimination, non toxic funding by majority shareholder/CEO, Retirement of last convertible note held by Mammoth Corporation
http://www.otcmarkets.com/edgar/GetFilingHtml...2184688
On July 3, 2017, after closing 2Q 2017, the Company paid its obligations under the two convertible notes held by Mammoth Corporation, totaling $44,887. This payment also retired approximately $65,550 due as a derivative liability arising from the potential obligation to issue shares upon conversion.
On July 13, 2017, the Company entered into a Revolving Line of Credit Agreement with its President and CEO, Christos P. Traios. In accordance with the Agreement, the Company also issued a Line of Credit Convertible Promissory Note (LOC Note). Copies of the Agreement and LOC Note are attached as exhibits. The Agreement and Note restate the Company’s obligations under an existing Convertible Promissory Note issued to Mr. Traios on April 1, 2016, under which Mr. Traios had advanced $134,600 to the Company to pay its general operational expenses, including the legal and auditing expenses relating to its SEC reporting requirements. The Agreement and LOC Note now cover approximately $400,000 in funds advanced by Mr. Traios to or on behalf of the Company, including the amounts referenced for repayment of the Mammoth Notes
Petrogress, Inc. Enters Into MOU to Acquire Interest in Cyprus ShipyardCompany Provides Bridge Financing and Commences Due Diligence
http://www.otcmarkets.com/stock/PGAS/news
https://finance.yahoo.com/news/petrogress-inc...00215.html
NEW YORK, NY -- (Marketwired) -- 06/30/17 -- Petrogress, Inc.(PGAS) announced today that it has entered into a Memorandum of Understanding with F & T Investments, Ltd., a Cyprus company. The parties have agreed to open a due diligence channel in furtherance of a future partnership or other combination to assist in a significant renovation of the F & T Shipyard in Limassol, Cyprus, and a joint facilities management and marketing agreement. In addition, Petrogress(PGAS) has provided F & T with interim financing to be credited against a possible capital financing arrangement.
F & T has managed operations of the Shipyard in the New Port of Limassol, the sole commercial port facility in Cyprus, for over 30 years, providing ship repair services, offshore rig construction, oil field services and shipyard support. The Shipyard is complete with a floating dry dock, private berthing facilities, machine shop and covered workspaces. F & T and Petrogress(PGAS) will study expansion of the Limassol Shipyard to significantly expand these facilities to provide services and support to the Aphrodite and Leviathan Gas Fields off the Cypriot and Israeli coasts, and other offshore development and production projects in the Cyprus Exclusive Economic Zone.
CYPRUS ROLE IN ENERGY
Cyprus can and should play a key role in the European Union's energy security. Cyprus EEZ is contained within the Levantine Deep Marine Basin, with confirmed reserves of approximately 2,000 billion cubic meters (bcm) of gas, and on-going exploration activities constantly adding to these reserves. Apart from its role as a producer, Cyprus is located at the cross-roads of sea lanes and probable pipeline routes connecting Europe and the Middle East, and should become a regional hub for E&P and transmission activities. Recent developments have attracted worldwide interest and significant investments from energy giants including Noble Energy, DELEK, TOTAL, Chevron, ExxonMobile, ENI and KOGAS. The New Port of Limassol is well-positioned to serve marine construction, transport and offshore service needs for exploration and production activities throughout the East Mediterranean.
Tiny Float:
Authorized Shares 490,000,000
Outstanding Shares 166,795,807
Float 24,441,809
About the Company:
On track for$25 -$30 MILLION in revenues in 2017
Revenues are now estimated to exceed $122 million for 2017 – 2020
Set to have 4 straight quarters of EXPONENTIAL revenue growth
Over $10 MILLION in assets
NO convertible DEBT
Insiders own 85% of the shares, they are NOT selling, it's hard to get shares.
Previous Developments:
https://finance.yahoo.com/quote/PGAS/?p=PGAS
Marketwired•7 months ago
Petrogress, Inc. Subsidiary, Petronav Carriers LLC, Reaches Understanding in Principle to Acquire 25% of West Africa Fenders Co. Ltd.
Marketwired•7 months ago
Petrogress, Inc. CEO Christos Traios Delivers Open Letter to Shareholders
Marketwired•9 months ago
Petrogress Selects PCG Advisory Group for Integrated Strategic Communications
.
7/21/2017 Update about debt elimination, non toxic funding by majority shareholder/CEO, Retirement of last convertible note held by Mammoth Corporation
http://www.otcmarkets.com/edgar/GetFilingHtml...2184688
On July 3, 2017, after closing 2Q 2017, the Company paid its obligations under the two convertible notes held by Mammoth Corporation, totaling $44,887. This payment also retired approximately $65,550 due as a derivative liability arising from the potential obligation to issue shares upon conversion.
On July 13, 2017, the Company entered into a Revolving Line of Credit Agreement with its President and CEO, Christos P. Traios. In accordance with the Agreement, the Company also issued a Line of Credit Convertible Promissory Note (LOC Note). Copies of the Agreement and LOC Note are attached as exhibits. The Agreement and Note restate the Company’s obligations under an existing Convertible Promissory Note issued to Mr. Traios on April 1, 2016, under which Mr. Traios had advanced $134,600 to the Company to pay its general operational expenses, including the legal and auditing expenses relating to its SEC reporting requirements. The Agreement and LOC Note now cover approximately $400,000 in funds advanced by Mr. Traios to or on behalf of the Company, including the amounts referenced for repayment of the Mammoth Notes
Petrogress, Inc. Enters Into MOU to Acquire Interest in Cyprus ShipyardCompany Provides Bridge Financing and Commences Due Diligence
http://www.otcmarkets.com/stock/PGAS/news
https://finance.yahoo.com/news/petrogress-inc...00215.html
NEW YORK, NY -- (Marketwired) -- 06/30/17 -- Petrogress, Inc.(PGAS) announced today that it has entered into a Memorandum of Understanding with F & T Investments, Ltd., a Cyprus company. The parties have agreed to open a due diligence channel in furtherance of a future partnership or other combination to assist in a significant renovation of the F & T Shipyard in Limassol, Cyprus, and a joint facilities management and marketing agreement. In addition, Petrogress(PGAS) has provided F & T with interim financing to be credited against a possible capital financing arrangement.
F & T has managed operations of the Shipyard in the New Port of Limassol, the sole commercial port facility in Cyprus, for over 30 years, providing ship repair services, offshore rig construction, oil field services and shipyard support. The Shipyard is complete with a floating dry dock, private berthing facilities, machine shop and covered workspaces. F & T and Petrogress(PGAS) will study expansion of the Limassol Shipyard to significantly expand these facilities to provide services and support to the Aphrodite and Leviathan Gas Fields off the Cypriot and Israeli coasts, and other offshore development and production projects in the Cyprus Exclusive Economic Zone.
CYPRUS ROLE IN ENERGY
Cyprus can and should play a key role in the European Union's energy security. Cyprus EEZ is contained within the Levantine Deep Marine Basin, with confirmed reserves of approximately 2,000 billion cubic meters (bcm) of gas, and on-going exploration activities constantly adding to these reserves. Apart from its role as a producer, Cyprus is located at the cross-roads of sea lanes and probable pipeline routes connecting Europe and the Middle East, and should become a regional hub for E&P and transmission activities. Recent developments have attracted worldwide interest and significant investments from energy giants including Noble Energy, DELEK, TOTAL, Chevron, ExxonMobile, ENI and KOGAS. The New Port of Limassol is well-positioned to serve marine construction, transport and offshore service needs for exploration and production activities throughout the East Mediterranean.
Tiny Float:
Authorized Shares 490,000,000
Outstanding Shares 166,795,807
Float 24,441,809
About the Company:
On track for$25 -$30 MILLION in revenues in 2017
Revenues are now estimated to exceed $122 million for 2017 – 2020
Set to have 4 straight quarters of EXPONENTIAL revenue growth
Over $10 MILLION in assets
NO convertible DEBT
Insiders own 85% of the shares, they are NOT selling, it's hard to get shares.
Previous Developments:
https://finance.yahoo.com/quote/PGAS/?p=PGAS
Marketwired•7 months ago
Petrogress, Inc. Subsidiary, Petronav Carriers LLC, Reaches Understanding in Principle to Acquire 25% of West Africa Fenders Co. Ltd.
Marketwired•7 months ago
Petrogress, Inc. CEO Christos Traios Delivers Open Letter to Shareholders
Marketwired•9 months ago
Petrogress Selects PCG Advisory Group for Integrated Strategic Communications
. 
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