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Sebastian River Holdings, Inc. Working with Previous Management to Monetize Assets Under Diligence Review
Sebastian River Holdings, Inc. (OTC:SBRH), a holdings company with a current focus in the Oil & Gas industry, is pleased to announce that it has successfully connected with previous management securing full cooperation in evaluating a portion of the Company’s previously announced assets and liabilities, which were removed from the Company’s books until/unless each could be deemed a legitimate, viable and/or recoverable asset or liability in line with GAAP standards. Discussions began last week and the company will be providing updates as to the status of each subsidiary, note or holding otherwise toward what management feels, with the amicable cooperation of Mr. Benjamin and his team, may lead to a significant corporate advancement with a positive effect on shareholder value and potential revenues. As well, the company has begun to drill oil in its Master lease and will look to replicate the success of its JV partner, Drake Gold Resources, on their Myers lease. Director, Peter Matousek, states, “It has, admittedly, been a bumpy transition in the Company’s shift in management and the implementation of the Oil recovery program; however, I am confident that we can build shareholder value as we continue to fund operations that hold promising exponential growth.” This release includes forward-looking statements, which are based on certain assumptions and reflects management’s current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of these factors include: general global economic conditions; general industry and market conditions, sector changes and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; availability and cost of capital; the ability to identify and develop and achieve commercial success; the level of expenditures necessary to maintain and improve the quality of services; changes in the economy; changes in laws and regulations, including codes and standards, intellectual property rights, and tax matters; or other matters not anticipated; our ability to secure and maintain strategic relationships and distribution agreements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Contact: Source: Business Wire (April 22, 2013 - 9:35 AM EDT)
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