The Beard Company Reports Gain of More Than $1,573,000 on Disposition of China Fertilizer Operation
March 20 2009 - 1:27PM
PR Newswire (US)
COMPANY EXPECTS TO REPORT COMPARABLE INCREASE IN WORKING CAPITAL IN
2008 OKLAHOMA CITY, March 20 /PRNewswire-FirstCall/ -- The Beard
Company (OTC Bulletin Board: BRCO) today announced that the
disposition of the Company's China fertilizer operation, which was
announced on January 6, 2009, has resulted in a financial gain of
more than $1,573,000. This amount will be reported as a "Gain on
disposition of controlling interests in subsidiaries" for the
fourth quarter and year ended December 31, 2008. "The gain is
greater than the amount we estimated in our January 6, 2009 news
release," stated Herb Mee, Jr., President of The Beard Company. "We
are pleased to report that, primarily as a result of the
transaction, the Company's year-end working capital position is
expected to reflect a similar improvement when compared with
working capital at December 31, 2007." About The Beard Company The
Beard Company creates, acquires, and/or invests in businesses that
management believes have high growth potential and/or above-average
profit potential and can enhance shareholder value. The Company is
currently involved in carbon dioxide (CO2) gas production; oil and
gas activities; coal reclamation activities; e-commerce activities
conducted through its starpay(TM) subsidiary; and minerals
exploration and development through its Geohedral investment. The
Company is headquartered in Oklahoma City and its common stock
trades on the OTC Bulletin Board under the symbol "BRCO".
Forward-Looking Statements This document may include statements
that constitute "forward-looking" statements, usually containing
the words "believe", "estimate", "project", "expect", or similar
expressions. Forward-looking statements inherently involve risks
and uncertainties that could cause actual results to differ
materially from the forward-looking statements. Factors that could
cause or contribute to such differences include, but are not
limited to, the Company's lack of profitability in recent years;
the ability to service outstanding debt and secure capital to fund
operations; the ability to negotiate and execute contracts in
connection with the Company's coal reclamation activities; the
outcome of a lawsuit against Visa; future trends in commodities
prices; financial, geological or mechanical difficulties affecting
Geohedral's planned geological work programs; uncertainties
surrounding estimates of mineralized material; and other risks
detailed in Beard's filings with the U.S. Securities and Exchange
Commission. By making these forward-looking statements, Beard
undertakes no obligation to update these statements for revisions
or changes in the future. For Additional Information, Please
Contact: Herb Mee, Jr., President, at (405) 842-2333 or via email
at or RJ Falkner & Company, Inc., Investor Relations Counsel,
at (800) 377-9893 or via email at DATASOURCE: The Beard Company
CONTACT: Herb Mee, Jr., President of The Beard Company,
+1-405-842-2333, ; or RJ Falkner & Company, Inc., Investor
Relations Counsel, 1-800-377-9893, , for The Beard Company
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