Ness Energy Entertains Funding Proposals, CEO Comments on
Stock and Initial Plans Re: American Stock Exchange (AMEX), With
AMEX Meeting Scheduled This Month
NESS ENERGY ENTERTAINS FUNDING PROPOSALS, CEO COMMENTS ON STOCK
AND INITIAL PLANS RE: AMERICAN STOCK EXCHANGE (AMEX), WITH AMEX
MEETING SCHEDULED THIS MONTH
WILLOW PARK, TEXAS, U.S.A./NETANYA, ISRAEL: November 4, 2004 /
PR Newswire - FirstCall/ -- Ness Energy International, Inc. (OTC
Bulletin Board: NESS) announced that Ness Management, with the
help of professionals and consultants, is considering operational
funding proposals and is exploring a possible AMEX listing
opportunity.
Operational Funding
Ness continues to examine and consider funding opportunities
for operations of the company, with current considerations
including a loan of up to $25 million from a European firm, and a
plan for limited funding this year into well operations of
$5,000,000 from year end tax planning investors. These situations
are part of Ness plans to focus primarily on funding through joint
ventures, limited investment banking, and institutional investors
directly into well operations, rather than stock investments.
President and CEO Sha Stephens commented, "Our management team has
been focusing on these potential investment opportunities and we
are continuing contract talks with these persons and firms in the
pursuit of investment capital which are unrelated to stock. I am
returning to Wall Street this Monday and expect news will be
released within the next few weeks relating to developments on
these potential opportunities. We mention these opportunities
simply to confirm to our shareholders that our business plans
involve these efforts and that the efforts are ongoing."
Stock Comments, and AMEX
Stephens further commented, "It is not surprising that the
elections, energy price fluctuations, and the fact that we trade
on the dynamic trading medium known as the Bulletin Board, results
in price volatility. We are not currently involved in any company
stock promotion. While promotion could be a good thing, and a
possible future pursuit, it would only be undertaken on common
sense terms and at the advice of legal counsel. However, at this
time, we generally view it as creating more problems for companies
than it is worth."
"Additionally, we are now exploring ways to help maintain the
stock stability, and believe one solution is to maintain a steady
flow of information to our shareholders. For this reason we are
going to continue near-weekly releases, or as news develops," said
Stephens. Ness also views listing on the AMEX as a possible
opportunity to bring further price stability. The AMEX is an
exchange with much firmer trading rules, which could help us.
As to the AMEX, Ness began discussions with them this past
month. We were invited to tour the AMEX and meet with them in New
York. While we do not currently meet price quote listing standards
for AMEX, they have a variety of alternative standards that afford
us the possibly of being accepted. We are currently exploring
these alternatives. As a result of this effort, we are pleased to
report that an AMEX employee is coming to our offices in Texas for
a meeting this month. The AMEX kindly offered to send this
representative, expressing their interest, and we look forward to
the meeting to explore a possible listing.
Other News
Ness plans to release further details on Israeli efforts
regarding the recent acquisition and operations as the information
is supplied to Ness from overseas. Most of the documents relevant
to the deal, as well as financial data, must be translated to
English, which takes extra time. However, details will be released
when available.
About Ness-The Vision
Ness Energy is an aggressive, emerging oil and gas company
building on deals that make sense. Ness Energy operates interests
in the Ft. Worth Basin and the Coastal Plains regions of Texas.
Ness is also a very active player in the energy industry in
Israel, carrying out the Vision of The Company. Ness Energy is
building at a high-speed pace through Merger, Acquisitions,
Drilling, Re-Work and Re-Entry.
Certain Information
No statements should be considered an offer to sell, or a
solicitation of any offer to buy, any Company securities. Certain
statements above are forward-looking based on Management's
expectations or estimates, subject to change. Words like
"anticipates," "expects," "intends," "plans," "projects,"
"believes," "estimates" and similar identify them. They are not
guarantees of performance or otherwise and are subject to risks,
uncertainties and other factors, some beyond control and difficult
to predict. Therefore, outcomes may differ materially from these
statements. Do not place undue reliance on them. Unless legally
required, the Company undertakes no obligation to update publicly
any forward-looking statements, whether as a result of new
information, future events or otherwise. The Company disclaims
information created or distributed by any outside party and
endorses only its official Press Releases. Figures are estimates
unless otherwise noted and are subject to final figures in
financial filings with the SEC. Comments concerning plans,
filings, reports or other documents are limited in that they may
express opinions or be summaries of less than all of the
information.
CONTACT:
Ness Energy International, Inc.
Tina Sbriglia - Investor
Relations
(817) 341-1477 or info@nessenergy.com
Visit us on the web at http://www.nessenergy.com/