Paradigm Oil and Gas, Inc. (OTC Pink: PDGO) (PINKSHEETS: PDGO), a leading service provider to the oil and gas industry with expanding operations in oil and gas production, today announced receiving formal confirmation from The Depository Trust Corporation (TDTC) that deposit transaction restrictions (the "Chill") have been removed from Paradigm's common stock, effective immediately.
The U.S. Securities and Exchange Commission (SEC) defines a "Chill" as a limitation of certain services available for a security on deposit at TDTC, which was created to improve efficiencies and reduce risk in the clearance and settlement of securities transactions. In official communication informing Paradigm of the regulatory achievement, a TDTC representative wrote, "Please be advised that The Depository Trust Company has determined to lift the Deposit Chill and has resumed accepting deposits of the Issue for depository and book-entry transfer services."
Vince Vellardita, Paradigm's CEO, stated, "I made a promise to shareholders that we would achieve full regulatory compliance. Today, we achieved that critical goal." The Company categorized the ruling as significant because it positions Paradigm Oil and Gas to attract a broader scope of investors, representing the potential for significantly enhanced share valuation. Vellardita added "The important accomplishments of the past few weeks, including the completion of auditing two years of financials, filing Form 10 with the SEC, maintaining our OTC Pink status, and now having the 'Chill' lifted, are the culmination of months of hard work. With shareholder confidence restored and sound business practices guiding the company, we are poised to take bold steps forward."
Paradigm Oil and Gas welcomes anyone interested in learning more about the company to visit their web site at www.paradigmoil.com.
About Paradigm Oil and Gas, Inc.
Paradigm Oil and Gas Inc. (OTC Pink: PDGO) (PINKSHEETS: PDGO) Paradigm Oil and Gas is a leading service provider to the oil and gas industry with expanding operations in oil and gas production. Paradigm is a growing oil and gas producer, currently holding 30 leases with nearly 300 wells. Paradigm has secured and is aggressively pursuing additional land options that will significantly increase its oil and gas production capabilities. To be added to Paradigm's mailing list, please email: Vince@paradigmoil.com.
Forward Looking Statements
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks. Paradigm Oil and Gas, Inc., is a company with limited experience in the oil and gas industry. At the time of this release Paradigm Oil and Gas, Inc. lacks the financial capabilities to meet its financial obligations and its management expects to dilute the Company's shares to raise the necessary operating capital. Based upon industry standards Paradigm would be considered highly speculative and lacks any competitive advantage over its competition. Additional risks you should consider are that this list is limited and additional risks not mentioned may apply: failure to meet Paradigm's financial and contractual obligations, Paradigm's managerial errors made based upon the Company's limited experience and knowledge of the industry, commodity risk, acts of God and regulatory risk. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements.
Paradigm Oil and Gas, Inc.
SOURCE: Paradigm Oil and Gas, Inc.