SOURCE: EGPI Firecreek, Inc.

April 01, 2010 08:30 ET

EGPI Firecreek, Inc. Terminates Relationship With Kodiak Capital Group, LLC and Withdraws S1 Filing

Company Rescinds 909,090,909 Shares Tied to Equity Line

SCOTTSDALE, AZ--(Marketwire - April 1, 2010) -  EGPI Firecreek, Inc. (OTCBB: EFIR) has announced that, after careful deliberation, it has decided to terminate its relationship with Kodiak Capital Group, LLC.

As previously reported, Kodiak had agreed through a non binding term sheet to furnish an equity line of 15 million dollars to the Company under certain stipulations. The initial term sheet was subject to both parties mutually agreeing and consenting to the terms set within the investment banking agreement. Subsequent to this event, the company, in good faith, filed an S1 Registration statement in order to make shares available in the event that mutual terms were agreed upon. After receipt of Kodiak's last agreement, the company has determined that it would not be in the company's best interest to move forward with the equity line. On March 18th the company filed a RW with the SEC withdrawing their S1 filing. The initial 909,090,909 shares that were to be issued in the event of the use of a credit line have now been rescinded and will no longer be made available.

About EGPI Firecreek, Inc.

EGPI Firecreek, Inc. is engaged in the DOT Construction, Intelligent Traffic System markets, and oil and gas production. Other companies in the oil sector include Exxon Mobil, Pantina Oil and Gas Inc., Frontier Oil Inc., and Cabot Oil & Gas Inc.

Safe Harbor

This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of EGPI Firecreek, Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond EGPI Firecreek Inc.'s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in EGPI Firecreek, Inc.'s filings with the Securities and Exchange Commission.

Contact Information

  • FOR MORE INFORMATION ON EGPI/FIRECREEK, INC.
    CONTACT:
    EGPI/Firecreek Public Relations and Shareholder Information
    Joe Vazquez
    (754) 204-4549
    Email: Email Contact