SOURCE: TX Holdings, Inc.

December 17, 2007 13:55 ET

TX Holdings, Inc. Chairman Resigns

DALLAS, TX--(Marketwire - December 17, 2007) - TX Holdings, Inc. (OTCBB: TXHG) -- On December 12, 2007, Mark Neuhaus resigned effective immediately as both Chairman of the Board and President of TX Holdings, Inc. Prior to Mr. Neuhaus's resignation, William "Buck" Shrewsbury, a long-time shareholder of the Company, was appointed as Chairman of the Board; Martin Lipper was appointed as a Director replacing the position vacated by Douglas Hewitt; and Rob Hutchings was appointed as the President and Chief Executive Officer of the Company. Mark Neuhaus will remain as a consultant to the Company to allow a seamless transition for the Company.

William "Buck" Shrewsbury, Chairman of the Board, age 63. Mr. Shrewsbury attended the University of Kentucky 1962-1965 with a major in Civil Engineering. He served as the IT Manager with a large steel mill for 19 years. Mr. Shrewsbury owns his own trucking company as well as being an agent for a major transportation company.

Martin Lipper, Director, age 73, is a Korean War Veteran. Mr. Lipper graduated from N.Y.U. in 1958 with a Bachelor of Science degree in Finance and Economics. Mr. Lipper began his career on Wall St. as a securities analyst specializing in bank stock analysis. He joined the Bank of N.Y. and was the senior bank insurance and finance analyst. Later he became co-director of research at Eastman Dillon Union Securities and later Purcell Graham. In 1973, Mr. Lipper became V.P. and treasurer of APF Electronics. Mr. Lipper currently service as Senior Vice President and Research Director of Baron Group U.S.A.

Rob Hutchings, President and CEO, age 65. Mr. Hutchings graduated from the Royal Institute of Chemistry. He has over 30 years of experience in commercial and industrial product development and market realization with Vulcan Sun Ltd. This experience has provided Mr. Hutchings the opportunity to manage and interface between research, development, production, sales, marketing, and finance strategies to maximize business objectives.

About TX Holdings, Inc.

TX Holdings is a publicly traded oil and gas production company. The Company's strategy consists of acquiring and developing shallow, low-risk, high-yield oil and gas leases in West Texas, Kansas and Oklahoma. TX Holdings currently has a working interest in over 100 wells divided between five active projects. For further information, please visit the Company's website at

FORWARD-LOOKING STATEMENTS: The forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date hereof. The company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date thereof.

Contact Information

  • Contacts:

    Mercantile Ascendency
    Investor Relations

    TX Holdings, Inc.
    Drew Patzert
    Shareholder Relations
    Phone: 586-431-4407