SOURCE: Weekley Energy Holdings, LLC

April 24, 2014 08:15 ET

Weekley Energy Holdings, LLC: TexCom Shareholder Group to Request Annual Shareholder Meeting, Now 26 Months Late

HOUSTON, TX--(Marketwired - Apr 24, 2014) - Privately held Weekley Energy Holdings, LLC ("Weekley") announced today that counsel for Weekley and the TexCom, Inc. Shareholders will be requesting that the TexCom Board of Directors hold an Annual Shareholder Meeting within the next three months.

Weekley noted that the TexCom By-Laws call for an AGM each year, but that none has been called for the past 26 months.

As previously announced, Weekley has been collecting proxies for these actions and others for the past 20 days. To date, Weekley has accumulated shareholder proxies totaling over 21,000,000 shares.

As noted on the group's website, www.texcomproxy.com, although the Company's By-laws call for the Board to have a customary annual shareholder meeting, as a 1933 SEC Act Company, TexCom is under no regulatory requirement to do so.

Weekley noted that the April 22 announcement by TexCom that it had sold the Company's major NORM asset provides another compelling reason for shareholders to request the Company become an SEC 1934 Act Company. Weekley pointed to the April 22 release as the sole disclosure made by the Company. That release provided the TexCom shareholders no information as to what debt was retired; what debt remains; what the remaining assets would generate in revenues, income and cash flow; what the capital gains were on the sale; whether or not the remaining assets generate sufficient cash flow to cover the Company's unknown corporate G&A; what other obligations the Company was now free of; if there were any related parties involved in the sale; the nature of the assets being targeted for future acquisitions; and other very important disclosures for shareholders. All such disclosures would be required if the Company was a 1934 Act company. Such lack of reasonable disclosures may account for the Company's common stock remaining essentially unchanged in price between pre and post announcement trading.

More information may be found at www.texcomproxy.com.

Contact Information

  • Further information is available by contacting:

    William B. Weekley
    Weekley Energy Holdings, Inc.
    215 N. Center St, Suite 1805
    San Antonio, Texas 78202
    713.882.8002
    Email: wweekley@texcomproxy.com
    Website: www.texcomproxy.com