Egpi Firecreek, Inc. Completes Its Preparation For Their Pink Sheet Current Listing With OTC Markets

Rhea-AI Summary

EGPI Firecreek, Inc. (OTC PINK: EFIR) announced on June 22, 2021, that it has completed preparations for its up-listing to current status with OTC Markets. All necessary documentation, including financial statements, has been submitted. The company reported that current liabilities totaling $5,889,716 have passed the statute of limitations, and $2,876,628 of this debt has been canceled, positively impacting its balance sheet. Furthermore, the company is in discussions for potential mergers or acquisitions to enhance its position in the oil and gas sector.

Positive

• Completed up-listing preparation to current status with OTC Markets.
• Liabilities of $5,889,716 have passed statute of limitations, barring further collection.
• $2,876,628 of debt canceled, improving balance sheet significantly.
• In discussions for a potential merger/acquisition to diversify business.

Negative

• None.

SCOTTSDALE, Ariz., June 22, 2021 /PRNewswire/ -- EGPI Firecreek, Inc. (OTC PINK: EFIR) (the "Company") is pleased to announce they have completed its preparation of its filing for their current up-listing to pink sheet current with OTC Markets.

All documentation including financial statements and the required legal opinion have been prepared and all fees have been paid in accordance with OTC Markets procedures. Upon allowance by the OTCIQ system, the filing shall immediately be uploaded and our up-listing approval is expected over the next several days. The Company has also recently updated its corporate profile on the OTCIQ system in anticipation of its pink sheet current status.

The Company is also pleased to announce that current liability debts totaling $5,889,716 have passed the statute of limitations and are barred from further collection or conversion activities, which includes all previously issued convertible notes. Of these liabilities, $2,876,628 of this debt has been permanently cancelled and now eliminated off its balance sheet by agreement as of April 2, 2021 and shall be reflected in their 2021 financial statement. These events are footnoted under the subsequent events section in the Company's financial statements that have been filed with OTC Markets. 

The Company is also currently in discussions with a potential merger/acquisition candidate and plans to update shareholders on its progress and on future activity plans, as the Company continues to build itself as a fully diversified holding company within the oil & gas industry.

EGPI/Firecreek, Inc. has historically been an oil and gas production company focused on the recovery and development of oil and natural gas. This strategy is centered on rehabilitation, production enhancement techniques, utilizing modern management, and state of the art technology applications in upgrading proven reserves.

Now that the Company has completed its up-listing application, the focus will now turn to revamping its corporate website along with developing better transparency and communications through various social media platforms.

About EGPI Firecreek, Inc.

EGPI Firecreek, Inc., through its wholly owned subsidiary Energy Producers, Inc., has historically been focused on oil and gas with an emphasis on acquiring existing fields with proven reserves and by the rehabilitation and enhancement of oilfields with potentially strong attributes for revenue and asset growth. The Company plans on continuing to seek out and acquire additional revenue producing businesses with strong growth potential, as they look to diversify their interests over a broad base of businesses in the oil and gas industry.  

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 OTC Markets and the Securities and Exchange Commission.

Public Relations and Shareholder Information

Infinity Global Consulting Group, Inc.
Joseph M. Vazquez III     
Tel: +1(800)374-0526
Email: infinityglobalconsulting@gmail.com

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SOURCE EGPI Firecreek, Inc.

FAQ

What is the current status of EGPI Firecreek's up-listing application?

EGPI Firecreek has completed its preparation for up-listing to current status with OTC Markets.

How much debt has EGPI Firecreek eliminated?

EGPI Firecreek has eliminated $2,876,628 of its liabilities from its balance sheet.

When did EGPI Firecreek announce its up-listing?

The announcement was made on June 22, 2021.

What is the total amount of current liabilities reported by EGPI Firecreek?

EGPI Firecreek reported current liabilities totaling $5,889,716.

Is EGPI Firecreek pursuing any mergers or acquisitions?

Yes, EGPI Firecreek is currently in discussions with a potential merger/acquisition candidate.