KLMKH Inc and ORPHEUM PROPERTY Inc Announce Merger
On March 10, 2021, ORPHEUM Property, Inc. (OTC: PLFF) announced a tax-free share exchange with KLMKH Inc., effective January 29, 2021. Following the merger, the company will adopt the name KLMKH Inc. and maintain the ticker symbol PLFF. A reverse stock split at a ratio of 1 to 0.304233 will also occur. KLMKH, a diversified energy company focusing on oil, gas, and solar, is expanding operations through acquisitions, particularly in the Midwest. This merger aims to enhance its growth strategy and accelerate development in traditional and renewable energy sectors.
- KLMKH expands into solar production, enhancing its energy portfolio.
- The merger is expected to accelerate development and expansion goals.
- KLMKH focuses on proven but undeveloped reserves, reducing exploration risks.
- Financial uncertainties related to raising working capital remain.
- Operational risks include responding to competition in the energy sector.
CARTERSVILLE, Ga., March 10, 2021 /PRNewswire/ -- ORPHEUM Property, Inc. (OTC: PLFF)(the "Company") today announced that KLMKH Inc. has entered into a tax free share exchange under IRS Section 368 (a) also known as a Reverse Merger with Orpheum Inc, effective January 29, 2021. The Companies anticipate that on or about March 28th the Company will change its name to KLMKH Inc; while its ticker symbol, PLFF, will remain unchanged and the common stock of Orpheum Inc will reverse-split by a ratio of 1 to 0.304233 upon becoming effective.
About KLMKH Inc.
KLMKH, Inc. is a privately-owned diversified energy company focused on the oil, gas, and solar industries. Headquartered in Charlotte, North Carolina, KLMKH is rapidly expanding operations through acquisitions and property leasing in the Midwest. KLMKH is maintaining its traditional focus on oil and gas exploration and production while expanding into solar production on its owned lands. KLMKH acquires and develops traditional oil and gas properties, many of which have "proven but undeveloped reserves" at the time of acquisition. Using up to date techniques and proprietary practices they resuscitate old wells using new technologies and marrying the old with the new. Our goal is to take decades old fields and squeeze the viable reserves out of the wells not traditionally favored by larger producers. This strategy provides the company with the proven assets to develop and produce oil and natural gas with tremendously decreased risk, cost and time involved in traditional exploration. More information about KLMKH is available at www.klmkh.com.
KLMKH employees use their knowledge and expertise to increase production volumes. The combined company will focus on extending these business practices into solar production and eventually into greener diesel products.
KLMKH, Inc. currently operates in northeastern Kansas and operates on an exclusive basis in the only oil and gas field in the region. KLMKH operates in the upstream of oil and gas production with plans to acquire and develop additional assets. As part of its growth strategy, KLMKH is developing resources in geological formations deep below the surface of the strata in which it currently operates.
The Company's leadership anticipates this merger will significantly enhance the ability and timeline for KLMKH to meet future development and expansion goals.
Forward-Looking Statements:
Statements herein express management's beliefs and expectations regarding future performance and are forward-looking and involve risks and uncertainties, including, but not limited to, raising working capital and securing other financing, responding to competition and other risks. Actual results may differ materially from such forward-looking statements.
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SOURCE KLMKH Inc
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