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News Breaks | | | | October 12, 2012 | | 11:01 EDT |  | LHPT | Lighthouse Petroleum no longer pursuing sale of its Texas operating subsidiary
Lighthouse Petroleum is no longer going to sell its Texas operating subsidiary, Lighthouse Petroleum. Management has made this decision based upon the following reasons: The equity valuation of Lighthouse Petroleum, Inc. has dropped since the announcement of the proposed merger. Management believes this is because most investors didn't believe Lighthouse would have any value after the merge. This is no longer the case and Lighthouse is going to continue pursuing a plan to increase its value. Management is working on improving the financial management structures and its ability to be better at financial reporting. Lighthouse became profitable for the first time in several years based mainly on the consulting side of the business during Q2. DTCC: In August, Lighthouse learned that a ruling from the SEC earlier this year allowed us to inquire about the chill placed on the stock. DTCC responded with a list of questions and our attorneys issued an opinion to DTCC. Lighthouse hopes this response leads to the DTCC chill being lifted but DTCC notified us that they reserve the right to ask more questions. | |
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