Ramoil Transition Experiences Unwarranted DelaysLAS VEGAS--April 25, 2002--Ramoil Management Ltd. (OTC:RAMO, Pink Sheets) announced today, that there have been costly delays in the finalization of the transition of management and control of the company.
Gary Walters has instigated an unwarranted fight through Ron Stauber, who purports to be Walters' attorney, refusing to comply with or honor the terms of the Irrevocable Assignment and Loan Contract with Mr. Presley.
This contract placed the control stock of the corporation into escrow with Mark White at Farmers Savings Bank in Colesburg, IA Tel#563/856-2315, and appointed Mr. Ed Presley as CEO and Chairman of the Board of Ramoil Management, Ltd.
To date, Mr. Mark White Tel#563/856-2315 has refused to transmit the stock to Mr. Presley as required under the agreement, despite numerous demands and delivery of the legal documents to Mr. Mark White.
Due to the cloud on the ownership caused by Mr. Walters, and his attorney Mr. Stauber, the Company's transfer agent, Pacific Stock Transfer Company, has notified management this date that they intend to cease their duties as transfer agent effective April 30, 2002.
Former CEO Gary Walters, due to his incarceration, has been incapacitated in performance of his duties to the corporation. He has been jailed in Las Vegas, NV since in December 2001. Walters is awaiting extradition to Indiana to start serving his prison sentence on a conviction relating to drug trafficking.
Nevada Governor Guinn has signed an Extradition Warrant and Walters remains in custody in Nevada while pending his appeal of extradition as a fugitive of justice.
The initial investigation of Ramoil by Mr. Presley and his staff has turned up a number of Press Releases and SEC filings of the previous management, which appear to be false or for which no proper factual backing can be found. These items will continue to be examined by Mr. Presley and his staff.
During this period of examination, it is also Mr. Presley's intention that the corporation will continue to be brought into compliant status with the SEC as well as other regulatory authorities.
Audio of Mr. Walters Agreement with Mr. Presley can be heard at http://ramoil.org/verbalagr.wav
Further details regarding Mr. Walters criminal status can be found online at http://courtgate.coca.co.clark.nv.us:8490/DistrictCourt/asp/CaseNo.asp and typing in case number 02-C-181678
Management has accepted the resignation of former President Richard Ross, who has left to pursue other interests.
For further information please contact: Princeton Research, Inc. 702/650-3000 Mike King or Lee Ann Iverson.
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