PALM DESERT, Calif., June 21, 2007 (PRIME NEWSWIRE) -- Nitro Lube, Inc. (Pink Sheets:NLUB) announced today the total number of authorized common stock remains at 500,000,000 shares with 339,386,582 issued and outstanding and 112,023,826 free trading.
Newly appointed President and CEO, Tom Yarbray noted: "Our loyal shareholders continue to be aware that Nitro Lube, Inc. is still a development stage company. They recognize that Jason Rite has, in the past two years, taken the company's brands from basic obscurity to solid brand recognition in Canada. He is to be complimented for his accomplishments in the auto racing community, the e-commerce website, the Golden Hawk project, Nitro Lube's environmental contributions and many more. These accomplishments represent important milestones on the road of Nitro Lube's future growth. The company is now opening up the USA market with a new website within the next two weeks, not to mention the new management team announced on June 19th.
"In the past few months, the company's stock has weathered typical market volatility that can be found in nearly any expanding company. In my opinion, the current market value per share does not accurately reflect this company's value. Even with a total of less than 500,000,000 issued and outstanding shares, the current price per share yields a market cap of less than one million dollars ($1,000,000). That said, be assured that management is committed to building this company with the model we have in place. Results of our efforts will ultimately reflect a more accurate price per share."
About Nitro Lube, Inc.
Nitro Lube, Inc. is engaged in the business of manufacturing and worldwide marketing of ultra performance lubricants and fuel conditioners designed to perform in extreme temperatures. All products produced and sold by NLUB contain the revolutionary "PMF 2000" formula. Nitro Lube, Inc. has offices in Langley, BC; Las Vegas, NV; and, Palm Desert, CA. Nitro Lube, Inc. maintains websites at: http://www.nitrolube.com and http://www.nitrolubeusa.com.
This press release contains statements which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Nitro Lube, Inc., and members of management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ materially from those contemplated by such forward-looking statements. These risks and uncertainties include, among other things, volatility of market prices, product demand, market competition, risks inherent in the Company's international operations, and the Company's ability to expand. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.