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Show mik The National Enterprise , July 21, 1976 Midwest Considers Stock Purchases Page nine TOSCO Contemplates Name Change LOS ANGELES A special meeting of shareholders of The Oil Shale Corporation (OTC 5.50, b.25) has been called for July 28 to approve a change in the companys name to Tosco Corporation. board of directors of Midwest TOSCO President Morton Realty and Finance (OTC .25, M. Winston said the name .50) have passed a resolution change reflects the growth to amend the Articles of and diversification of the com- Incorporation allowing them to purchase shares of stock from capital reserves. Ray Green, manager of Midwest said the necessary financial information was not available to alter the Articles SALT LAKE CITY The during the recent shareholders meeting but the amendment w ill be included in the proxy for another meeting to be held in the fall. The amendment w'ould create a program for management to make future periodic purchases of stock. Green commented that the company believes the price of the stock is lower than it ought to be. The proposal would help bring the price of the stock up, he said. Midwest has more land to develop now than it has had in the history of the company," he added. "We now Valtek Plans Public Offering PROVO Earnings increased 129 percent during fiscal 1976 for Valtek, (OTC 4.50, 4.875) Provo, Utah based manufacturer of automatic control valves. At the conclusion of the firms first decade of business, ended April 30, 1976, Valtek reported earnings of $640,807 or $.36 per share on revenues of $7,162,595. During the fiscal year of 1975, the firm reported earnings of $507,346 or $.16 per share on revenues of $4,655,187. have 419 lots in 10 subdiviValtek also announced sions in 7 areas of the Salt plans to offer an additional Lake valley between Hunter 350,000 shares of its common and Riverton, Utah." stock. The proceeds will be Profits, he said, are used for construction of a "beginning to reflect our ex- sales, repair, and assembly pansion," adding that where, facility near Houston, Texas, in the past, the corporation and for necessary production has averaged a yearly profit of equipment, reduction of debt, between $90,000 - $100,000, and working capital. June profits alone arc exCharles Bates, president to reach $25,000 of Valtek, said the new 10.000 pected $30,000. The company antici- square foot facility should cost pates a profit of $180,000 for between $350,000-$400,00fiscal 1976, he said. Construction should commence near January, he said. -- 0. Z Gold-Gol- d Gold-Gol- d Gold-Gol- d Gold o O O o o O 1n i . pany in several fields, in ing scrap tires and upgrading addition to its leadership role coal to produce hydrocarbon in oil shale technology and liquids and high quality char. The name change would redevelopment. Winston commented, flect that growth and those "We are unchanged in our changes in our directions." dedication to the development On April 1, TOSCO acof synthetic fuels. But we quired its third oil refinery in have expanded rapidly in con- six years, the 110,000 barrel ventional oil refining and coal per day facility at Avon. operations, as well as in California, previously operprojects such as adapting our ated by ' Phillips Petroleum oil shale technology to recycl Company. TOSCOs other two refineries are at Bakersfield, California and El Dorado, Arkansas. Also to be voted on by the shareholders is a proposal to classify the Board of Directors into three classes, with each class to sene for three-yea- r terms expiring in different years. The special meeting will be held at the Plaza Hotel in New York City. Security Brokers, Dealers, Corporate Officials, Attorneys. hand for sweaty palms A helping Juristics Securities Law Seminars help you avoid problems under securities regulations. 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