/PRNewswire-FirstCall/ -- Consolidation Services, Inc. ("CNSV") (OTC Bulletin Board: CNSV), announced today that FINRA has approved CNSV to continue trading under the symbol "CNSV", as an oil and gas company, following the spin-off of all non oil and gas assets and liabilities into Colt Resources Inc. ("COLT'). For accounting and legal purposes, the transaction was effective as of
January 1, 2010
, while the Shareholder Record Date for determining which shareholders receive one share of COLT for each share of CNSV was
January 31, 2010
, as previously announced. Shares of COLT will be "restricted securities" and will not be publicly traded.
There were 15,257,220 CNSV shares outstanding on
January 31, 2010
(the "Record Date") and said shareholder list shall become the shareholder list for COLT, when it is spun-off. Completion of the spin-off transaction to the Shareholders of Record is anticipated as soon as certain regulatory tasks are completed.
Dr. Thomas, CEO said, "management of CNSV is focused on the acquisition of oil and gas assets, including income producing assets." Management believes shares of CNSV can be used to acquire significant assets and to recruit an experienced oil and gas management team.
About Consolidation Services, Inc.
CNSV is engaged in the acquisition and development of oil and gas mineral rights in eastern
. The Company owns oil and gas rights on approximately 12,000 acres in eastern
Forward Looking Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and under the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts included in this press release are forward-looking statements. Without limiting the foregoing, the words "believe," "anticipate," "plan," "expect," "seek," "potential", "estimate" and similar expressions are intended to identify forward-looking statements. These statements relate to future events or to the Company's future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown uncertainties and other factors which are, in some cases, beyond the Company's control which could, and likely will, materially affect actual results, levels of activity, performance or achievements.