AZURE HOLDING GROUP CANCELS 15.6 Million Restricted Shares out of 55.525 Million Outstanding Shares Issued, Resulting in 28% Total Shares Outstanding Reduction, without a decrease to the company's asset base, and as a result of the discontinued operations and sale back of Freedom Well Testing to the original owner
LUBBOCK, TX / ACCESS Newswire / September 5, 2025 / Azure Holding Group (OTCID:$AZRH) announed this morning that it will be canceling 15.6 Million outstanding restricted shares of it's current 55.525 Million shares outstanding, constituting a 28% decrease to the total shares outstanding of the company, with a new base of outstanding shares of 39.925 Million common shares.
The cancellation is a result of the Discontinued Operations and sale back of Freedom Well Testing to it's original owner, Eric Kuritz.
"We will always put our shareholders and the value that we create for them first. Business conditions at Freedom Well Testing were different, and when things took an unexpected turn as a result of outstanding Vendor obligations and the legal ramifications which we disclosed in our footnotes in combination with Trump's Tariffs, it put the company in an unrecoverable position. As sad as this was, it allowed us to accelerate our Long Term goals of becoming a Later Life Operator in West Texas, focusing on Secondary and Teriatary Enhanced Oil Recovery initiatives with an appetite to Explore and Exploit the Deep rights of our Acreage Position. I couldn't be more proud of our team, and our agility to prevail when times got tough for us there. I can proudly say that we not only made it out of the mud, but we've got an asset base that allows us to form an annuitized business model, as we stabilize our production at 120 to 135 Barrels of Oil per Day, while maintaining an outlook and clear path to be producing 1,000 barrels per day. I am grateful for our team, I am grateful for the Oil & Gas community, I am grateful for all of our partners and for the city of Lubbock, TEXAS and the towns of Levelland, TEXAS and Whiteface, TEXAS for not only welcoming us, but embracing us with open arms. Our goal for 2026 is to create 40 new jobs for the area, with an ultimate goal of creating 200 jobs by 2027," said CEO of Azure Holding Group Josh Cohen.
For further information, please visit the companies website at www.oilfieldservices.ai or reach out to Josh Cohen at (917) 584-7042 or by email at jcohen@visionoilandgas.com.
About Azure Holding Group
Azure Holding Group Corp. is an acquisition corporation focused on Oil Field Services, Oil Field Construction, and Oil & Gas Exploration & Production. The Company is currently evaluating further mergers and acquisitions, outside of it's capital program to enable organic growth.
SOURCE: Azure Holding Group Corp.
View the original press release on ACCESS Newswire:
https://www.accessnewswire.com/newsroom/en/business-and-professional-services/azure-holding-group-cancels-15.6-million-restricted-shares-out-o-1069329
