Colleen Atkinson to Head California Bank of Commerce Professional Banking Division

Oakland, CA., June 29, 2018 — California BanCorp (OTCQX:CALB), the holding company for California Bank of Commerce, a San Francisco Bay Area business bank, today announced that industry veteran and former executive Colleen Atkinson will return as Executive Vice President to lead its new Professional Banking Division. The Professional Banking Division provides custom liquidity and credit solutions to clients in the legal, accounting, insurance and not-for-profit industries.

“We are very excited to welcome Colleen back to California Bank of Commerce to head up the Professional Banking Division,” said California Bank of Commerce President and CEO Steven E. Shelton. “She understands the importance of digging below the surface and truly understanding the challenges and needs of professional services firms to ensure California Bank of Commerce is their trusted advisory partner.”

Ms. Atkinson has more than 25 years of experience in corporate banking, with an emphasis in deposit and treasury services; debt financing; investment advisory and securities trading; and risk management and analytics. Most recently, she was a Senior Corporate Banking Manager at HSBC Bank USA, N.A. where she focused on mid-corporate banking. From 2012-2017, she served as a Senior Vice President for California Bank of Commerce. Continue reading

West Texas Resources signs Joint Venture Agreement

Frisco, Texas, June 29, 2018 (Globe Newswire) — West Texas Resources (“WTR” or the “Company”) (OTCBB:WTXR) announced today that the Company has agreed to a Joint Venture Agreement with Miller Oil Properties, Inc. and D-Mil Production, Inc. (“Miller Companies”). WTR will acquire certain non-operated working interests in properties which are currently owned by non-operating partners to the Miller Companies.  These properties are located in Oklahoma and Texas and operated by the Miller Companies.

Under terms of the agreement WTR acquires most of the non-operated working interest in the properties which are located in south central Oklahoma and north Texas. The properties currently comprise working interests in nineteen (19) wells, ten (10) of which are wells that are currently waiting on re-completions and/or work overs.  As part of the Joint Venture Agreement, WTR will fund the development of Proved Behind Pipe Reserves and Proved Shut-in Reserves on these ten wells. The total estimated capital required to carry out the development plan is $423,500.00. Purchase and Sale Agreements (PSA) for the non-operated working interests have previously been negotiated by the Miller Companies and are in hand. WTR will pay $250,000.00 to acquire the non-operated working interests under PSA. Hunter Stuart Energy Advisors and Ponderosa Resources Corporation, who provided financial advisory and petroleum engineering services will be paid a sum of $100,000.00 upon closing of the PSA, fifty percent (50%) of this fee may be paid, at the option of WTR, in WTR stock based on the closing price of WTXR common shares on the date of execution of this agreement.  Closing of the PSA is subject to WTR’s ability to raise the required capital to acquire the working interests. Continue reading

Working Capital Efficiency

Today’s suppliers can’t wait for customers’ cash to come through before buying raw material, firing up the assembly line or loading up the cargo container. Financing is required every step of the way. Everyone depends on a steady and reliable stream of capital to keep the machines running.
But some companies in the chain may have an easier time accessing capital than others. A well established U.S. buyer might access a bank credit line at 1-2 percent per annum, while its smaller Chinese or Vietnamese supplier may be fortunate to get credit at 8-10 percent per annum. This disparity adds to costs and often affects the financial stability of valued suppliers. One solution is vendor financing, in which a buyer helps a supplier get credit at the buyer’s lower rate. In exchange, the supplier may agree to wait longer for payment. Continue reading