Crown Auto Holdings, a Utah company whose shares traded over-the-counter, has gone out of business. All assets and inventory were assigned to a Utah corporation owned by its director in consideration of an agreement that saw its majority shareholder agree to take on the liabilities of the business. As of Nov. 30, Crown Auto's liabilities exceeded its assets by approximately $208,000.
Richfield Oil & Gas, a Utah-based oil and gas exploration company, said its shares are now listed on the OTC:OB electronic exchange under the symbol "ROIL." Douglas Hewitt, CEO, said Alpine Securities is acting as the initial market maker for the company's shares. Richfield says it has producing assets in Kansas and land holdings in Utah and Wyoming.
gets new CEO
Sears Holdings Corp. said its chairman and hedge fund billionaire Edward Lampert will take over as CEO. He succeeds Louis D'Ambrosio, who is leaving because of family health matters. Overall, the company still faces a long, uphill battle to turn itself around. D'Ambrosio will remain on the board until the annual meeting in May.
in fire probe
The National Highway Traffic Safety Administration closed its probe of the 2012 Jeep Grand Cherokee after getting reports of fluid leaks and engine fires. It traced the leaks to a defective power steering hose but concluded it was unlikely leaking fluid would reach any ignition sources. Leaks were fixed under warranty.
New beer to debut
in Superbowl ad
Anheuser-Busch is introducing a new beer with a Super Bowl ad. The maker of Budweiser and other brews said Budweiser Black Crown is an amber lager. The first ad promoting it will run during Super Bowl LXVII. The beer will be available in stores Jan. 21.
U.S. DOE raises
2013 oil outlook
The U.S. Energy Department increased crude oil price projections for 2013. The agency believes global consumption will climb to a record. West Texas Intermediate oil will average $89.54 a barrel this year, up 1.3 percent from the December projection of $88.38. The DOE increased its forecast for global oil consumption this year to 90.11 million barrels.