http://www.finanznachrichten.de/...ichten-2007-11/artikel-9491896.asp
16.11.2007 16:04
Pearl Asian Mining Industries, Inc. Implements Reverse Split of Common and Preferred Shares with Record Date of Nov. 19, 2007
Pearl Asian Mining Industries, (Nachrichten) Inc., Stock Symbols: USA (OTC Common Shares: PAIM)(OTC Preferred Shares: PAIIP); Germany (Xeta: R1z.De) And (Frankfurt: R1z.F) today announced that by a special corporate action, resolved, acknowledged, and approved by the Board of Directors and the 57% of its majority shareholders, the following actions are being undertaken in consistent with the company's capital restructuring, effective Monday, November 19, 2007 (Record Date).
1 for 500 REVERSE SPLIT of all Issued and Outstanding Common Shares. Note, pre-split Common Shares CUSIP# 704755 107: ISN#US704755 107 9, (Old Symbol: PAIM) have been assigned a new CUSIP # 704755 404: ISN#US704755 404 9. The post-split outstanding public float for Common Shares will be 8,540,057 Common Shares.
Reduction of the number of Authorized Common Shares from “4.0 Billion“ (4,000,000,000) to 20.0 Million (20,000,000).
1 for 75 REVERSE SPLIT of all Issued and Outstanding Preferred Shares. Note, pre-split Preferred Shares bearing CUSIP # 704755 30 5 ISN # 704755 305 9 (Symbol: PAIIP) have been assigned a new CUSIP # 704755 503: ISN# US704755 503 9. The post-split outstanding public float for Preferred Shares will be 40,000 Preferred Shares.
Reduction of the number of Authorized Preferred Shares from “6.0 Million“ (6,000,000) to Eighty Thousand (80,000).
Management of the company requests that all Pre-Reverse Certificates of all Common and the Preferred Shares shall be returned to the Transfer Agent (AGN Associates, Stock Transfer Services, LLC, 5431 Auburn Blvd., #178, Sacramento, CA 95841 on or before December 20, 2007, to help ensure timely reissuance of post-split certificates bearing the new CUSIP with the new symbol, and so that shareholders' stock may be free-trading under the new symbol.
The Company is undertaking this capital restructuring in preparation for its application to become a fully reporting company. Management intends to complete all adjustments and reissues related to the aforementioned actions prior to 2007 year end.
“Recognizing that reverse splits are rarely greeted with enthusiasm, these most recent corporate actions are predicated on our belief that the company and its shareholders will be much better served by the adoption of a more realistic capital structure that enables the company to exercise much more control of its own destiny and its place in the public markets,“ said Jason Piamonte, Chief Executive Officer.
Chief Financial Officer Arnel Morilla noted that the report of the company's results for the quarter ended September 30, 2007 (unaudited 3rd Quarter) is available at www.pearlasianmining.com.
About the Company
Pearl Asian Mining Industries, Inc. is an international mining company engaged in the exploration and commercialization of new and underdeveloped mine sites, primarily gold and other precious and strategic metals. The company currently owns 12 mining claims in British Columbia, Canada. Additionally, under a Philippines Mineral Production Sharing Agreement (MPS) with the government of the Republic of the Philippines, the company, through aggregation of manpower and production among small-scale miners and indigenous peoples, intends to capitalize on economies of scale in gold and silver extraction, processing and commodities selling and trading. Pearl Asian Mining is committed to the implementation of sustainable green technologies to achieve fiscal strength based on the principle of Profit-People-Planet. Management continues to focus on achieving profit, while conducting business with utmost consideration and compassion for people and protection of our planet and the environment.
Forward-Looking Statements:
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements in this release include statements regarding the Company's projections regarding gold production in future periods. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties such as: risks relating to estimates of reserves, mineral deposits and production costs; mining and development risks; the risk of commodity price fluctuations; political and regulatory risks; risks of obtaining required operating permits and other risks and uncertainties. Penny Stocks are very highly speculative and may be unsuitable for all but very aggressive investors. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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