PAIM - NEWS OUT !!!!! DIVIDENDS EXPLAINED!!!!!!!!
((((((( HUGE BREAKING PAIM NEWS ))))))))))))))))))
Pearl Asian Mining Industries (PAIM) Sets Conversion Rate of Preferred Shares
Business Wire - March 28, 2006 08:00
PASIG CITY, Philippines, Mar 28, 2006 (BUSINESS WIRE) -- Pearl Asian Mining Industries, Inc. (OTC:PAIM) announced today that the Board of Directors resolved (1) to allow the Preferred shareholders the right to immediately convert 10,000 preferred shares for 1 common share. (2) In order to reward long term preferred shareholders, the Company resolved, to allow the preferred shareholders that hold their shares for 5 years to convert their common shares at the rate of 500 preferred for 1 common share. (3) The Company further resolved, to allow the preferred shareholders that hold their preferred shares for 1 year to convert their common shares at the rate of 5000 preferred for 1 common share. (4) The Company further resolved, to allow the preferred shareholders that hold their shares for 2 years to convert their common shares at the rate of 2500 preferred for 1 common share. (5) The Company further resolved, to allow the preferred shareholders that hold their preferred shares for 3 years to convert their common shares at the rate of 1250 preferred for 1 common share.
The reason that the company decided to set a conversion rate is due to speculation that 1 preferred share might be convertible to 1 common share. The Company believes that setting the conversion rate will discourage continuing naked short sales of its common shares with limited dilution of common equity to those shareholders that bought on or after the ex-dividend date of March 15, 2006. The common shares have a par value of .001 while the preferred have a par value of only .00000001, thus making each common share of vastly greater value than each preferred share.
The company expects that after the 5 years holding period, set to expire March 31, 2011, the majority shareholders will not exchange their preferred shares for common shares since the preferred shares carry the same voting rights as common shares. If the preferred shares begin to trade OTC, they will trade under a different and new symbol and not the symbol PAIM. The Preferred shares are unrestricted in tradability but can not trade under the symbol PAIM. There are approximately 30 billion common shares issued and outstanding after a recent forward split of 1000 for 1. There will be approximately 30 trillion preferred shares issued and outstanding as of the March 31, 2006 preferred dividend payment date.
The Preferred Shares will only be converted into Common Shares after the Preferred shareholders surrender their preferred share certificates to any of the Company's addresses in Canada, Philippines or the U.S.A.
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. The factors that could cause actual results to differ materially from anticipated results include risks and uncertainties are: risks relating to estimates of reserves; mineral deposits and production costs; mining and development risks; risk of commodity price fluctuations; political and regulatory risks; risks of obtaining required operating permits; 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 the result of new information, future events or otherwise.
SOURCE: Pearl Asian Mining Industries, Inc.
Pearl Asian Mining Industries, Inc.
USA:
Richard C. Miller, 770-336-5779 (Investor Relations)
877-317-4430 (fax)
