vmdg- Anyone else watching this one?
Perihelion Global Announces Acquisition of Patented Gold Mine with Minimum Gold Reserves in Excess of $737 Million USD
Thursday September 21, 4:39 pm ET
SANTA ROSA BEACH, Fla & SALT LAKE CITY--(BUSINESS WIRE)--Sept. 20, 2006--Perihelion Global, led by Chairman, Chief Executive Officer & President John H. Beebe announced today that it has reached an agreement in principal to acquire privately held Saturday Night, LLC; sole owners of a Patented Gold and Silver mine (Patent Claim Number 5797) in Box Elder County, Utah with Minimum Gold Reserves in excess of $737,000,000.00 USD (Seven Hundred Thirty Seven Million US Dollars).
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"I am excited to announce the acquisition of Saturday Night, LLC," said John H. Beebe, Chairman, Chief Executive Officer and President of Perihelion Global. Adds Beebe, "This was a key acquisition for Perihelion Global and will support the fundamentals for a strong price per share. This acquisition will further enable the timely execution of our well planned campaign of strategic acquisitions to enhance our existing assets and capabilities."
Dr. Patrick LaRive, Chief Executive Officer of Saturday Night, LLC stated, "Seeing the overall vision and strategy of John H. Beebe for Perihelion Global and in researching his extremely successful prior business accomplishments I am confident that this venture will make history." Adds LaRive, "Perihelion Global's goals and objectives to lead and excel in our industry are directly in line with our aspirations. I am honored to become a part of such a dynamic company."
Brian Charlesworth, Chief Operating Officer of Saturday Night, LLC, states, "John H. Beebe's track record as a successful business leader and visionary makes this an exciting merger for us. We strongly believe Perihelion Global is positioned for long term growth and success. With our combined corporate resources we are confident that Perihelion will not only make a difference in the local economies where we operate, but throughout the world."
There have been three certified geologist valuations of the patented Gold reserves which determined a minimum of 1,277,950 ounces of Gold - (One Million Two Hundred Seventy-Seven Thousand and Nine Hundred Fifty oz Au). Two valuations were conducted by respected Geologist Dr. Yung S. Kim, a retired Professor of Geology at the University of Nevada and Senior Fellow at the Department of Conservation, Office of Mines; conducted initially in 1983 and again subsequently in 2000. These were filed with the Bureau of Land Management (BLM) Salt Lake City, Utah; US Department of the Interior Salt Lake City, Utah; Utah Division of Oil, Gas and Mining Salt Lake, Utah.
The third report reviewing and certifying the minimum measured amount of Gold being 1,277,950 ounces (one million two hundred seventy seven thousand and nine hundred fifty oz Au) was conducted in March 2006 by John Yellich, Certified Professional Geologist, American Institute of Professional Geologists (CPG-No. 7538); Licensed Geologist, State of Washington (LG-No. 891); Graduate studies in Geology, Western Michigan University, Kalamazoo, Michigan, 1971; BA in Geology, Western Michigan University, 1968.
Terms of the proposed acquisition of Saturday Night, LLC are cash and a 12% total stake in Perihelion Global. The proposed acquisition is expected to be finalized within 30 days and private funds will be used for the cash portion of the deal as well as and any additional financing that might be required. The new website of Perihelion Global is currently under development and will be fully published pending the release of subsequent corporate news. Additionally, Perihelion Global's proposed merger with publicly held Vision Works Media Group (OTC:VMDG - News) is expected to become final within the next two weeks
