Board of Directors are pleased to announce
that the company has retained BF Borgers CPA PCAOB accredited accounting firm to complete its audited financials to become a fully reporting company with the SEC. The company has retained Borgers CPA firm because of the acquisition of KRSNA MINERALS.
PLACERVILLE, CA, Oct. 30, 2017
/PRNewswire/ - iMD Companies, Inc. (OTC: ICBU) Board of Directors announced today that the company's subsidiary KRSNA Minerals has finished its third quarter financial statements from India. The company expects to file its financials with OTC Markets this week
KRSNA Minerals received additional purchase orders from the Hong Kong based company for 5,000 Metric Tons of Magnesia Chrome Powder and 40,000 Metric Tons of Iron Ore increasing the purchase order to approximately 70 million dollars. Due to the additional orders, the contract had to be extended to two years for delivery. The first 10,000 metric tons of Chrome Powder from the original order has been mined and was shipped to the Hong Kong based company for the third quarter.
KRSNA MINERALS is a producing mine in India with over 600 acres of mining claims, which are producing manganese and Iron ore metals. KRSNA MINERALS currently has contracts with the Chinese government to supply manganese and Iron ore to China
. The recoverable asset values are in excess of 700 million dollars for the total claims owned by KRSNA MINERALS. The Current Claims mined produced revenues in excess of four million dollars in 2016 and claims being worked on are over 10 million dollars. KRSNA MINERALS plans to dramatically increase the number of claims being mined in 2017 to increase revenues exponentially for the company. KRSNA MINERALS is now a wholly owned subsidiary of ICBU and all financials of KRSNA MINERALS will be represented in ICBU financial statements.
iMD also expects to give a revised estimate on revenues for 2017 after the new mine has been acquired as the new contract for Chrome Powder is now valued at 66 million dollars
. Revenue projections for 2017 expect to be substantially higher than this number.
KRSNA Minerals revenues and profits are also trending much higher for the first half of 2017 compared to 2016. The company plans on announcing the numbers as soon as audited financials are received from Krishna accountants