Flexpower Inc. (FLXP)

[PayDirt!]

Here you go.

Posted by: timmage
In reply to: None Date:5/30/2007 10:39:30 AM
Post #of 37624

NEWS::::1,074,000,000 (One Billion and Seventy-Four Million) PAIM Common Shares Requested To Be Cancelled, Pearl Asian Mining Reports
May 30, 2007 10:38:00 AM
Copyright Business Wire 2007
MANILA, Philippines--(BUSINESS WIRE)--

Pearl Asian Mining Industries, Inc., with Stock Symbols: U.S.A. (OTC:PAIM)(OTC:PAIMP); Germany (GER:R1Z) and (FWB:R1Z), reports that on March 1, 2007, Pearl Asian Mining requested the cancellation of one billion and seventy-four million (1,074,000,000) of PAIM common shares from an Investor/Buyer for apparent non-compliance with the agreed terms, i.e. the said Investor/Buyer reportedly paid only 1/16th of the agreed amount that should have been paid to the seller. Despite this and even after PAIM duly notified them of such cancellation, the said Investor/Buyer managed to sell PAIM common stocks that they did not own, resulting in a short position in PAIM common shares. This is supported by the fact that PAIM has been reported to have considerable short interest in the OTC Equity Short Interest report for the past several months.

Pearl Asian Mining was informed that in December 2006, a PAIM shareholder, as seller, entered into a stock sale agreement with an investor/buyer. Having allegedly failed to remit the total agreed consideration, the seller reported the incident to both Pearl Asian Mining and its transfer agent. Meanwhile, said Investor reportedly continued to sell off the shares that it did not have. This resulted in a substantial short position in PAIM shares, which apparently caused the recent gradual yet continued fall in the price per share from December 2006 up to a few days ago.

CEO Jason Piamonte states "To protect the identities of the parties concerned, PAIM cannot divulge any names while we continue to ascertain the facts. We continue to consult with our US lawyer specializing in SEC matters that we recently engaged to handle PAIM's listing in a higher exchange. We are closely coordinating with our lawyer in considering all possible options to arrive at a resolution beneficial to all PAIM shareholders."