OT: hummmmmmmmmmmmmmmm
July 11, 2007 09:28 AM Eastern Daylight Time
95% Mandatory Buy Back of Pearl Asian Mining Industries' Common Shares (PAIM) Will Be Automatic With The Exchange or Record Date Effective July 20, 2007: NO X-Date For Mandatory Buy-Back Exchange
MANILA, Philippines--(BUSINESS WIRE)--Pearl Asian Mining Industries, Inc., with Stock SYMBOLS: U.S.A. (OTC common shares: PAIM)(OTC preferred shares: PAIMP), announced that the exchange or record date will be effective July 20, 2007, for the company’s mandatory buy back of approximately 8,611,655,441 or 95% of its issued and outstanding common shares payable at the rate of $0.00002 per share commencing October 10, 2007.
The company had notified NASD & DTCC on July 2, 2007, per SEC Rule 10b-7 the 10-day notification requirement, thus based from last year’s 2006 first mandatory Buy Back of June 15th, a lengthy discussion with NASD, DTCC and the transfer agent, that there will be NO X-Date for this mandatory buy-back exchange. Pearl Asian Mining Industries had announced earlier that the exchange record date for this action was July 20, 2007. The exchange date is going to be automatic for all shareholders holding PAIM common shares through DTCC.
The Shareholders holding through DTCC will not have to do anything in this exchange, as this will be a mandatory exchange and automatically done through the same process. A stop transfer will be placed on shares outstanding on July 20, 2007, regarding shareholders that fail to surrender 95% of their common shares. The stop transfer will not be released until those original shares are surrendered in exchange for cash.
The buyback rate is that for every 1 common share surrendered, Pearl Asian will pay $0.00002 per common share directly to the known address of the registered shareholder of exchange or record date of July 20, 2007.
CEO, Jason. Piamonte, commented: "I am very optimistic about the future of Pearl Asian Mining (PAIM). The company has continuously been very productive as I am certain the company's future earnings will far exceed the expectation to get registered to the next level. To recap the progress, on June 15th of last year, the company did its first mandatory buy back of 90% out of the 29+ Billion Outstanding Common Shares, using the Convertible Debentures. After a year, the company is able to reduce further that massive float down to approximately 9 Billion Common shares. This year, Pearl Asian Mining issued another mandatory buy back of 95% from the current issued and outstanding of 9 Billion common shares with record date of July 20, 2007. As a result, the 5% or approximately 453,244,457 (Four Hundred Fifty Three Million, Two Hundred Forty-Four Thousand and Four Hundred Fifty Seven) remaining outstanding common shares is a good start, along with an increase in the adjusted price per share after this mandatory buy back. This is the ultimate goal PAIM has hoped to achieve, and indeed it is phenomenal. The company and the members of the board directors, expressed that this is the most creative, beneficial and the positive way of reducing the current outstanding public float, thus avoiding the negative impact and effect of a reverse split, and most of all balancing what is best for everyone concerned, for all of our shareholders, investors and for the company as whole."
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.
