DMGS News**Court Awarded Title of the Granite Quarry in Argentina
Distribution Management Services, Inc. ("DMGS") Announces That Court Awarded Title to DMGS of the Granite Quarry in Argentina
Oct 29, 2007 9:00:00 AM
NORTH MIAMI, FL -- (MARKET WIRE) -- 10/29/07 -- In a report filed with the U.S. Securities and Exchange Commission on October 5, 2007, DMGS (PINKSHEETS: DMGS) disclosed that it obtained a Final Judgment of Specific Performance to the title of the granite quarry formerly owned by Augustin F. Albero and Maria Cristina Vilchez. The quarry and related mining operations thereon are located in the La Ruda District of the Republic of Argentina.
DMGS has employed counsel in Argentina for the purpose of converting the judgment entered by the 17th Judicial Circuit Court in Broward County, Florida to a judgment enforceable in Argentina.
This action will enable DMGS to operate the quarry in Argentina and to market the much-in-demand granite on an international basis.
DMGS had previously negotiated an acquisition agreement with Mr. Albero, who defaulted on his obligations to DMGS. As a result, DMGS was required to enforce its agreement through court proceedings for the past two years.
The quarry and mining operations have a value of not less than 12 million dollars and are anticipated to produce 10 million dollars of mined products annually. Originally, Mr. Albero represented to DMGS that the operating quarry was valued at 50 million dollars and that the then existing mining operations were generating not less than 10 million dollars annually.
DMGS is awaiting advice from its Argentinean counsel as to the finalization of this transaction.
For additional information, please contact DMGS' President, Leo Greenfield, at (305) 893-9270, or by writing to the company at its principal executive office, the address of which is 11601 Biscayne Boulevard, Suite 201, North Miami, Florida, 33181.
DMGS seeks safe-harbor for certain of its statements pursuant to the Private Securities Litigation Reform Act of 1995.
