why is the stock (prol) at 0.01? it makes no sense, looks like they some muscle here. unreal
September 18, 2007 - 9:42 AM EDT
PROL 0.01 0.00
New PROL Team Discovered An Isle In The Philippines Very Rich With Coal, Crude Oil & Other Alternative Energy; Joint Ventures with Land Claimants, Philippines Royal & Alternative Energy Announces
Re-Organization of Philippines Royal Oil & Alternative Energy Co., Inc. (PROL): New CEO, New Management Oil Team, New Transfer Agent, New IR
Philippines Royal Oil & Alternative Energy Co., Inc. (OTC:PROL), previously Philippines Gold Mining Corporation (Old OTC Symbol:PGMC), announces that it had sealed a joint venture agreement with the local ancestral land claimant and owner of one of the Philippine Isle, containing rich coal, carbon, crude oil, potential alternative energy resources and other biofuels.
On Sept. 11, the new management team of PROL visited the small island, south of Manila, met with the small scale miners and owner-claimant, finalized an agreement to do further verifications, feasibility studies, explorations and developments. The PHILOIL Team is fast tracking the necessary documentations this week so that the PHILOIL Team will start operating and marketing the products from that isle of black gold (coal, carbon, crude oil, etc.) as soon as possible.
Philippines Royal Oil & Alternative Energy Co., Inc., commonly known as PHILOIL also announces the appointment of the new management for the new PROL Team: Jason Piamonte is appointed as the new CEO; Engr. Ricardo Bernardo as President/ Chief Operating Officer, Randolf Villanueva, Vice-President and Marketing Director, Ariel Caleon, Corporate Secretary and Public Relation Officer and Arnel Morilla, Chief Financial Officer. Alice Navas in interim is acting as the PROL Investor Relation. The company also hired the services of AGN Associates & Stock Transfer Services, LLC to handle all the transfer agency of Philippines Royal Oil & Alternative Energy Co., Inc. (PROL).
“It is the vision and mission of the new management team of PROL to materialize the explorations and developments of the coal products and other energy from that small island. It is also our objective to market immediately the coal and carbon produced, then to design a new steam power plant utilizing the rich coal resources thus providing immediate revenue for the company within 45 days after the final verifications of the presence of this coal reserves. We also intend to explore other products such as the presence of crude oil, use of copra products, and other biofuels reserves in that island!” stated President/COO Ricardo Bernardo.
FORWARD 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.
Philippines Royal Oil & Alternative Energy Co., Inc.
(Formerly Philippines Gold Mining Corp.)
Investor Relations:
Alice Navas, 678-570-6538 (USA)
Fax: 877-317-4430
pgmc88@hotmail.com
www.philippinesroyaloil.com
Source: Business Wire (September 18, 2007 - 9:42 AM EDT)
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