Gold Coast Mining Provides Conference Call Summary
CEO Summary of July 16th, 2013 Conference Call
Boca Raton, FL (PRWEB) July 18, 2013
Gold Coast Mining Corp. (Pink Sheets: GDSM), is pleased to provide shareholders and the investment community a summary of yesterday’s conference call. Hosted by new CEO, Michael Shea, the conference call covered many pertinent issues as follows:
Business plan is to acquire minority working interests in “to be drilled” or producing oil wells. This strategy will allow the Company a low cost means to quick revenue/cash flow generation. The goal is to build a portfolio of minority interests, creating a recurring stream of cash flow, with initial capital return periods ranging from 6-24 months. To further de-risk this strategy, the Company plans to geographically diversify its investments in areas where major oil companies are already producing.
Mr. Shea commented “This strategy is an efficient way to quickly generate revenue without the need to increase overhead. The goal is to get to the point, where Company shares are only used for accretive acquisitions and not for overhead.”
The Company’s mining operations are under review to determine feasibility and economics. Mining endeavors are quite expensive and entail a lengthy testing and permitting process, both of which could prove problematic for the Company. A review of these operations will commence in the near term.
The audit process has just commenced. The Company previously engaged a consultant to compile and organize the required data for submission to the PCAOB accountant. The consultant is close to having all the information and the accountant should be able to commence work within the week. The accountant has been compensated, to date, 50% of total cost.
In regards to the Form 10, the attorney has been fully paid and is awaiting the audit to complete the documents.
In terms of financials, Mr. Shea disclosed that the Company had received a court judgment of approximately $4.9 to $5 million in connection with loan defaults of Raptor Holdings (aka as GDSM) to the lender, Gelpid Associates, LLC (Case # 50 2006 CA 010344; 15th Judicial Circuit Court in the County of Palm Beach, Florida). Mr. Shea has had an initial conversation with the lender and believes a settlement can be reached, however, settlement talks can only begin in earnest once the Company is under revenue.
Given the judgment which was awarded on January 13, 2013, and lack of disclosure in the GDSM’s annual 2012 and first quarter financial statements, Mr. Shea stressed that past financial statements should not be relied upon. The Company will restate its first quarter financial to reflect the judgment and in a manner that complies with OTC Markets new disclosure form. Further restatements may be required to reconcile with audited financial statements once completed.
Mr. Shea also stated the desire to move to a Transfer Agent which does not have a policy that prohibits disclosure of the current share structure. Given the cost of moving Transfer Agents and other more pressing needs, Mr. Shea has committed to update the Company’s share structure monthly, if not more frequently on the Company’s Profile page of OTC Markets.
As importantly, the Company contemplates no reverse split at this time and realizes the negative impact on shareholders of such an action, given the current state of the GDSM.
Lastly, in order to improve the Company’s image and communication with the investment community, GDSM will be creating a new website, which will feature a monthly CEO letter, and provide updates. The new website, once created and published, will be gdsmholdings.com. The website is anticipated to be “live” within 10 days.
Mr. Shea stated, “While there are certainly more challenges than initially expected, parallel paths of clean up and growth must be taken. I am confident that the ambitious goals can be achieved and hope the market rewards the Company for its efforts.”
ABOUT GOLD COAST MINING
Gold Coast Mining Corp plans to pursue growth and enhance shareholder value through acquisition opportunities in and out of the mining industry. There are many lucrative mining projects that are sitting idle due to lack of capital and/or financing direction. Gold Coast will seek to capitalize on these opportunities by securing capital, finance consulting, equipment assistance and other financial assistance to these companies/projects.
Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance.
Gold Coast Mining. Contact : Michael Shea
Phone: 203-210-5614
Email: michael.shea(at)silvermineadvisors(dot)com
Twitter: @GoldCoastMining
Visit Us on Facebook : Gold Coast Mining (Pinks: GDSM)
PDF Print
Market Data 
Markets 
AI
