Gaia Resources, Inc. Seeks Acquisition Opportunities
09:50 21.09.07
LAS VEGAS--(BUSINESS WIRE)--GAIA RESOURCES, INC. (GAIA) On September 20, 2007, a majority of the
Company directors approved the cancellation of 16,544,305 restricted
shares of Common Stock of the Company that were held in escrow pending
certain lease payments paid and the assignment of certain mining leases
in exchange thereof.
The Company determined that certain obligations under the acquisition
agreement were not fulfilled and due to the non-performance of said
obligations, the shares of common stock represented by the share
certificate of the Company held in escrow was not validly issued as
fully-paid, non-assessable shares and until such time as terms of the
acquisition agreement were completed and as a result, said shares will
be cancelled.
As a result of the cancellation of the aforementioned shares, the board
of directors agreed to seek other business opportunities or assets to
acquire and thereafter reorganize said corporation as soon a practicable
including but not limited to; its directors and officers, corporate
name, capitalization and share structure as determined by the board of
directors and a majority of the shareholders pursuant to Nevada Revised
Statutes. The Company currently has no acquisitions or business
opportunities in mind.
GAIA shares trade as quoted on the Frankfurt Stock Exchange under the
Symbol (XYO) in addition to its share quotation on OTC Pinksheets under
the Symbol (GIAS.PK).
Forward- Looking Statements
Certain statements contained in the above are forward-looking statements
that involve risks and uncertainties. The statements contained herein
that are not purely historical are forward looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended and
Section 21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements deal with the Company's current plans,
intentions, beliefs and expectations and statements of future economic
performance. Forward-looking statements involve known and unknown risks
and uncertainties that may cause the Company's actual results in future
periods to differ materially from what is currently anticipated. Factors
that could cause or contribute to such differences include those
discussed from time to time in reports filed by the Company with the
Securities and Exchange Commission. The Company cannot guarantee its
future results, levels of activity, performance or achievements.
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