Mandatory Buy Back of Approximately 8,611,655,441 or 95% of PAIM's Issued and Outstanding Common Shares; Record Date of July 20, 2007; Payable at the Rate of $0.00002 Beginning October 10, 2007, Pearl Asian Mining Announces Pearl Asian Mining Industries, Inc. with Stock SYMBOLS: U.S.A. (OTC:PAIM) (OTC:PAIMP) announces that by Special Corporate Action of the Board of Directors in a meeting held on June 21, 2007 in Cagayan de Oro, Philippines and with full consent and approval of the 77% majority PAIM shareholders, the company resolved to do a mandatory buyback of approximately 8,611,655,441 (Eight Billion Six Hundred Eleven Million, Six Hundred Fifty-Five Thousand and Four Hundred Forty-One) PAIM Common Shares, or 95% of its issued and outstanding common shares effective immediately. Shareholders of record as of July 20, 2007 will be paid at the rate of $0.00002 per common share commencing October 10, 2007.
The Board of Directors issued this special corporate action in order to reduce the staggering public float of approximately 9 Billion issued & outstanding common shares. This final decision is in preparation for the company’s application for listing in a higher exchange and to maintain a reasonable public float below 1 billion shares. This mandatory buyback is a creative, positive, and beneficial solution, which enables the company to fulfill a promise made to its shareholders that no reverse split will ever occur. Each shareholder is going to be paid in cashier checks on the retired 95% common shares. The retired PAIM common shares shall then be deposited back in the company’s treasury.
Subsequently, Pearl Asian will send the payment directly to the shareholders of record after the shareholders surrender the Original PAIM Common Stock Certificates prior to the pay date commencing October 10, 2007. The certificate (s), with a letter attachment from the shareholder of record advising the Transfer Agent of their current and correct addresses, are to be sent directly to: AGN Associates & Stock Transfer Services, LLC: 5431 Auburn Blvd., Suite #178, Sacramento, CA 95841: Phone: (916)760.7712: Fax: (916)313.8828: e-mail: agnastockta@yahoo.com
While Pearl Asian has set the record date for July 20, 2007, the company would like to prevent the occurrence of confusion among shareholders similar to what happened during the 2006 mandatory buy back. Pearl Asian shall take necessary steps to ensure that DTCC is fully apprised of this corporate action, thereby assuring that all member banks and brokerages are sufficiently informed by their clearing houses, that 95% of all common shares, they hold for their clients should be segregated to a restricted account the day after the record date, i.e. on July 20, 2007. This will prevent shareholders from selling any of the shares covered by the buyback, i.e. selling more than the remaining 5% PAIM shares in their accounts as of close of business day on July 20, 2007, otherwise these shareholders could unintentionally and unwittingly incur short positions in PAIM.
Pearl Asian Mining is encouraging all its shareholders to check their accounts and discuss with their brokers regarding this mandatory buy back to give them advance information and to avoid discrepancies in the future. Any shares bought or sold in the market after July 20, 2007 should only be the remaining 5%. Therefore, the remaining 5% of common shares in the shareholders' accounts is freely trade-able at any time after the record date of July 20, 2007. On the other hand, shareholders who opt not to participate in the buy back program may want to sell their shares before the record date.
DTCC should immediately start the process of delivering to the company’s Transfer Agent the 95% of the outstanding PAIM Common Shares prior to the exchange date and pay date of October 10, 2007.
“Lastly, Pearl Asian Mining advises members of DTCC participants, i.e. the banks and brokers, to notify their clients, likewise Pearl Asian Mining advises its shareholders to immediately discuss with their brokers regarding this mandatory buyback. To reiterate, the buyback rate is that for every PAIM Common share surrendered, Pearl Asian will pay $0.00002. The company had resolved this mandate because of two major issues: the reduction of the huge issued and outstanding public float and the preparation of the company to register to the next higher level of exchange,” explains Jeffrey Alan, Investor Relations Officer.
For any questions, please do not hesitate to contact the company’s Investor Relations Officer Jeffrey Alan at (402)212.7840 or e-mail; IRJBosaw@yahoo.com.
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.
Pearl Asian Mining Industries Inc. – Philippines Investor Relations: Jeffrey Alan, 402-212-7840 (USA) or 011-63-2-567-5163 (P.I.) Fax: 1-877-317-4430 IRjBosaw@yahoo.com
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