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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