08.02.2007 19:31:00 (BUSINESS WIRE) versenden drucken 1 Datensätze gefunden.
Philippines Gold Mining Corporation (OTC:PGMC) announces that it has changed its name to Philippines Royal Oil & Alternative Energy Co., Inc. (Phil Oil) and moved the company's jurisdiction from Nevada to Wyoming. The company's CUSIP number 718291107 and a new symbol will be assigned.
The change in the company's location and name indicates the company's long-term business plan of oil exploration/production and utilization of other alternative energy sources in the Philippine archipelago. Philippines Royal Oil & Alternative Energy Co., Inc. (Phil Oil) has already gone into preliminary oil exploration in an area in the Philippines known to have substantial oil and coal reserves, and has recently entered into an agreement with a landowner in the Island of Negros to conduct exploration for oil and coal. In early January 2007, President/CEO Engineer Gary Gotanco, MBA, accompanied a team of geologists composed of Chief Geologist Regino Selvano and Field Geologist Arlene Aguila in conducting an ocular inspection and oil sampling in the area. The Island of Negros, aside from being rich in various minerals, is the heart of the country's sugar industry, with thousands of acres of sugarcane fields. This island is also one of the breeding grounds for the emerging bioethanol industry in the country, as sugarcane is used as a raw material for bioethanol production. Last January 12, Philippine President Gloria Macapagal Arroyo signed into law Republic Act 9367, or the "Biofuels Act of 2006," which mandates the use of biofuels, i.e. bioethanol and biodiesel, as a measure to develop and utilize indigenous renewable and sustainably sourced clean energy sources. Philippines Royal Oil & Alternative Energy Co., Inc. intends to avail of incentives for companies engaged in production and development of alternative fuels as prescribed by the said law.
In addition, PGMC is doing a forward split of its Common Shares on a 100 to 1 basis, with record date set for February 18, 2007. The exchange date is February 23, 2007, and upon surrender of the old certificates, the company will mail directly the new stock certificates bearing the new post-split number of shares, name change, new symbol and CUSIP number, to all the existing shareholders on record. The current pre-split issued and outstanding common shares totaling 2,500,000 will bear the new post forward split of 250,000,000 outstanding common shares.
Furthermore, on January 29, 2007 the company's Board of Directors resolved to issue stocks of PGMC (New Name: Philippines Royal Oil & Alternative Energy Co., Inc. Stock) as dividend to all existing Common Shareholders of Pearl Asian Mining Industries, Inc. (Stock Symbol: PAIM). This will take effect on the record date of February 18, 2007; 1 (one) share of PGMC to be given for every 100 (100) shares of PAIM.
Finally, the newly appointed officers and directors of Philippines Royal Oil & Alternative Energy Co., Inc. are Anthony Val Gary Gotanco, MBA, to serve as the President/CEO; Ricardo S. Bernardo as V.P./COO; Ariel Caleon as V.P./PRO; Maribel Quinto as Secretary; and Arnel Morilla as EVP/CFO.
Forward-Looking 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.
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