Alpha Diamond Corp. Clarifies Announcement Regarding Dividend, Capital Stock Restructure and Name Change.TORONTO--(BUSINESS WIRE)--July 16, 1998--ALPHA DIAMOND CORP. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:ALDM ALDM Augmented Lagrangian Decomposition Method , AFRI AFRI Arid Forest Research Institute (India) AFRI Approved Force Retention Increment AFRI American Fund Raising Institute, Inc. ) announced today that the corporation's name is now AFRICAN African pertaining to or originating in Africa. African buffalo includes black Cape buffalo, red Congo buffalo and red-brown varieties from Abyssinia to Niger. See also buffalo. RESOURCES, INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . The trading symbol Trading symbol See: Ticker symbol for the Company will also change to AFRI. The capital stock of the corporation has been changed to include two classes of Common Stock and two classes of Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. . Common Share Stockholders are advised to exchange their certificates evidencing Common Shares of ALPHA DIAMOND CORP. for Class B Common Shares of AFRICAN RESOURCES INC. immediately. The exchange is to be effected on a One Common Share of ALPHA DIAMOND CORP. for one Class B Common Share of AFRICAN RESOURCES, INC. Under the terms of the stock dividend, Stockholders of record will receive One Class A Preferred Share of AFFRICAN RESOURCES, INC. for each Common Share of ALPHA DIAMOND CORP. To Qualify for the stock dividend, Stockholders must convert their current Common Shares into the new Class B Common Shares of AFRICAN RESOURCES, INC. on a one for one basis. Further details of the transactions shall be outlined in a shareholder mailing and will also be posted on the Company's Website at www.africandiamonds.com. Shareholders are advised to contact the company directly should they have any questions or concerns at 1-800-216-5334 or email the Company through its website. Rick Brodzik, president of AFRICAN RESOURCES,INC. stated, "The Company's cancellation of the joint venture with Angola Diamond Company and the accompanying dividends are completely separate from the preferred shares stated herein. African Resources, Inc. is structuring itself for a dynamic new fiscal year as all licenses, permits and necessary paperwork are in place for its mining project on the Konkoure River, Guinea, West Africa. The Company management's opinion of the potential profitability of this site dictates that it will be focusing exclusively in Guinea. The Company expects to be in production this fall once the rainy season has ended. Furthermore, due to the interest received from Europe, the Company has undertaken to have its Website posted in several languages." This press release includes statements which may constitute forward looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These statements are subject to risks and uncertainties that could cause actual results to differ materially from the forward looking statements. Factors which would cause or contribute to such differences include, but are not limited to factors detailed in the Company's Securities and Exchange Commission filings.
CONTACT: African Resources, Inc.
561/833-5560
www.africandiamonds.com
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