Atlas Restructures Management and Board.Business Editors DENVER--(BUSINESS WIRE)--May 27, 2004 Atlas Minerals Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : ATMR ATMR Asynchronous Transfer Mode Ring (protocol) ATMR Asynchronous Transfer Mode Router (Alcatel) ) (the "Company") announced today that the Company has made several changes to its Board of Directors and to Management. Effective June 2, 2004, Mr. Gary E. Davis will resign from all management positions with the Company and its subsidiaries. These duties will be assumed by Mr. Roy Shipes, who has been named as the Company's Chief Executive Officer. Mr. Davis will remain as a Director of the Company. In a concurrent move, Mr. Robert Miller resigned his position as a Director, and Mr. David Carroll David Carroll is the name of:
Commenting on these developments, Mr. Shipes said, "It is with regret that the Company accepts Mr. Davis' resignation. Because of the Company's ongoing financial deficiencies, however, he believed his resignation at this time would be in the Company's best interest. The headquarters of the Company will be immediately transferred to Tucson where Atlas Precious Metals Precious Metals Valuable metals such as gold, iridium, palladium, platinum, and silver. Notes: Investing in precious metals can be done either by purchasing the physical asset, or by purchasing futures contracts for the particular metal. Inc., an affiliate of the Company, is now based and where there is already an administrative support staff. We are pleased that Mr. Davis has agreed to remain on the Board. His services on the Audit Committee will be most welcomed given his knowledge of the Company's financial affairs and of compliance issues." Continuing, Mr. Shipes noted, "It is also with regret that Mr. Miller has decided to leave the Board to pursue other interests. He has been a vital component of the Board since September 2001. We are fortunate, however, to be able to replace him with someone of the calibre of Mr. Carroll, who has prior knowledge of the Company and the challenges before it." The Company is maintaining its efforts to sell its White Cliffs White Cliffs is the name of several localities:
tr.v. de·plet·ed, de·plet·ing, de·pletes To decrease the fullness of; use up or empty out. [Latin d financial condition, the Company has been unable to comply with the filing of its financial statements (10QSB QSB Fading QSB Qualified Small Business (IRS category) QSB Queen Street Backpackers (Auckland, New Zealand) QSB Quality System Basics QSB Qualified Supplemental Benefit QSB Quantum Singleton Bound ) for the first quarter of 2004, which became delinquent on May 24. The Company is continuing to focus on securing financing, possibly including loans against assets, equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. , project financing Project financing A form of asset-based financing in which a firm finances a discrete set of assets on a stand-alone basis. , sales of existing mobile equipment, and joint ventures. The Company is also considering a possible merger with another entity, and the raising of needed financing through a private or brokered placement of common stock. On behalf of Atlas Minerals Inc. H. R. (Roy) Shipes, Chief Executive Officer The statements contained in this release that are not historical facts are forward-looking statements under the federal securities law. These forward-looking statements are no guarantee of future performance, and involve certain risks, uncertainties and presumptions that are difficult to predict. Actual outcomes and results may differ materially from what is expressed or implied by such forward-looking statements. The Company takes no obligation to update publicly any forward-looking statements, whether as the result of new information, future events or otherwise. This release is not an offer of securities for sale in the United States; securities may not be offered or sold in the United States without registration or an exemption from registration. 6.8 million shares outstanding |
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