Printer Friendly

90% Buy Back of Pearl Asian Mining Industries' Common Shares Will Be Automatic With The Exchange Date Effective June 15, 2006.

MANILA, Philippines -- Pearl Asian Mining Industries, Inc. (OTC: PAIM) announced that the exchange date will be effective June 15, 2006, for the company to buy back approximately 27,000,000,000 or 90% of its issued and outstanding common shares using a convertible debenture.

After a lengthy meeting with NASDAQ, DTC and our transfer agent, it had been confirmed that there is no X-Date or record date for this buy-back exchange.

Pearl Asian Mining Industries had announced last month that the record date for this action was June 1, 2006. However, no record date is required. The exchange date is going to be automatic for all shareholders holding common shares through DTC with the exchange date to be June 15, 2006.

The Shareholders holding through DTC will not have to do anything in this exchange, as this will be a mandatory exchange and automatically done through the same process. A stop transfer will be placed on shares outstanding on June 15, 2006, regarding shareholders that fail to surrender 90% of their common shares for exchange on June 15, 2006. The stop transfer will not be released until those shares are surrendered in exchange for the CDs.

The buy back rate is that for every common share surrendered, Pearl Asian will pay $0.001, the par value of the common shares in the form of convertible debentures, when held to the maturity of 5 years. The CD is to be paid on the 5th year without interest. The debentures can be converted back to common shares at a fixed rate of $0.01 per share at any time on or before maturity, upon surrender of the CD to the company or its transfer agent.

As an example, a shareholder owning 1,000,000 common shares will keep 100,000 common shares and receive a CD with a face value of $900 due and payable in 5 years without interest. In this example, any time during the 5 years, the holder will be entitled to convert that CD to 90,000 common shares.

Chairman of the Board, E. Pearl Asian, commented: "I am very optimistic about the future of Pearl Asian Mining (PAIM). The company is taking this calculated risk, going into long-term debt for the first time beginning June 15, 2006. I am certain that when the debentures become due and payable, the company's earnings will far exceed the face value of this debt. Furthermore, I also believe that this is the most creative and positive way of reducing the current outstanding public float, thus avoiding the negative impact and effect of a reverse split. We have to balance what is best for everyone concerned, for all of our shareholders and for the company as well."

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. The Factors that could cause actual result to differ materially from anticipated results includes 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 the result of new information, future events or otherwise.
COPYRIGHT 2006 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2006, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:Jun 12, 2006
Previous Article:Samsung Breaks Speed Barrier With The World's First 18X Rewritable DVD Drive to Support 12X DVD-RAM Recording.
Next Article:Integration Appliance, Inc. Announces Alliance Partnership with Thomson Elite.

Related Articles
Pearl Asian Mining Industries, Inc. Announced Today That for Every Common Share of Pearl Asian Owned by Its Shareholders on the Record Date of March...
Pearl Asian Mining Industries Further Clarifies to Its Shareholders the Preferred Shares Dividend and Its Impact on Naked Shorts.
Pearl Asian Mining Industries Will Buy Back 90% of its Issued and Outstanding Common Shares.
Pearl Asian Mining Industries (PAIM) Issues Clarification on 90% Buyback of Its Common Shares and Conversion of Debentures to Common Stock; Also...
Pearl Asian Mining Industries Completed More Than 90% of the 90% Buy-Back of Common Shares.
90% Buy Back Is 99% Complete -- Pearl Asian Mining Diagrams the Options & Process to Convert Its Preferred Shares and Convertible Debentures.
Pearl Asian Mining Closes Regulation D Offering: 100% Completion of the 90% Buy Back, Starts Processing Gold Ores.
Pearl Asian Mining Industries Progress Report: Gold Plant Production Run Increased Significantly, OTC QX Application Under Final Review by D.A.D.
PAIM Preferred Shares To Trade Under the Stock Symbol 'PAIMP,' Pearl Asian Mining Industries Reports.
A Cash Dividend (Profit-Sharing) To Be Issued to PAIM's Shareholders of Record of June 30, 2007, Payable on August 31, 2007, Pearl Asian Mining...

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters