Pearl Asian Mining Industries Issues Clarification on Pink Sheets Announcement Entitled 'Pearl Asia Mining (PAIM) Not Eligible for OTCQX (Announcement)' Dated March 29, 2007.
MANILA, Philippines -- Pearl Asian Mining Industries, Inc., with Stock Symbols: U.S.A. (OTC: PAIM) (OTC: PAIMP); Germany (GER: R1Z) and (FWB: R1Z), issues the following clarification on a Pink Sheets announcement entitled "Pearl Asia Mining (PAIM) Not Eligible for OTCQX (Announcement)" dated March 29, 2007.
This clarification is directed towards an announcement stating that Pink Sheets received a copy of a press release stating that Atty. Stephen Czarnik had submitted an application to Pink Sheets in the last quarter of 2006 to become a Designated Advisor for Disclosure (DAD), and that approval of Atty. Czarnik's application would bring Pearl Asia(n) Mining Industries Inc. closer to listing in the OTCQX this year. Moreover, the said announcement advised investors and other interested persons that Pink Sheets has not received an application from Mr. Czarnik to become a DAD or from Pearl Asia to list on OTCQX, and that based on "limited information available regarding this issuer (Pearl Asian Mining Industries) ... it does not appear that Pearl Asia would meet the qualifications for an OTCQX listing, whether or not Mr. Czarnik is approved to serve as a DAD."
The Press Release referred to in the first statement in preceding paragraph was issued on January 8, 2007 entitled "Pearl Asian Mining Industries, Inc. Engages Services of Accounting Firm Affiliated with One of the Top Global CPA Companies...," the pertinent portion of which reads:
"Meanwhile, Atty. Stephen Czarnik, Pearl Asian's nominated Designated Advisor for Disclosure (DAD), has submitted his application to Pink Sheets the last quarter of 2006 and just awaiting to become an approved DAD for PAIM. Pearl Asian believes OTCQX's mandatory DAD application process shall ensure compliance with strict eligibility criteria. The approval of Pearl Asian's DAD brings PAIM closer to listing in the OTCQX this year 2007."
Based on a recommendation by a group of investors, Pearl Asian Mining Industries, Inc. retained the services of Atty. Czarnik in September 2006. In October 2006, Pearl Asian submitted to Atty. Czarnik a completed OTCQX Prime application form for his evaluation and review. Subsequently, Atty. Czarnik advised Pearl Asian that he would act as PAIM DAD and file the necessary OTCQX application. Thereafter, Pearl Asian issued press releases pertaining to the status of PAIM's OTCQX application based on information from Atty. Czarnik. Around the end of January 2007, Pearl Asian sent an email inquiry to Atty. Czarnik on the status of PAIM's OTCQX application, which remains unanswered to date.
On March 6, 2007, after receiving several queries from shareholders, Pearl Asian sent an email inquiry to Pink Sheets on the status of PAIM's OTCQX application and Atty. Czarnik's application to act as PAIM DAD. Although Pink Sheets did not respond, Pearl Asian noted the substantial length of time elapsed since the application was allegedly submitted, and the fact that Atty. Czarnik was still not listed as an approved PAIM DAD. This prompted Pearl Asian to terminate the services of Atty. Czarnik and to search for a suitable replacement.
Management of Pearl Asian has concluded that Atty. Czarnik's either did not apply or was not accepted to act as PAIM DAD and that PAIM's OTCQX application was not submitted.
Aware of the fact that one of the requirements for PAIM's application to list on a OTCQX exchange or in any alternative United States stock exchange is sponsorship by a market maker, management of Pearl Asian is currently working hard to procure a market maker and begin the process. Pearl Asian would like to reassure all of its valued shareholders and investors that the company still expects to achieve its key objective to list on the OTCQX exchange or in any alternative United States stock exchange (i.e. one with more stringent reportorial requirements) in fiscal 2007.
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.
|Printer friendly Cite/link Email Feedback|
|Article Type:||Correction notice|
|Date:||Apr 2, 2007|
|Previous Article:||San Diego Trust Bank Promotes Nasrin Rostami to Senior Vice President.|
|Next Article:||United Surgical Partners International Announces Proposed Offering of Senior Subordinated Notes and Senior Subordinated Toggle Notes.|