PHOENIX, ARIZONA--(Marketwire - Sept. 14, 2012) - GEAR International (PINKSHEETS:GEAR) has negotiated key agreements in the Philippines that enhance the company's strategic advantages in the Pacific Rim. GEAR officially finalized an agreement to acquire copper ore from small scale miners in the Philippines. In a separate joint venture agreement, GEAR will process, crush, and concentrate copper ore at the GEAR YARD in the Philippines and deliver the ore to the regional marketplace.
These agreements represent a milestone for GEAR given the Philippines' strategic location in the Pacific Rim. Economic activity in the Far East consistently supports increased commodities prices for copper and iron ore. GEAR is actively negotiating with end users in China and Korea who have demonstrated demand for the product through a long-term partnership with GEAR.
These agreements should support shareholder confidence as GEAR approaches profitability. Yesterday, GEAR CEO Dale Geck and director Jamal Lucas addressed approximately 100 investors by conference call. Geck informed investors that health ailments impacted his ability to perform. Mr. Lucas expressed optimism and suggested that GEAR's "brightest days" are ahead while signaling that new developments would be released in the near term.
GEAR management has provided no direct comment amid speculation regarding Geck stepping down and his potential replacement. GEAR Director Jamal Lucas commented, "As a company, GEAR has demonstrated a commitment to identifying the appropriate resources that ensure the company's continued growth. We are excited about the value that Mr. Rick Vanderhost brings to the company, and will make additions that enhance company value."
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Philippines mining agreement, and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.