HENDERSON, NEVADA--(Marketwire - Oct. 19, 2012) - King Resources, Inc. (PINKSHEETS:KING) (www.king-resources.com) KING management is of the opinion that this is a material event which requires public notice.
- A new preferred shareholder group (PSG) has acquired the majority stake position in KING via preferred share purchase.
- PSG is a New Jersey based mining and exploration group.
- PSG intends to appoint new management, directors, and board of directors shortly.
- KING intends to diversify the Grid Grabber from its holdings by a rescission agreement. This is an amicable and civil separation. All shares issued to Grid Grabber in the merger will be returned to KING's treasury.
- All existing management and directors will resign with the completion of the rescission.
- PSG and KING intend to focus its attention on its core business model mining and exploration.
- The PSG obtained control of KING's majority stake position through an all cash transaction.
More details will follow.
Safe Harbor Statement
Information in this news release may contain statements about future expectations, plans, prospects or performance of King Resources, Inc., that constitutes forward-looking statements for purposes of the Safe Harbor Provisions under the Private Securities Litigation Reform Act of 1995. The words or phrases "can be," "expects," "may affect," "believed," "estimate," "project" and similar words and phrases are intended to identify such forward-looking statements. King Resources, Inc. cautions you that any forward-looking information provided by or on behalf of King Resources, Inc. is not a guarantee of future performance. None of the information in this press release constitutes or is intended as an offer to sell securities or investment advice of any kind. King Resources, Inc.'s actual results may differ materially from those anticipated in such forward-looking statements as a result of various important factors, some of which are beyond King Resources, Inc.'s control. In addition to those discussed in King Resources, Inc.'s press releases, public filings, and statements by King Resources, Inc.'s management, including, but not limited to, King Resources, Inc.'s estimate of the sufficiency of its existing capital resources, King Resources, Inc.'s ability to raise additional capital to fund future operations, King Resources, Inc.'s ability to repay its existing indebtedness, the uncertainties involved in estimating market opportunities, and in identifying contracts which match King Resources, Inc.'s capability to be awarded contracts. All such forward-looking statements are current only as of the date on which such statements were made. King Resources, Inc. does not undertake any obligation to publicly update any forward-looking statement.