SOURCE: Sungrow Minerals, Inc.

December 18, 2009 09:00 ET

Sungro Minerals, Inc. Announces Resignation of CEO

WARWICK, RI--(Marketwire - December 18, 2009) - Sungro Minerals, Inc. (OTCBB: SUGO) today announced the resignation of its CEO.

Effective December 15, 2009, Mr. Malkeet Bains tendered his resignation as President, CEO, and a Director of the Company with immediate effect. Simultaneous with his resignation, Mr. Bains returned to the Company the shares he had been issued at its founding in August 2007 without consideration. The Company owes Mr. Bains approximately $24,000 for payments made by him on behalf of the Company, and will reimburse him in the ordinary course of business.

The Company expresses its thanks to Mr. Bains for his efforts since its inception on behalf of the Company, and wishes him all the best in his future endeavors.

Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. In general, estimates of 3P (proven, possible & probable) reserves are based upon a number of factors and assumptions made as of the date on which the estimates were determined, such as geological, technological and engineering estimates and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking estimates. The Company cautions that these statements are further qualified by important factors that could cause actual results to differ materially from those in the forward looking statements, including, among others, the following: reduced or lack of increase in demand for the Company's products, competitive pricing pressures, and the level of expenses incurred in the Company's operations. The Company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.

Contact Information

  • Contact:
    Sungro Minerals, Inc.
    Erwin Vahlsing, Jr.
    Tel: (401) 648-0805
    Fax: (401) 648-0699