SOURCE: Alto Group Holdings, Inc.

Alto Group Holdings, Inc.

November 17, 2010 09:15 ET

Alto Group Holdings Announces Signed LOI to Joint Venture With the Royal Coal Corporation

NEW YORK, NY--(Marketwire - November 17, 2010) - Alto Group Holdings, Inc. (OTCBB: ALTO) ("Alto Group" or the "Company"), an innovative mining and commodities trade company headquartered in New York, announces a signed LOI to Joint Venture with the Royal Coal Corporation.

Management recently completed a due diligence trip to Hazard County, Kentucky to visit the Royal Coal Corporation's current production operations in an effort to explore creating a strategic alliance with additional junior mining companies that are currently in production domestically. The Royal Coal Corporation is currently producing approximately 480,000 tons per year of coal quality that averages 12,500 btu, less than 1.2% sulfur, 11% or less ash. The SID project has 1.6 million permitted tons with 3.3 million recoverable tons in proven or probable category on 850 acres, and 13+ million tons potentially available-for-lease on adjacent property. All of the coal produced can be train-loaded at Royal Coal's subleased Charlene, 4-hour fast-load facility, trucked or barged directly to customers. 

Alto Group Holdings has signed an LOI to participate in 50% of all revenues generated under a proposed SID property Joint Venture with $5,000,000 as the total proposed financing to expand Royal Coal's existing production efforts and an additional 480,000 tons per year.

Management continues to follow its aggressive consolidation plan to diversify our existing mining portfolio on a domestic and international level to add shareholder value.

Please visit the company website for details on projects at www.altomines.com

Notice Regarding Forward-Looking Statements

This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of our exploration program at our properties and any anticipated future production. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with petroleum exploration and development stage exploration companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-KSB for the most recent fiscal year, our quarterly reports on Form 10-QSB and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

ON BEHALF OF THE BOARD
Alto Group Holdings, Inc.
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Mark Daniel Klok
President and CEO

Contact Information

  • Contact:
    Kevin A. Mercuri
    Propheta Communications
    212-901-6914 Ext. 701
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