SOURCE: Borneo Resource Investments Ltd.

April 01, 2014 09:15 ET

Borneo Resource Investments Extends Filing of Annual Report on Form 10-K

Company Has Repaid a Convertible Note Which Was Due April 2014

BOTHELL, WA--(Marketwired - Apr 1, 2014) - Borneo Resource Investments Ltd. (OTCQB: BRNE), (the "Company" or "Borneo"), today announced the Company filed a Form 12b-25 with the Securities and Exchange Commission to obtain additional time within which to file its annual report on Form 10-K for the year ended December 31, 2013. The Company expects to file the Form 10-K and announce its 2013 fourth quarter and full year financial results within the 15 day extension period, on or before April 15, 2014.

Borneo continued to generate significant revenue in the fourth quarter of 2013, marking the Company's second consecutive quarter of revenue generation since it grew beyond being an exploratory stage company in June 2013.

Borneo has repaid its second convertible note issued to Asher Enterprises, Inc., which was due in April 2014 for a principal amount of $32,500. In January 2014, the Company had repaid its first Asher Enterprises note with a principal balance of $37,500. Borneo plans to similarly repay its final convertible note due to Asher Enterprises in June 2014 for a principal amount of $42,500.

"We strive for accurate and informative reporting," commented Borneo CEO Nils Ollquist. "We intend to complete the filing of our Form 10-K within the timeframe that the SEC grants to us as we continue to work towards creating a company with a solid growth plan for our shareholders."

About Borneo Resource Investments Ltd.
Borneo Resource Investments Ltd. (OTCQB: BRNE) is a mining company that mines gold and develops producing gold mines as well as coal mining properties in the Republic of Indonesia. Borneo's current assets include three gold properties, two of which are producing gold. Cash flow-producing investments in gold properties help fund Borneo's operations and investments in gold, while the Company develops high value, longer-term investments in thermal "coal concessions," which are properties that can be mined for coal. Borneo currently has one coal concession in the Borneo region of Indonesia. Indonesia was the 8th largest gold producing nation in 2012 and the world's largest exporter of coal, with $25 billion exported in 2012.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and federal securities laws. Words such as "believe", "estimate", "will be", "will", "would", "expect", "anticipate", "plan", "project", "intend", "could", "should" or other similar words or expressions often identify forward-looking statements. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding our outlook, projections, forecasts or trend descriptions. These statements do not guarantee future performance, and we do not undertake to update our forward-looking statements.

For example, we are using forward looking statements when we discuss the indications that estimate the potential revenue that may be generated from this property. These forward-looking statements are based on the current expectations of the management of Borneo Resource Investments Ltd. only, and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: changes in the price of natural resources, a change in the estimate of natural resources on our concessions, a change in the ability to extract the natural resources, changes in Indonesian law, risks associated with counterparty default in any of our agreements and the ability to acquire funding. Except as otherwise required by law, Borneo Resource Investments Ltd. undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

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Contact Information

  • Investor Relations Contacts:

    Borneo Resource Investments Ltd.
    R. Scott Chaykin


    Corporate Profile, LLC
    Dilek Mir
    Managing Director