SOURCE: Converge Global, Inc.

June 24, 2014 09:15 ET

Converge Global Signs LOI to Acquire Gold Producing Mine

OKLAHOMA CITY, OK--(Marketwired - Jun 24, 2014) - Converge Global, Inc. ("The Company") (OTC Pink: CVRG) (PINKSHEETS: CVRG) announced today the signing of a Letter of Intent (LOI) with Grant Ltd. for the acquisition and licensing of facilities subsoil for Mine "Duet" Ltd., a producing property of lode gold in the Ust-Maya District, Republic of Sakha (Yakutia) in the Russian Federation.

The Company's initial due diligence was significant to support signing the Letter of Intent to enter a Stock Purchase Agreement and will proceed with further due diligence and negotiations towards closing the acquisition of the producing mine.

In 2012, Duet produced 385 kg gold and 417 kg gold in 2013 for Russian Geoplan terms of 301 kg. Duet's probable and proven gold reserves and resources total 7 tons and is currently licensed to 2020.

Alexander Shirokov, President of Converge Global, Inc., stated, "This acquisition is just one of two currently under review in the Ust-Maya District. They both have the potential to provide considerable increase in shareholder value. Management is committed to strengthening and diversifying the asset base of the Company and will continue to assess the potential of current and future acquisitions."

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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 Converge Global, Inc. with members of its management team 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.

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