WILTON, CT--(Marketwired - Feb 11, 2014) - Gold Coast Mining Corp. (OTC Pink: GDSM), provides the following Corporate Update:
The Company has spent the last couple of months working on several fronts. Most importantly, the Company has been in discussion with potential merger partners and/or acquisitions. Gold Coast is now in negotiations with the owner of several producing natural gas wells. If successful, the wells would be acquired with debt/seller financing allowing the seller to have a "purchase money" security interest. This protects the seller should the judgment holder, Gelpid, attempt to foreclose on the asset, while providing the Company a revenue producing asset. The negotiations are moving forward and the Company will be providing frequent updates.
The Company is also reviewing several oil well participations which appear attractive and remains the basis of the business model.
In regards to the negotiations with the judgment holder, several term sheets have been generated. At this time, discussions continue, however, the Company refuses to allow a reverse split followed by substantial dilution in return for the judgment being converted into secured convertible securities.
CEO Michael Shea said, "Gelpid realizes that in order for its judgment to have value, the Company must create value and we continue to explore a workable solution. In fact, one of Gelpid's principals has a private company (in the "hot" sector) that he would like to take public. I have offered to establish a subsidiary of Gold Coast, which would be spun out, to allow this to happen."
Shea further commented, "Regardless of my ethical beliefs of this 'sector,' I would be willing to entertain this idea for the good of the Company."
ABOUT GOLD COAST MINING
Gold Coast Mining Corp. is a holding company with interests in the mining and energy sectors. The Company's goal is create a vertically integrated oil division and continue its diversification into other high growth industries. The primary goal is generate cash flow to sustain and grow profitability.
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Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance.