HENDERSON, NEVADA--(Marketwire - April 16, 2012) - King Resources, Inc. (PINKSHEETS:KING) www.king-resources.com is in the process of retiring approximately 500 million shares.
This new share reduction will not impact the previously announced targeted merger candidates, and the merger should finalize as planned by the management. KING will in lieu of issuing shares for the merger, issue options at a higher strike price than currently traded at. The merger company will have to meet pre determined milestones.
A confirmation letter is being currently obtained from the transfer agent and will be filed on OTC MARKETS separately.
New share structure (anticipated completion by May 1 2012)
- Authorized Shares 2 billion
- Outstanding Shares 900 million
- Float 350 Million (approximately)
More details and filings will follow shortly.
Safe Harbor Statement
Information in this news release may contain statements about future expectations, plans, prospects or performance of King Resources, Inc., that constitutes forward-looking statements for purposes of the Safe Harbor Provisions under the Private Securities Litigation Reform Act of 1995. The words or phrases "can be," "expects," "may affect," "believed," "estimate," "project" and similar words and phrases are intended to identify such forward-looking statements. King Resources, Inc. cautions you that any forward-looking information provided by or on behalf of King Resources, Inc. is not a guarantee of future performance. None of the information in this press release constitutes or is intended as an offer to sell securities or investment advice of any kind. King Resources, Inc.'s actual results may differ materially from those anticipated in such forward-looking statements as a result of various important factors, some of which are beyond King Resources, Inc.'s control. In addition to those discussed in King Resources, Inc.'s press releases, public filings, and statements by King Resources, Inc.'s management, including, but not limited to, King Resources, Inc.'s estimate of the sufficiency of its existing capital resources, King Resources, Inc.'s ability to raise additional capital to fund future operations, King Resources, Inc.'s ability to repay its existing indebtedness, the uncertainties involved in estimating market opportunities, and in identifying contracts which match King Resources, Inc.'s capability to be awarded contracts. All such forward-looking statements are current only as of the date on which such statements were made. King Resources, Inc. does not undertake any obligation to publicly update any forward-looking statement.