SOURCE: Red Mountain Pharmaceuticals Inc.

July 13, 2007 17:44 ET

Red Mountain Pharmaceuticals Inc. and Charis Industries Co. Announce Share Exchange

DALLAS, TX--(Marketwire - July 13, 2007) - Red Mountain Pharmaceuticals Inc. (PINKSHEETS: RMPI), a development stage company, announces today a share exchange with Charis Industries Co. (CIC). The exchange results in CIC being a wholly owned subsidiary of RMPI with the anticipation of a merger of RMPI and CIC in the future.

In consideration of the receipt by RMPI of one hundred percent of the shares of common stock of CIC, the shareholders of CIC will receive in the aggregate three million shares of RMPI's Common Stock. After consummation of the share exchange, RMPI will continue to have five million shares of Common Stock issued and outstanding. An earlier issuance of three million shares of Common Stock to CIC was rescinded.

About Red Mountain Pharmaceuticals Inc.

Red Mountain Pharmaceuticals Inc. is a development stage company that intends to acquire companies in the financial sector, using a roll-up strategy.

About Charis Industries Co.

Charis Industries (www.charisindustries.com) is a diversified holding company that seeks to purchase, for long-term investments, companies that are leaders in their specific markets of service-oriented industries. The Company will employ a buy, build and cost elimination strategy with its investments. The company looks for investments, which it can grow through vertical acquisitions, roll-up acquisitions, turnaround acquisitions, and acquisitions in which the management team believes there are synergies for cost elimination and/or cross marketing potential.

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 Charis Industries, Co., and members of its management 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. 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.

Contact Information

  • For more information please contact:
    Duane Roberts
    Chairman and Chief Executive Officer
    214-987-0844