2013-10-09 13:34:59 -
Atlanta, GA US, October 09, 2013 /FSC/ - Kalahari Greentech, Inc. (KHGT - OTC Pink),(Kalahari or the Company), would like to provide an update of the Company's activities, in order to keep the market informed as to its progress.
Over the past year Kalahari has explored several business opportunities in an effort to increase shareholder value. Kalahari will not proceed with the acquisition of Honeymark International, even though the Company made several payments to satisfy the terms of the Agreement reached in March 2013. We have also decided not to proceed with the Letter of Intent to acquire a percentage of Lucky Puppy. As we stated in our filings, Kalahari has successfully unwound the transaction for AGT American Silver and
Last week Kalahari announced the acquisition of a mining lease on the New Light Mine project located in northern Washington State, which is a gold and silver project. This transaction is closed and reflects the new direction of the Company. The recent decline in gold, silver, and other metals prices has created opportunities for those interested in purchasing properties. Our plan moving forward is to exploit this opportunity and build Kalahari into a company based on past producing properties with low overhead. We expect to work with outside consultants in an effort to explore these properties and move them to the next level. At that point, we would expect to sell the property, if the market is strong, or enter into a joint venture with a larger producer. We are continuing to look for more properties in both North and South America to enhance our business model.
Our current cap structure consists of 195,402,200 shares of common stock issued and outstanding, with 85,745,117 in the float. 100,000,000 shares are owned by an entity controlled by Kalahari CEO, David Kugelman, and are restricted under Rule 144. We also are in the process of canceling 7,000,000 shares, which will reduce the number of outstanding shares to 188,402,200 and the float to 78,745,117. We also have 5,000,000 shares of $.001 par value preferred stock, of which none has been issued. We recently increased the number of shares of common stock authorized to 2,000,000,000 shares. The reason for the increase is to make additional acquisitions of mining claims, properties, and leases under Rule 144.
The past twelve months has been particularly challenging for the mining industry and many junior mining companies have thrown in the towel. We expect o follow the adage that if everyone else is selling, we should be buying. That being said, we are committed to making Kalahari a successful company with strong underlying assets and positive growth. We will expect to launch a new website in the coming months to provide shareholders with additional information on our company and properties.
About Kalahari Greentech, Inc.:
Kalahari Greentech's mission is to build a fully-integrated gold, silver, and metals production company that incorporates exploration, development, acquisition, mining, ore processing and sales. The Company targets historically proven and highly prospective properties in North and South America, with an emphasis on properties that can come to production quickly.
This press release contains forward-looking statements, particularly as related to, among other things, Kalahari Greentech, Inc.'s business strategy. The words or phrases "would be," "will allow," "intends to," "may result," "are expected to," "will continue," "anticipates," "expects," "estimate," "project," "indicate," "could," "potentially," "should," "believe," "considers" or similar expressions are intended to identify "forward-looking statements." Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. Such forward-looking statements are based on current expectations, involve known and unknown risks, a reliance on third parties for information, and other factors that may cause Kalahari Greentech, Inc.'s actual results, performance or achievements, or developments in its industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include risks, uncertainties and other factors that are detailed in Kalahari Greentech, Inc.'s Quarterly and Annual Reports and other documents Kalahari Greentech, Inc. files from time-to-time. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. Kalahari Greentech, Inc. cautions readers not to place undue reliance on such statements. Kalahari Greentech, Inc. does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement. Actual results may differ materially from Kalahari Greentech, Inc.'s expectations and estimates.
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Kalahari Greentech, Inc.
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Source: -- Kalahari Greentech, Inc. (KHGT: OTC PINK)
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