King Resources (KING) Completed Merger With Cressent Energy and Corporate Update Settlement of Litigation
December 10 2010 - 3:45PM
Marketwired
King Resources, Inc. (PINK SHEETS: KING)
(http://www.king-resources.com) has completed merger with US-based
oil and gas company Cressent Energy
(http://www.cressentenergy.com/).
Further to the press release from November 30, 2010 the merger
negotiations between the two companies has come to a quick
resolution. King Resources saw Cressent Energy's vast potential and
acted on it. From this point on, the KING management looks forward
to raise shareholder value and grow in its market niche.
King Resources is an independent exploration and production
company engaged in the acquisition, drilling and production of oil
and natural gas in the United States and overseas. KING is pleased
to have a subsidiary in the same industry, and foresees these
companies working seamlessly together.
In other news, a minor litigation matter that company two
majority shareholders were engaged in and created an overhang for
KING has now successfully finalized to a mutual satisfaction. KING
management wishes Belmont Partners all the best in their future
endeavours.
In addition to the Cressent Energy merger, the company is
confident that a second separate merger candidate is interested in
becoming a part of the KING family. The company will advise the
public as the negotiations progress.
Safe Harbor Statement
Information in this news release may contain statements about
future expectations, plans, prospects or performance of King
Resources, Inc., that constitute 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 to reflect events or
circumstances after the date on which any such statement is made or
to reflect the occurrence of unanticipated events.
Contacts: Investor Relations: 1-647-426-1640
www.minamargroup.net/helpdesk, Investor Relations Department
Inquiry www.minamargroup.com/updates King Resources Inc.:
corporate@king-resources.com
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