May 15 2015
Pershing Resources Company announced that it has acquired Simple Recovery Inc., a private company, in exchange for shares of the Company's stock. The transaction has been approved by the board and takes effect as of today.
Assets of Simple Recovery being acquired by Pershing Resources include heavy equipment, mill equipment and, two precious metals mining properties located near Kingman, Arizona. Information about these properties as well the Marco Project will be published on the Company's website shortly.
Pershing Resources' CEO Steve Plumb said, "This is a significant tactical and strategic gain for us. The opportunity came along at the right time and, will be immediately accretive for the Company. We have acquired both equipment and man power sufficient to operate with independence and flexibility and avoid costs that had been holding us down. The two additional properties we now hold, are valuable, accessible, and documented to have a number of rich target areas already identified. We now have capability and capacity within the Company to accomplish our objectives for Stage 2 of our production initiative on the Marco Project as well."
Bill Earnshaw, President of Simple Recovery, stated, "We have been working with Pershing Resources since 2014 and have found their management style and priorities to be akin to our own. We saw an opportunity to combine and advance together with greater capitalization and operational capability. Given our progress over the last year, we are confident that the pace of development of all our projects can be accelerated."
Mr. Plumb added, "Shareholders should be very encouraged by this acquisition as it gives the Company a stronger balance sheet in the form of probable reserves and a possible revenue stream in the near term. As always, the Company appreciates the feedback we have received from shareholders and we welcome your comments and suggestions on all aspects of our operations."
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