CWRN: C.E.O. Explains Board of Directors Realignment of Share Structure
30 Juillet 2009 - 2:30PM
Marketwired
Cotton & Western Mining, Inc. (PINKSHEETS: CWRN) -- Robert L.
Cotton Jr., President, C.E.O. and B.O.D. Chairman, announced today
that two of the company's affiliate shareholders have returned
2,995,000,000 restricted shares for cancellation. Mr. Cotton
stated, "We have been inundated with e-mails and phone calls by our
shareholders who have been concerned and somewhat confused by the
large outstanding share count of the company. Many of our
shareholders have asked if the company has any plans for a reverse
split, there is not and should not be any reverse splits in the
future as the company will begin a stock buy-back program once
production starts on the Baja Pacific Iron Ore Mining Project. I
will try my best to explain how and why we issued those shares to
begin with.
"In the fall of 2008 we had executed a first stage agreement (a
memorandum of understanding) with a Chinese investment group to
join with us in the development of our Baja Pacific Iron Ore Mining
Project; it was decided by all parties to wait until after the
Olympics to sign the final terms and conditions contract. During
this period of time, the Chinese Government had closed many steel
mills to reduce air pollution in northern China, millions of tons
of raw crude iron ore accumulated on the docksides reducing demand
for the materials; together with the slow down in the steel
industry our potential partners decided to withdraw their
offer.
"As a part of the offer to finance the Baja Pacific Mining
Project, the Chinese group would receive a large block of CWRN
restricted shares; however, our board of directors was concerned
about losing the voting control of our common shares and by
unanimous consent voted in favor of the insiders and affiliates to
keep in place at all times a three to one common shares voting
majority; thus, the company's outstanding share count increased to
cover both the SEC ten percent rules for issuing new shares and
position the company's founders to maintain control of the
company.
"Effective as of July 30, 2009 the following share structure of
CWRN." As stated by Mr. Cotton:
Authorized Common Shares : 6,000,000,000
Issued and Outstanding Shares : 2,308,601,980
Issued and Restricted Shares : 2,009,297,818
Issued and Free Trading Shares : 299,304,162
Issued and Free Trading Shares Held in Electronic Trade
Accounts: 173,763,364 as per the latest Depository Trust
Corporation (DTC) Report.
Issued and Free Trading Shares not Controlled by Insiders
or Friendly Shareholders, approximately: 55,000,000
About Cotton & Western Mining, Inc.
Cotton & Western Mining, Inc. (PINKSHEETS: CWRN) was founded
in early 2005 as a Nevada Corporation by Robert L. Cotton, with a
specific plan and goal in mind; that being, to operate a low cost
and high profit junior "Iron Mineral Mining" company. Cotton &
Western Mining's mission is to offer reliable, high-quality and
cost effective raw materials to the steel manufacturing industry on
a global scale. For more information, please visit the company's
website at www.cottonwestern.com.
Safe Harbor: Statements regarding financial matters in this
press release other than historical facts are "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933, Section 21E of the Securities Exchange Act of 1934, and as
that term is defined in the Private Securities Litigation Reform
Act of 1995. The Company intends that such statements about the
Company's future expectations, including future revenues and
earnings, technology efficacy and all other forward-looking
statements be subject to the Safe Harbors created thereby. The
Company is a development stage firm that continues to be dependent
upon outside capital to sustain its existence. Since these
statements (future operational results and sales) involve risks and
uncertainties and are subject to change at any time, the Company's
actual results may differ materially from expected results.
Contact: e-media Direct, Inc. Investor Relations (866)284-2835
info@e-mediadirect.com
Cotton and Western Mining (GM) (USOTC:CWRN)
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