IRVINE, Calif., Jan. 29, 2015 (GLOBE NEWSWIRE) -- Oraco Resources, Inc. (OTC-PK:ORAC), an international resource company announces change in leadership and directional objectives to start 2015 year, posted today the following Letter to Shareholders from its Chairman and CEO, Greg Shockey.
Dear Valued Shareholder,
It has been two months since I have taken over as the Chairman and Chief Executive Officer of Oraco Resources. Here, at the beginning of the new year, I would like to take the time to brief you on the actions I have taken thus far, as well as express to you both the short and intermediate term plans for the company.
The first strategic phase is to bring the company current with respect to financial reporting. Oraco has retained Madison Park Advisors (www.madisonparkadvisors.com). This firm specializes in bringing private companies public as well as overseeing the recovery process of companies that are delinquent in their filings. I met with them in Manhattan after having been referred to them by a trusted shareholder, and I was impressed with the depth and breadth of their abilities and offerings, and thus retained their services. They have begun the process, and expect definitive results at the beginning of February. Madison Park Advisors will help us to achieve one of our short-term goals of becoming a fully compliant Pink Sheet company; this will allow the stock to trade properly, and most importantly, provide transparency to shareholders.
Once the first phase is completed, we will obtain a two-year audit by a PCAOB firm, and become a fully reporting public company compliant with the SEC 34 Act. This will put the company's status back to where it was before 2012. We will simultaneously file an S1 registration statement to raise sufficient working capital. The company has retained Szaferman, Lankind, Blumstein & Blader as corporate counsel. Greg Jaclin, formerly a partner at Anslow, Jaclin, will be our main point of contact there; he is a frequent conference guest speaker pertaining to all legal aspects of being public, and he has been a part of hundreds of successfully filed registration statements.
I have been busy on the development front as well. Currently, I am in negotiations with a few companies as potential merger candidates; all have revenue and earnings. I will go into more detail as we complete merger agreements and move them into more definitive stages. I am also in direct discussions with a potential partner in Africa to mine the company's assets in Sierra Leone. This arrangement is unique in that it will allow for a qualified partner in the region to expand on the geological studies and begin mining, while both parties share in the revenue. I hope to have this announced in the near future.
Lastly, I am in the process of putting together a five member Board of Directors, which I hope to have completed by mid-February. All corporate records are being organized, and our new corporate address will be moved to the West Coast. This should help put our corporate house in order.
As stated, these are just some of our near term goals, and I thought it was important to brief you. I feel excited at the prospects for Oraco, but the daunting task of a complete overhaul of the company is not a challenge to be taken lightly. This is a crucial time for our company, and I aim to provide leadership, complete the company's recovery and begin to create real shareholder value. I will be issuing another shareholder update in early March, and it will likely give guidance into the 4th quarter.
All the best,
Chief Executive Officer
About Oraco Resources:
The Company is in the mineral and natural resource exploration and trading business. The Company has had small alluvial mining operations but has mainly been focused on the exploration of its properties since its formation.
Safe Harbor Statement:
Oraco cautions that statements made in press releases constitute forward-looking statements, and makes no guarantees of future performances and actual results/developments may differ materially from projections in forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the time statements are made.
CONTACT: Greg Shockey Oraco Resources Inc. 100 Spectrum Center Drive Suite 900 #9-205 Irvine, Ca. 92618 (949) 334-3913Source:Oraco Resources Inc.