Pasadena, CA, Aug. 11, 2015 (GLOBE NEWSWIRE) -- ABT Mining Co. (OTC Pink: ABOT, the “Company”) is pleased to announce the retirement of over $320,000 in debt. This debt was in the form of multiple notes (“Notes”), which were due in the fourth quarter of 2015. The Company's total debt balance, after this settlement has been reduced by 24.87% from the total outstanding note reported in the recent quarter ended on June 30, 2015.
Imran Firoz, ABT's Chief Financial Officer, said, "This debt reduction is in line and consistent with our goals to continue to strengthen our financial position and enhance equity returns for our shareholders. The retirement of these notes and the careful de-leveraging of the Company will allow us to move towards an optimum cost of capital."
"As a Company, we strongly believe that paying down our debt is an investment in ourselves and in our shareholders. In short, we have significantly reduced our outstanding debt by nearly 25%, the terms of which place our company and our shareholders on a truly firm footing as we move forward to achieve our immediate growth and recently announced acquisition plan," said Shahan Ohanessian, Chairman and President of ABT.
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About the Company
ABT Mining Co. Inc. doing business as ABT Holdings a diversified holding company engaged in investing, acquiring, developing, and growing various businesses that provide strategic advantages, generate attractive returns and significant free cash flow in order to maximize value of our shareholders.
Any statements made in this press release which are not historical facts contain certain forward-looking statements; as such term is defined in the Private Security Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company’s operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update information contained in any forward-looking statement. This press release shall not be deemed a general solicitation.
Contact: Imran Firoz, CFO ABT Mining Co. OTC PINK: ABOT 225 S Lake Avenue | Suite 300 | Pasadena | CA 91101 T: +1 818.302.0100 E: firstname.lastname@example.org
Source:Abot Mining Co.