SAN DIEGO, March 11, 2013 (GLOBE NEWSWIRE) -- Earth Dragon Resources, Inc. (OTC:EARH) today announced the Company has cancelled 10,000,000 shares of common stock and returned it to treasury.
The shares were originally issued to the Company's former Joint Venture Partner, Deep Marine Salvage ("DMS"), under a Share Pledge Agreement as security for performance under the Joint Venture Agreement. The recently announced Termination Agreement included a provision allowing the cancellation of these common shares. The number of issued outstanding shares of the Company's common stock after such cancellation is now 13,001,143.
CEO of Earth Dragon Resources, Inc., Mike Johnson, states, "The cancellation of these shares, combined with new wrecks that are in the final contract stage, keep the Company moving forward as planned. Management is excited to be moving forward with a new project while maintaining a good capital structure, while maintaining up to a $5,000,000 interest in our prior project of 3 WW1 wrecks ."
Mr. Johnson commented further: "The Company is making progress on its two (2) Form 10-Q Quarterly Reports statements as management's goal is to have the Company to fully reporting status in 2013."
About Earth Dragon Resources, Inc.: Earth Dragon Resources, Inc. identifies opportunities globally in the recovery of precious metals on both land and sea. Earth Dragon Resources, Inc.'s primary focus is to identify, perform due diligence, structure and fund opportunities that have the potential to enhance shareholder value. Earth Dragon Resources, Inc.'s wholly owned subsidiary, Project X, Inc., is the marine salvage division. Project X, Inc. maintains a $5,000,000 upside from our former Joint Venture of recovering 3 WW1 wrecks that research shows contain gold and other precious metals.
Forward-looking Statements: Statements about our future expectations are "forward-looking statements," which are not guarantees of future performance. When used herein, the words "may," "will," "should," "anticipate," "believe," "appear," "intend," "plan," "expect," "estimate," "approximate," "potential" and similar expressions are intended to identify such forward-looking statements. These statements involve risks and uncertainties inherent in our business, including those set forth in our filings with the Securities and Exchange Commission (SEC), and are subject to change at any time. Our actual results could differ materially from these forward-looking statements. We undertake no obligation to update publicly any forward-looking statement.
CONTACT: J. Michael Johnson President and CEO Office: 619-321-6882 Direct: 808-269-5549 Email: firstname.lastname@example.org Corporate Address: Earth Dragon Resources, Inc. 402 West Broadway Suite 400 San Diego, CA 92101Source:Earth Dragon Resources, Inc.