BOTHELL, Wash., Jan. 23, 2013 /PRNewswire/ -- Today, Mr. Nils Ollquist, Chairman and CEO of Borneo Resource Investments Ltd. (OTCQB: BRNE), (the "Company" or "Borneo"), issued the following report to the Company's shareholders.
Below is the content of the report in its entirety.
"We have received confirmation from the U.S. Securities and Exchange Commission informing us that we have successfully completed the review process for our Form 10. We are now ready to update shareholders and other interested parties about the company's recent activities and future plans," said Mr. Ollquist.
"Borneo Resource Investments Ltd. continues to hold its thermal coal concession holdings and rights. The Company's short term and long term options with regard to the monetization of these assets and rights are continually being reviewed by management. Borneo will also continue to consider the acquisition of additional thermal coal concessions. Recently, Borneo has also begun to expand its concession acquisition activities in Indonesia to include precious metals. We are currently evaluating a number of gold concessions, specifically around the City of Manado in the North Sulawesi Province of Indonesia, one of the richest gold mining areas in the country. We anticipate that we will be able to announce specifics with regard to these concession assets over the course of the next 3 months.
The Company has been speaking with several parties to secure, on the most favorable terms, working capital and project financing for the development of existing projects and to allow us to further our acquisition, marketing and development of additional concessions. These conversations have involved extensive negotiations and we anticipate that we will begin to see the results of these efforts during the first quarter of 2013.
In response to the softening of the thermal coal market early in 2012, Borneo revised its coal trading plans for the balance of the year. Throughout this period, in anticipation of the thermal coal market's recovery, the Company maintained its relationships with trading partners and was identifying stockpiles of high quality thermal coal for future trading activities. In the later part of 2012, the market for thermal coal began to recover. The Company recently initiated new discussions with its coal trading partners to exploit trading opportunities in 2013. Borneo currently anticipates agreements with its trading partners will be reached during the first quarter of 2013. The Company anticipates revenue generation from its trading activities to begin during the second quarter of 2013.
With the successful completion of the Form 10 review process, our common stock is now traded on the OTCQB marketplace tier, a marketplace reserved for companies registered and fully reporting with the Securities and Exchange Commission. We believe that our Company will be able to increase its visibility in the capital markets, and provide enhanced transparency in the coming months.
To further our investor and public relations objectives, we recently retained the services of Proactive Capital Group, a professional investor relations firm, to assist and guide Borneo in its efforts to establish a strategic outreach and communications program targeting all current and potential Borneo stakeholders."
Mr. Ollquist concluded, "The expansion of our concession acquisition activities to include precious metals and the pending ramp up of trading activities, has not only broadened our operations but also represents a significant strategic step forward in the continued development of shareholder value. Now that this important phase of the Company's development is complete, we look forward to executing our business plan and providing our shareholders with full transparency on an ongoing basis."
About The Company
Borneo Resource Investments Ltd. is an aggregator of natural resource concession assets in Indonesia. Each concession is a contractual right to explore or develop natural resources in a specific land area. Borneo's assets currently include concessions and options for high quality thermal coal. In addition to maintaining these assets, Borneo is seeking to opportunistically acquire and market additional natural resource assets including precious metals. Borneo has no planned mining operations.
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and federal securities laws. Words such as "believe", "estimate", "will be", "will", "would", "expect", "anticipate", "plan", "project", "intend", "could", "should" or other similar words or expressions often identify forward-looking statements. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding our outlook, projections, forecasts or trend descriptions. These statements do not guarantee future performance, and we do not undertake to update our forward-looking statements.
For example, we are using forward looking statements when we discuss the indications that estimate the value and amount of our coal reserves. These forward-looking statements are based on the current expectations of the management of Borneo Resource Investments Ltd. only, and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: changes in the price of natural resources, a change in the estimate of natural resources on our concessions, an inability to extract the natural resources and changes in Indonesian law. Except as otherwise required by law, Borneo Resource Investments Ltd. undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
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Related Links: http://www.borneore.com
Investor Relations Contact:
Proactive Capital Group
SOURCE Borneo Resource Investments Ltd.