Earth Dragon Resources, Inc. Announces Closing of X-Fire, Inc. Acquisition
SAN DIEGO, Sept. 24, 2013 /PRNewswire/ -- Earth Dragon Resources, Inc. (OTC: EARH) today announced that it has completed the acquisition of X-Fire, Inc., a privately-held company in the telecommunications industry. This company is licensed to establish and operate communication infrastructure services, digital microwave and fiber optical long-distance transmission networks, broadband wireless last-mile access networks, switched and non-switched data communication services, Internet and related services and satellite earth station for international data communications and global internet access. Year to date gross revenues were approximately $1,100,000 and operating cash flow positive YTD. This acquisition was made by exchanging 12,000,000 shares of EARH common stock. X-Fire, Inc. is now a wholly-owned subsidiary.
Mike Johnson, CEO of Earth Dragon Resources, Inc., states, "We are very excited to complete this acquisition. We will work with X-Fire, Inc.'s skilled management team to support the growing business. The telecom space brings great opportunities in a very fast growing industry. We are also moving forward with our marine salvage division and will provide shareholder updates in the near future."
Earth Dragon Resources, Inc. further announces that is has hired a controller. She will be working to consolidate operations from X-Fire's domestic offices in Michigan and Florida, as well as international co-locations in Antigua and Jamaica. She will also be assisting management to consolidate revenues, expenses and cash flow, as the Company anticipates increased revenues in 2014.
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. primary focus is to identify, perform due diligence, structure and fund opportunities that have potential to enhance shareholder value. Earth Dragon Resources, Inc. wholly owned subsidiary, Project X, Inc., is the marine salvage division.
The press release may include certain statements that are not descriptions of historical facts but are forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements may include the description of our plans and objectives for future operations, assumptions underlying such plans and objectives, and other forward-looking terminology such as "may," "expects," "believes," "anticipates," "intends," "projects," or similar terms, variations of such terms or the negative of such terms. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. Such information is based upon various assumptions made by, and expectations of, our management that were reasonable when made but may prove to be incorrect. All of such assumptions are inherently subject to significant economic and competitive uncertainties and contingencies beyond our control and upon assumptions with respect to the future business decisions which are subject to change. Accordingly, there can be no assurance that actual results will meet expectation and actual results may vary (perhaps materially) from certain of the results anticipated herein.
J. Michael Johnson
President and CEO
Earth Dragon Resources, Inc.
402 West Broadway
San Diego, CA 92101
SOURCE Earth Dragon Resources, Inc.