OAKLAND, Calif., May 23, 2016 /PRNewswire/ -- On March 16, 2016 Oro East Mining, Inc. (OROE) (the "Company") joined in a commercial venture with Hang Zhou Ci Xiao Tang Technology Co. Ltd. ("Hang Zhou Tech"), a corporation registered with the People's Republic of China to form Magnique, LLC ("Magnique"), a private California registered limited liability company.
Hang Zhou Tech and the Company entered into a Joint Venture Agreement on May 16, 2016 to memorialize the collaboration. Hang Zhou Tech would take 70% equitable interest while the Company would take 30%.
Magnique is a manufacturer and distributor of home care and beauty products that utilize minerals as part of traditional Chinese holistic health practices. The Company intends to provide the minerals for Magnique's product development while Hang Zhou Tech will oversee management and operations.
Chief Executive Officer Tian Chen said about the collaboration, "It is a new direction for Oro East, but I'm glad we are able to approach our business model with a broad vision and see all the many creative opportunities availed to us when it comes to natural minerals. Hang Zhou Tech has an incredible reputation in the East and it's an optimal time now for them to make their mark in the West through this joint collaboration with Magnique."
Disclaimer: This press release contains forward-looking statements that may involve risks and uncertainties. The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. When used in this press release, the words "plan", "target", "anticipate," "believe," "estimate," "intend" and "expect" and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, without limitation, the statements regarding Oro East's strategy, future plans for production, future expenses and costs, future liquidity and capital resources, and estimates of mineralized material. All forward-looking statements in this press release are based upon information available to Oro East on the date of the release, and Oro East assumes no obligation to update any such forward-looking statements. Forward looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. The company's actual results could differ materially from those discussed in this press release. In particular, there can be no assurance that production will continue at any specific rate. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the company's 8-K or 10-K filed with the U.S. Securities Exchange Commission.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/oroe-joins-forces-with-hang-zhou-tech-for-a-new-subsidiary-business-venture-300272719.html
SOURCE Oro East Mining, Inc.