OAKLAND, Calif., Nov. 17, 2015 /PRNewswire/ -- Oro East Mining, Inc. (OROE) (the "Company") is pleased to announce the launch of a wholly owned subsidiary, Golden Steps, LLC, with Tian Q. Chen, the Chief Executive Officer of the Company serving as the managing member for the new business venture ("the LLC").
The LLC has entered into collaborations with Shenzhen Citic International Travel Co. Ltd. ("Shenzhen CITC"), a Chinese limited liability company, a business specializing in international sightseeing tours for Chinese nationals, to set up a tourist attraction along Route 49 in California, including Company held mine sites, to offer tourists a view of the history and legacy of California gold mining ("49er Historical Gold Rush Tour"). The 49er Historical Gold Rush Tour will stop at Company held mine sites as members of the Company provide historic information about the Chinese American experience during the California Gold Rush in the 1800s.
The LLC and Shenzhen CITC entered into a Profit Sharing Agreement on November 9, 2015 to memorialize the collaboration. The LLC will have secured rights from the Company to enter certain secured areas of the Company's mine sites. At this time the projected aim is to develop certain unused areas of the sites that can be used to house tourists, build recreation centers, or cultural museums in furtherance of the 49er Historical Gold Rush Tour collaboration.
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.
SOURCE Oro East Mining, Inc.