AUSTIN, Texas, April 25, 2016 /PRNewswire/ --
Preston Corp (OTCPK: PSNP) ("Preston Corporation" "PSNP" or the "Company") today is pleased to announce that it has executed a business arrangement and agreement with Western Mine Development LLC ('Western") of Reno NV. Western has a large portfolio of gold production properties and projects focused in the Western United States. Western will, under the terms of the agreement, bring the Company a selection of viable candidates which meet the Company's mandate for royalty investments. These projects are gold companies requiring funding and capital in exchange for long term royalty contracts on producing or near term producing projects.
Western will act as an exclusive agent for facilitating the locating, acquisition and development of gold production assets and royalties, to Preston. Western has presented to Preston a candidate for investment on a royalty basis. The project is gold placer project in California with an existing permit for production. The Company expects to have tangible news out to the public in approximately 10 days.
The Company believes the project has the potential to deliver under the royalty agreement a 50% return on investment per annum.
About Preston Corp (OTCPK: PSNP)
Preston Royalty's mission is to develop the Company into a leading financial service provider, specializing in royalty financing for mining operations with the intent to realize large, continuous profits from ongoing economic interest in the production and future production of mining properties. Preston Royalty is gold focused but will create a diversified portfolio of royalties and streams wherever the value can be found regardless of commodity, geography, revenue type or stage of project. Preston Royalty is not an operator and therefore has none of the associated risks or capital requirements of mine operation.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, scope and type of consulting services provided by PSNP, use of proceeds, future acquisitions, success of projects, growth and strategic plans. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with petroleum exploration and development stage exploration companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
ON BEHALF OF THE BOARD
- - - - - - - - - - - - - - - - - -
To find out more about Preston Corporation (OTCPK: PSNP), visit our website at http://www.prestonroyalty.com
SOURCE Preston Corp