Solo International Announces Substantial Reduction in Issued Shares
MONTREAL, April 9, 2012 /PRNewswire/ -- Solo International, Inc. (OTC:SLIO "Solo International Inc" or "the Company") , a mining company with a focus on exploration for deposits of rare earth metals and rare earth elements, announced today that the principal and controlling shareholder of the Company has effected the return 100 million shares of the Company's issued shares of common stock held by the shareholder for cancellation by the Company.
The determination to return the shares to treasury was made after a review of the total issued and outstanding shares and the conclusion that the cancellation of these shares would benefit the Company and the current shareholders.
"As a result of this share cancellation, Solo International has reduced its common shares outstanding by more than twenty-five percent," said Michel Plante, the Company's President and CEO. "We are happy to have had the opportunity to undertake the cancellation of the shares and believe this action will greatly benefit our shareholders."
Following the cancellation of the shares, the Company has a total of 288,000,000 shares of Common Stock issued and outstanding.
About Solo International, Inc.
Solo International is an exploration and development mining company with a focus on deposits of rare earth metals and rare earth elements. The Company is focused on the acquisition, exploration, production, development and if, as the case may be, the operation of mining properties in strategic bulk mineable industrial metals (such as REE's, Titanium and Phosphates) sectors of eastern Canada. All of the Company's properties are currently at the exploration stage in Quebec. Visit the Company's website at www.solointernationalinc.com
This release contains forward-looking statements that reflect Solo International, Inc. plans and expectations. In this press release and related comments by Company management, words like "expect," "anticipate," "estimate," "forecast," "objective," "plan," "goal" and similar expressions are used to identify forward-looking statements, representing management's current judgment and expectations about possible future events. Management believes these forward-looking statements and the judgments upon which they are based to be reasonable, but they are not guarantees of future performance and involve numerous known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements.
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SOURCE Solo International, Inc.