Solo International, Inc. Receives Notice of DTC Eligibility and Provides Update on Status of 43-101 Report
MONTREAL, May 9, 2013 /PRNewswire/ -- Solo International, Inc. (OTC: SLIO)("Solo International" or "the Company"), an exploration and development mining company with a focus on deposits of rare earth metals and rare earth elements has received notification from its transfer agent that the Company is now DTC eligible.
DTCC is a member of the U.S. Federal Reserve System. It is a limited trust company under New York State Banking law and a registered clearing agency with the SEC. The purpose of DTCC is to reduce costs associated with securities processing by financial intermediaries serving the public. They accomplish this by retaining custody of securities and converting them to electronic files. The depository also provides the services necessary for the maintenance of the securities it has in custody. If an issuer is not DTC eligible then its shares cannot be transferred between brokerage accounts electronically, which basically means its shares will not be traded easily. Higher Exchanges such as NYSE and AMEX require DTC eligibility. Once DTC approves the application they will hold all of the issuer's free-trading (street name) shares on deposit. These shares will become the company's "float".
The Company has confirmed it is now DTC eligible which will make the trading of the Company shares electronically transferable between brokerage firms.
The Company's consulting geologist is in the final process of completing the NI 43-101 report that has been commissioned by the Company. A property visit was undertaken on April 18, 2013 in order to gather data to finalize the report and the Company expects to post a copy of the NI43-101 on its website no later than May 31, 2013.
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 (REEs). The Company is focused on the acquisition, exploration, production, development and potentially, the operation of mining properties in strategic bulk mineable industrial metals (such as REEs, Titanium and Phosphates) sectors of eastern Canada. All of the Company's properties are currently at the exploration stage in Quebec. For further information please visit the Company's website at www.solointernationalinc.com.
This release contains forward-looking statements that reflect Solo International, Inc.'s 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.
SOURCE Solo International, Inc.