SAN DIEGO, Sept. 10, 2013 /PRNewswire/ -- Earth Dragon Resources, Inc. (OTC: EARH) today announced that it has signed a Letter of Intent to acquire a privately-held company in the telecommunications industry. This company is licensed to establish and operate communication infrastructure services, digital microwave and fiber optical long-distance transmission networks, broadband wireless last-mile access networks, switched and non-switched data communication services, Internet and related services and satellite earth station for international data communications and global internet access. Year to date gross revenues were approximately $1,100,000 and operating cash flow positive YTD. This acquisition is to be made by exchanging shares of EARH common stock and will become a wholly-owned subsidiary.
Pursuant to the Letter of Intent, the parties will immediately commence due diligence and expect to complete negotiations and sign a definitive Share Purchase Agreement by the end of September, 2013.
CEO of Earth Dragon Resources, Inc., Mike Johnson states, "This acquisition will not deter us from pursuing the salvage operation. Management has found this unique acquisition will give the Company revenues and a great upside for growth as we continue on with the salvage division. In today's environment, being diversified and building a cash flow positive company is very important. This company puts us in a great position to achieve this goal."
Mr. Johnson commented further, "The management team of this company understands the importance and value of getting Earth Dragon Resources current in financial reporting requirements and agree to make it a top priority."
About Earth Dragon Resources, Inc.:
Earth Dragon Resources, Inc. identifies opportunities globally in the recovery of precious metals on both land and sea. Earth Dragon Resources, Inc. primary focus is to identify, perform due diligence, structure and fund opportunities that have potential to enhance shareholder value. Earth Dragon Resources, Inc. wholly owned subsidiary, Project X, Inc., is the marine salvage division.
Forward-looking Statements: Statements about our future expectations are "forward-looking statements", which are not guarantees of future performance. When used herein, the words "may," "will," "should," "anticipate," "believe," "appear," "intend," "plan," "expect," "estimate," "approximate," "potential" and similar expressions are intended to identify such forward-looking statements. These statements involve risks and uncertainties inherent in our business, including those set forth in our filings with the Securities and Exchange Commission (SEC), and are subject to change at any time. Our actual results could differ materially from these forward-looking statements. We undertake no obligation to update publicly any forward-looking statement.
J. Michael Johnson
President and CEO
Earth Dragon Resources, Inc.
402 West Broadway
San Diego, CA 92101
SOURCE Earth Dragon Resources, Inc.