BOCA RATON, Fla., Feb. 24, 2011 /PRNewswire/ -- PMX Gold, LLC ("PMX Gold"), a wholly-owned subsidiary of PMX Communities, Inc. (OTC Bulletin Board: PMXO) (the "Company" or "PMXO"), confirmed today that they have completed Phase 1 test marketing of the first US operated Gold Bullion Vending Machine at the Town Center Mall in Boca Raton, FL. Nearly 650 Gold transactions have been made to date, in sizes ranging from 2 gram, 5 gram, 10 gram and 1 ounce gold bullion bars, and .5 ounce and 1 ounce American Eagle Gold Coins. Approximately 30% of these items were investment class (10 grams to 1 ounce). Detailed sales figures will be released upon completion of the Company's annual audit and Form 10 –K filing with the SEC.
"Given the fact that the machine has only been operational in a 'cash only' mode, together with a number of other significant technology and operational challenges we faced, we are pleased with the results," said Michael Hiler, the Company's President and CEO. "Offering instant access to .999 Pure Credit Suisse Gold Bullion Bars and U.S. minted American Eagle Gold Coins through gold vending machines is an important first step towards fulfilling our business plan. However, our perspective and goal concerning these tests is more of a macro view as to positive acceptance of access to unmanned gold bullion terminals by the public rather than simply to determine the feasibility of selling gold bullion from a vending machine."
Gold Bullion's Acceptance as Collateral by Financial Institutions and Emergence as a Parallel Currency
Earlier this week JP Morgan announced that they will accept physical gold bullion as collateral and allow institutional firms and banks to borrow money against gold deposits. It is interesting to note, however that they will not accept ETF trust gold as collateral, thus clarifying the significance of physical gold holdings. This announcement follows CME Clearing Group's decision to accept gold as collateral for trades on the exchange, and that Gold Bullion can be used for margins for CME trades ranging from crude oil, gold, grains, equity indexes and Treasury bonds.
Nationwide Expansion Plans: The PMX Gold Bullion Financial Management Account
"While we intend to have simple gold bullion vending as part of our business plan, PMXO is in the process of developing the infrastructure, technology and relationships for an exclusive PMX Gold Bullion Financial Management Account," continued Hiler. "We intend to capitalize on the potential emergence of gold as a parallel currency and offer our retail customers the ability to conduct Gold Bullion based transactions through this account via unmanned terminals combining both gold vending machine and conventional ATM technology. We are reviewing the acquisition of certain intellectual property rights and intend to release initial details of our nationwide expansion plans over the next few weeks."
About PMXO and PMX Gold
PMX Communities, Inc. (PMXO) is a development stage company with diverse interests focused on certain performance based sectors of the economy. PMX Gold is committed to developing retail Gold Bullion sales channels that provide investors access to retail ownership of Gold Bullion with customer satisfaction assured by a fully reporting U.S. public company. Our commitment also extends to developing a planned exclusive PMX Gold Bullion Financial Management Account.
Further information about the Company can be obtained at our website, http://www.pmxgold.com which provides a link to the Company's public filings with the SEC located at www.sec.gov . Certain Company information is also available through Standard and Poor's.
Certain statements made by the Company and its management on its behalf in this release and other periodic, oral and written statements, regarding the Company operating performance, events or developments that the Company believes or expects to occur in the future, including those that discuss anticipated financial results, strategies, goals, outlook or other non-historical matters, or which relate to future sales, earnings, expectations, growth of the Company or of the market for its products and services, or general belief in the Company's expectations of future operating results are "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All such forward-looking statements are subject to risks and uncertainties, including but not limited to product demand, market and customer acceptance, competition, pricing, working capital considerations, and as otherwise discussed in the Company' s SEC filings. Such forward-looking statements are subject to change at any time, and the Company's actual results may differ materially from anticipated results. The Company undertakes no obligation to update or revise any of such statements to reflect subsequent events or circumstances.
SOURCE PMX Gold, LLC