Paradigm Resource Closes Investment in Provider of Breakthrough Technology for the Extraction & Recovery of Latent Precious Metals from Complex Ores
SAN FRANCISCO, Aug. 20, 2013 /PRNewswire/ -- Paradigm Resource Management Corporation ("Paradigm Resource" or the "Company"; OTCBB: PRDC) today announced that it has completed the previously announced strategic investment in TOSS Plasma Technologies Limited ("TPT") by way of issuing new shares of the Company.
Founded in 2003, TPT has developed a breakthrough technology and processing system, using ultra-temperature (between 8,000 degrees Celsius to 12,000 degrees Celsius) radio frequency plasma torch, to extract latent precious metals from certain types of complex ores. TPT is headquartered in Tokyo with a pilot plant and research center based in Yamagata prefecture in Japan. TPT's target market is a traditional industry with an abundance of complex ores containing "latent" precious metals that have not been exploited due to technical limitation of available minerals processing technologies. The RF Plasma technology provides the technical breakthrough that has been validated by the phenomenal post-processing assay results on recovered precious metals from select complex ores.
TRANSACTION TERMS
The transaction was carried out by way of a Stock Purchase and Exchange Agreement between AMSA Development Technology Co. Ltd. dated July 24, 2013 (the "Agreement"), whereby the Company will issue 80,700,000 common shares in exchange for 804,600 shares, or 30%, of the outstanding common stock of TPT. The implementation of this transaction shall be subject to approval by at least 66 2/3% of the votes cast at a special meeting of Paradigm Resource shareholders. Pursuant to the terms of the Agreement, the transaction is also subject to applicable regulatory approvals and the satisfaction of certain conditions customary in transactions of this nature. The Agreement also provides for, among other things, appointment of Mr. Takanori Ted Ozaki (currently TPT Founder and President) as the Company's new Chief Executive Officer, non-solicitation covenants as well as the Company's option to repurchase up to 44,833,333 shares from TPT either in the form of cash or common shares.
NEW MANAGEMENT
In connection with the Agreement, Paradigm Resource has appointed a new Chief Executive Officer and a new VP of Business Development, whom were approved at a special meeting of Paradigm Resource shareholders held on July 31, 2013:
Takanori "Ted" Ozaki, Chief Executive Officer
Takanori Ted Ozaki is appointed as the new Chief Executive Officer of Paradigm Resource. In 2003, Mr. Ozaki founded TOSS RF Plasma Corporation (currently Toss Plasma Technology Co. Ltd.) and has since dedicated his career in the development and commercialization of a proprietary technology and processing system, using radio frequency plasma techniques, to extract precious metals from certain types of complex ores. Prior to founding TPT, Mr. Ozaki held various management positions with multinational companies in the metals and mining industry, including as Executive Vice President of Sumitomo Metals Corporation (California). Mr. Ozaki received his B.S. of Politics and Economic Science from Waseda University (Tokyo).
Tony Heo, VP of Business Development
Tony Heo is appointed as the new VP of Business Development of Paradigm Resource. Mr. Heo has extensive US and international experience in the incubation, startup, and growth of high technology companies encompassing computers, data communication networks, environmental waste management, and consulting engineering. He also has extensive marketing knowledge and business development experience in the Greater China region (Hong Kong, mainland China, and Taiwan). Mr. Heo is currently a director of AMSA Technology Development Co. Ltd. (parent company of TPT) and has been dedicated to TPT's business development activities since 2011. Mr. Heo holds a B.S. in Engineering Science (Mathematics) from the University of California, Berkeley.
NEW HEADQUARTER
In the interest of aligning the Company's presence with its strategic focus in the Pacific Rim, Paradigm Resource is relocating its headquarter office to the following address in U.S. West Coast: 1900 South Norfolk Street #350, San Mateo, California 94403 U.S.A, Tel: +1 (650) 577-5933, www.paradigm-resource.com.
"Mr. Ozaki has an impressive track record holding executive positions with many international companies and has in-depth knowledge and experience in the mining sector. We are confident that with his leadership we can take Paradigm Resource to a whole new level," says Robert M. Price who is relieved from his current position as Chief Executive Officer/Interim Chief Financial Officer and will remain solely as an executive director. "With the addition of Mr. Ozaki and his TPT team, we are committed to the successful development of TPT's cutting-edge technology throughout the global mining industry."
According to Mr. Ozaki, "Since the previous announcement of our strategic investment in TPT, we have received an increasing number of inquiries regarding our technology and are truly excited to continue discussions with potential business partners and investors who will be instrumental in creating a paradigm shift in the industry."
The board of directors of Paradigm Resource after consultation with its financial and legal advisors, has unanimously determined that the proposed transaction is in the best interests of the Company and is fair to Paradigm Resource' shareholders and will recommend that the Company's shareholders vote in favor of the transaction. Copies of the Agreement and certain related documents will be filed with the U.S. Securities and Exchange Commission (the "SEC") and will be available on the SEC's website at www.sec.gov.
About Paradigm Resource Management Corporation
Paradigm Resource Management Corporation (OTCBB: PRDC), is a publicly traded U.S. mining and natural resource management company headquartered in Rockville, Maryland. The Company is currently pursuing opportunities for acquisition targets in mining and natural resources with a focus on new technology and applied materials. Paradigm Resource's commitment to asset growth and increased shareholder value will be sustained by the development of highly prospective projects and acquisition of viable resources.
Forward-Looking Statements: Except for statements of historical fact, this news release contains certain "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995, including, without limitation expectations, beliefs, plans and objectives regarding the development, use and marketability of products. Such forward-looking statements are based on present circumstances and on Paradigm Resource Management Corporation predictions with respect to events that have not occurred, that may not occur, or that may occur with different consequences and timing than those now assumed or anticipated. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, and are not guarantees of future performance or results and involve risks and uncertainties that could cause actual events or results to differ materially from the events or results expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, changes in metal prices, the ability to successfully fund any exploration activities, consumer and business consumption habits, the ability to fund operations and other factors over which Paradigm Resource Management Corporation has little or no control. Such forward-looking statements are made only as of the date of this release, and Paradigm Resource Management Corporation assumes no obligation to update forward-looking statements to reflect subsequent events or circumstances. Readers should not place undue reliance on these forward-looking statements. Risks, uncertainties and other factors are discussed in Paradigm Resource Management Corporation Form 10-K for its fiscal year ended December 31, and other documents filed from time to time by Paradigm Resource Management Corporation with the Securities and Exchange Commission.
CONTACT:
Tony Heo
VP of Business Development
+1-650-577-5933
Robert M. Price
Director
+1-202-536-5191
SOURCE Paradigm Resource Management Corporation
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