IMD Companies, Inc. (ICBU) Completes Acquisition of KRSNA MINERALS, a Manganese and Iron Ore Producing Mine with Recoverable Assets of Approximately 700 Million Dollars
PR Newswire PR NewswireDecember 21, 2016
PLACERVILLE, CA, Dec. 21, 2016 /PRNewswire/ - IMD Companies, Inc. (ICBU) Board of Directors is pleased to announce that the company has completed its acquisition of KRSNA MINERALS in India which is a producing mine with over 600 acres of mining claims which are currently mining manganese and Iron ore metals. KRSNA MINERALS currently has contracts with the Chinese government to supply manganese and Iron ore to China. The recoverable asset values are in excess of 700 million dollars for the total claims owned by KRSNA MINERALS. The Current Claims mined produced revenues in excess of four million dollars in 2016 and claims being worked on are over 10 million dollars. KRSNA MINERALS plans to dramatically increase the number of claims being mined in 2017 to increase revenues exponentially for the company. KRSNA MINERALS is now a wholly owned subsidiary of ICBU and all financials of KRSNA MINERALS will be represented into ICBU financials statements.
The mining claims are rich in iron ore and manganese and are located in north-western Orissa. They contain metasediments of low to medium metamorphic grade classified as the Gangpur Group, which host manganese, limestone and Lead-Zinc deposits. In central and southern Orissa, the Proterozoics are represented by the Easternghats granulite belt comprising of khondalite, charnockite, migmatite, anorthosite and alkaline rocks accounting for the mineralisation of bauxite, manganese, graphite and gemstones.
Orissa has a lion's share of the Country's mineral reserves. The chromite, nickel, bauxite, iron ore and coal resources of the state respectively stand at a staggering 83, 92, 55, 38 and 26 percent of India's total reserves.
The completion of the acquisition of KRSNA MINERALS now means that ICBU will start the process to become a fully reporting PCOB accredit audited company and will become a QB certified company as soon as all financials and audits are completed.
"We are pleased that we have completed the acquisition of KRSNA MINERALS into ICBU. This gives the company a solid base to build shareholder value and increase the book value of the company dramatically. Our goal is now to become a QB fully Reporting company as soon as possible. We feel this acquisition of KRSNA MINERALS is just the beginning as KRSNA MINERALS is only mining on a small portion of its recoverable asset claims and we plan to expand its mining operation dramatically over the next eighteen months," stated Richard Wilson, CEO of IMD Companies Inc.
About iMD Companies, Inc.
iMD Companies, Inc., (ICBU) is a Florida corporation, engaged in the manufacturing and distribution in the hydroponics industries and asset accumulations of revenue producing companies. The company is positioned to be a holding company for acquisitions in the medical, mining and hydroponics industries. Acquisitions in those areas are R-Quest Hydroponics from Anything Technologies Media (EXMT). The company and the principals of the management team have extensive backgrounds in finance, manufacturing, marketing and distribution. ICBU's goal is to create and increase shareholder value by tactically growing our core Hydroponics business while strategically seeking to acquire new business and create other business alliances, which generate increased revenues and earnings.
Safe Harbor Statement:
Certain statements made in this press release constitute forward-looking statements that are based on management's expectations, estimates, projections and assumptions. Words such as "expects," "anticipates," "plans," "scheduled," "estimates" and variations of these words and similar expressions are intended to identify forward-looking statements. Forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results and trends may differ materially from what is forecast in forward-looking statements due to a variety of factors. All forward-looking statements speak only as of the date of this press release and the company does not undertake any obligation to update or publicly release any revisions to forward-looking statements