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EyeCity.com, Inc. ("ICTYGroup") Would Like to Update the Shareholders on the Progress of Negotiations With Its Gold Mining Merger Candidates 02/21 03:19 PM
WINTER PARK, Fla., Feb. 21, 2012 (GLOBE NEWSWIRE) -- EyeCity.com, Inc. (ICTY:$0.0012,$0.00,0.00%) announced today the following update to shareholders on the company's direction in 2012. As previously stated EyeCity.com, Inc. (ICTY:$0.0012,$0.00,0.00%) has been seeking a suitable merger candidate with a primary focus on natural resource and junior mining companies.
As previously reported ICTY is in late stage negotiations with two independent mining companies, both with significant mineral reserves. The two mining operations are geographically diverse, one located in Mexico and the other in West Africa. The two mining operations are both focused on gold. Given the strong global demand for base and precious metals many forecast that gold prices will continue to trend higher. These mining operations were targeted based upon reported resources and long term growth of assets.
Mr. Bradley R Wilson commented, "As part of the ongoing due diligence, ICTY has engaged an independent geology specialist to review the mining reports and assets on each project for ore deposits with a specific focus on gold resources.
"The planned structure with the two companies is an exchange of assets/share structure for the merger. The consensus of all parties in the negotiations is to do the exchange with a preferred series of stock in ICTY.
"The objective of the preferred series is to protect existing shareholders and avoid dilution of common stock. As previously stated in an earlier press release, the Company is bound by a non-disclosure agreement and until such time as a signed contract and compliance with all appropriate regulations is completed, we cannot expand on specifics of the negotiations. Immediately upon the signed execution of an Agreement, and compliance with all appropriate regulatory authorities transparent details of the transaction will be released for all shareholders and interested parties."
The Company cautions all shareholders that non-verifiable rumors are not credible. The only credible information is as officially presented as fact by EyeCity.com, Inc. (ICTY:$0.0012,$0.00,0.00%) management
