MANILA, Philippines--(BUSINESS WIRE)--Pearl Asian Mining Industries, Inc.., with stock symbols: U.S.A. (OTC: PAIM) (OTC: PAIMP); Germany (GER:
R1Z) and (FWB: R1Z), announces that PAIM Preferred Shares commenced trading in OTCBB today under the stock symbol "PAIMP". Ms. Pearl, PAIM Chairman & Founder, states, "The long anticipated start of trading in the OTCBB of PAIM preferred shares under its own stock symbol 'PAIMP' is another solid proof that the company stands by its commitment to enhance shareholder value. It is a reality in business that some delays are encountered due to unforeseen circumstances and risks, but PAIM management has instituted systems and procedures in place to minimize these risks and to increase the chances of success in all its projects.
"
With PAIMP preferred shares now trading, shareholders are given more choices to decide on how to manage their shareholdings, i.e. they may trade PAIMP stocks over the counter, convert PAIMP preferred shares to PAIM common shares, or to hold on to their PAIMP stocks as a long-term investment. PAIMP preferred shares are still convertible to PAIM common shares, based on the following conversion rates:
Period Conversion Rate
------ ---------------
Up to March 30, 2007 10,000 preferred for each common share
March 31, 2007-March 30, 2008 5,000 preferred for each common share
March 31, 2008-March 30, 2009 2,500 preferred for each common share
March 31, 2009-March 30, 2010 1,250 preferred for each common share
March 31, 2010-March 30, 2011 625 preferred for each common share
March 31, 2011 and after 500 preferred for each common share
"With this development, we hope to encourage PAIMP shareholders to hold on to their shares instead of immediately selling or converting these to common shares, but the final decision rests with the shareholders. The same holds true for PAIM Convertible Debentures (CDs), as we continue to work for this security to start trading in the OTC Yellow Sheets soon,
" added Ms. Pearl.
Meanwhile, renovation work on the newly acquired Pearl Asian Chemical & Metallurgical Geosciences Laboratory in Cagayan de Oro City is in full swing. Brother Manolo Tecson, Pearl Asian President for Mindanao Operations & CRO, states,
"The decision to acquire a new building was made as this new property is more ideally situated in an industrial area and much nearer to the Binasan mine site. Aside from the laboratory, the new property will also house Pearl Asian
's new main office on Mindanao Island and a bank for miners that is currently being set up, the 'Bae Rural Bank,' and solidly backed by the company's gold, silver and other precious metals only. We expect completion of renovation works by end-March 2007, and start of the laboratory
's operation immediately thereafter."
Finally, PAIM still awaits from NASDAQ the X date for the stock dividend issuance of 1 PGMC/Phil Oil common share for every 100 PAIM common shares held as of record date of Feb. 26, 2007. "We are hopeful that NASDAQ will give us the date for the stock dividend in the next few days. Once we do have the X date, we shall commence sending out the stock dividends to eligible shareholders. This will be automatic
� the more than 5,000 eligible PAIM shareholders do not have to do anything, we will just mail the stock certificates to them," stated Gary Gotanco, VP-Bus. Dev. and Investor Relations Officer.
FORWARD-LOOKING STATEMENTS
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements in this release include statements regarding the Company's projections regarding gold production in future periods. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties such as: risks relating to estimates of reserves, mineral deposits and production costs; mining and development risks; the risk of commodity price fluctuations; political and regulatory risks; risks of obtaining required operating permits and other risks and uncertainties. Penny Stocks are very highly speculative and may be unsuitable for all but very aggressive investors. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.