Today, Tri-Star Holdings released a shareholder update and address from CEO Anthony Mellone to answer the most common questions received from investors. Concerning the dividend, the Global TV Network was acquired from Tri-Star Holdings by a bulletin board company for restricted common shares in that company to be held and exchanged for Global TV Network shares upon the successful registered spin-off of Global TV Network. Because Tri-Star has not yet received the shares and the spin-off was not been completed in an acceptable time frame, management decided it would best benefit shareholders to retain the UC Hub Group shares as an asset of the company and to issue shareholders a dividend of Tri-Star Holdings shares.
Concerning the company’s plans for reporting disclosure, Tri-Star stated it is in the process of compiling records, books and materials for initial auditing and voluntary disclosure. The company anticipates completing and disclosing all material information voluntarily once a preliminary audit through the period ending December 31, 2008 is completed. Upon completion, Tri-Star will contract an independent auditor to certify their audit, positioning the company for either a move-up or increased disclosure tier on pinksheets.com, including, but not limited to the OTCQX.
In regards to progress of developments and the status of operations at the company’s mining properties, CEO Mellone stated, “Our rapid acquisition of multiple mining properties has at each acquisition, brought the company higher gross production potential. However, equipment needs, together with human resource, systems, security and basic infrastructure needs, along with geological assessments and metals content assays have all contributed to the greater need to comprehensively survey the company’s reserves and establish an order of operations to maximize revenues in stages of production. These opportune developments were unforeseen at previous stages; for example, when we announced we would begin preliminary operations at Lucky Linda, the opportunities for our new claims were arising.”
“Believe me, I am just as eager, if not more, than any of our shareholders to begin full operations across the board and start the full scale processing of our ample reserves of noble and precious metals, but we need to fully assess each property and establish an order of operations that will maximize the results of our efforts, operational revenues, and shareholder value. Our recent equipment purchase was a windfall for us and will enable cost-effective production implementation at one or more properties, potentially simultaneously if they are close together. The equipment, purchased primarily with $2,000 down and restricted 144 stock is in excellent condition and has enabled us to eliminate the need for the more expensive (especially with associated finance costs) new Superminer 150, a development that we are thrilled about,” continued Mellone.
He further stated, “Hence, while we are going forward with BLM protocol and infrastructure development at Lucky Linda, we are looking towards the Arizona properties to begin full production. Azrock Mining, Gorden Graham director of security and myself are planning further inspections at the Wickeburg mine this weekend. Once we have satisfactorily completed our sampling and testing there (on or about the middle of next week), we fully intend to begin small full scale operations at one site and generating metals revenues by the end of the month. We are proud and excited to announce these marked developments.”
The company also revealed that they are in negotiations with two more mining properties, one in Africa and another in California. These potential acquisitions would round out Tri-Star’s diversified minerals portfolio. The press release noted these acquisitions will not “cause further pause for strategic assessment as our Southwest properties have rightly done.” However, they are to strategically diversify the company’s portfolio.
In closing remarks, Mellone stated, “Rest assured, we are working diligently and as expediently as possible to make progress across all divisional operations of the company. We too are shareholders and have the long term sustainability of revenue generation and shareholder value in mind. We are in pursuit of the long term success of this company and are confident that our efforts will yield positive results for all our shareholders. While there will be delays, we are pleased to actually be ahead of our anticipated schedule while embracing the new developments and opportunities that have arisen along the way.”
Let us hear your thoughts: Tri-Star Holdings, Inc. Message Board