TORONTO, Sept. 9, 2010 (GLOBE NEWSWIRE) -- Dr. Nataliya Hearn, CEO of American Rare Earths & Materials, Corp. (OTCBB:AREM) (the "Company"), congratulated U.S. Sen. Lisa Murkowski, R-Alaska and U.S. Rep. Mike Coffman, R-Colorado on their efforts to address the strategic risk to the United States military and to American industry given a lack of domestic production of rare earth elements.
S.3521: Rare Earths Supply Technology and Resources Transformation Act of 2010 recently introduced to the Senate by Sen. Murkowski identified "many modern defense technologies such as radar and sonar systems, precision-guided weapons, cruise missiles, and lasers cannot be built, as designed and specified, without the use of rare earths."
The legislation is a companion to legislation (H.R. 4866) introduced by US. Rep. Coffman. H.R. 4866 would require the defense secretary and other federal officials to revive America's Rare Earth minerals industry and supplies while also calling for the creation of the nations' first stockpile of these critical industrial materials.
"As the one company committed to becoming North America's best and most reliable source for Rare Earth metals, I applaud Sen. Murkowski and Rep. Coffman in their efforts to ensure that America not be held hostage to any foreign resource when it involves a resource so essential to the U.S. military and U.S. success in industries like aerospace, transportation and shipping."
Both pieces of legislation find that China now controls nearly 100 percent of the global supply and production of Rare Earths which are used to make crucial components in a list of American weapon systems including jet engine turbines, unmanned planes, electric motors, radars, night-vision goggles, missiles and high-tech electronic weaponry systems.
Dr. Hearn also pointed out that H.R. 4866, which states Washington "should take measures to reintroduce a globally competitive domestic strategic materials industry that is self-sufficient in the United States domestic market with multiple resources of mining, alloying and manufacturing," is in alignment with the corporate strategy of American Rare Earths & Materials.
"We will soon be announcing a series of strategic Rare Earth metals partnerships in North America that will help the U.S. get closer to achieving its goal of self-reliance in this critical mineral category. We look forward to the passage of this legislation regardless of the results of the Senate elections in November," concluded Dr. Hearn.
About Us
American Rare Earths & Materials (OTCBB:AREM) is a leader in commercializing Rare Earth metals and quickly delivering revolutionary new products to consumer and industrial markets. The company is focused on low-risk, high-return, high-demand industries that use Rare Earth metals including aerospace, alternative energy, automotive, power transmission, shipbuilding, and transportation as well as selected consumer markets (sporting goods equipment). The company also develops advanced chemicals and materials. American Rare Earths & Materials is committed to becoming American's best and most reliable source for Rare Earth metals and advanced chemicals and materials and to fully leverage the global mega-trends in these categories. For more information, visit www.americanrare.com.
Forward-Looking Statements
Statements in this press release, other than statements of historical information, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from those projected or suggested due to certain risks and uncertainties, some of which are described below. Such forward-looking statements include comments regarding the future growth of the Company, expansion into the rare Earths and metals market, and our ability to successfully develop, commercialize and distribute such products. There can be no assurance that future developments affecting the Company will be those anticipated by management. We undertake no obligation to publicly release revisions to these forward-looking statements to reflect future events or circumstances or reflect the occurrence of unanticipated events.
Additional information concerning certain risks and uncertainties that could cause actual results to differ materially from that projected or suggested is contained in the Company's filings with the Securities and Exchange Commission (SEC) over the past 12 months, copies of which are available from the SEC or may be obtained upon request from the Company.
CONTACT: Humanity Worldwide Investor Relations: Lou Albert Rodriguez (914) 479-9060 lou.albert@humanityworldwide.com www.humanityworldwide.com American Rare Earths & Materials (Element 21 Sports Company) 1-888-365-2121 ext 106 sales@e21golf.com Media / Marketing: Nigel DaCosta 1-416-362-2121 ext. 104 Nigel.Dacosta@e21sports.com http://www.e21Sports.com