OIL CITY, La., Feb. 14, 2011 (GLOBE NEWSWIRE) -- Black Dragon Resource Companies, Inc. ("the Company," "Dragon") (Pink Sheets:BDGR) management is pleased to announce that they have retired 600 million shares, and put them back into the treasury. Dragon has signed an agreement to acquire another 375,000,000 shares and is working on an additional 35,000,000 shares; making one billion, 10 million shares going back into the treasury.
At the current time, management is still negotiating with other parties that could equal an additional 1.6 billion shares, which would lower the outstanding shares to under 18 billion. Management stated that they were happy with the way things were going. Their goal is to have less than 14 billion in the float, which would represent a 50% reduction in the outstanding shares of the company.
Forward-Looking Statements -- Safe Harbor:
Certain information discussed in this press release may constitute forward-looking statements within the Private Securities Litigation Reform Act of 1995 and the federal securities laws. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions at the time made, it can give no assurance that its expectations will be achieved. Readers are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements are inherently subject to unpredictable and unanticipated risks, trends and uncertainties such as the Company's inability to accurately forecast its operating results; the Company's potential inability to achieve profitability or generate positive cash flow; the availability of financing; and other risks associated with the Company's business. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
CONTACT: Black Dragon Resource Companies, Inc. 318-995-0404