USCorp's Subsidiary Changes Name
LAS VEGAS--(BUSINESS WIRE)-- USCorp (OTCMarkets: USCS.PK) today announced the change of the name of USCorp's wholly owned subsidiary Southwest Resource Development, Inc., to Imperial Metals, Inc., and the increase in the authorized shares of Imperial Metals from 100,000,000 to 200,000,000 shares and the increase of the authorized shares of USMetals, Inc., from 75,000,000 to 200,000,000.
Robert Dultz, USCorp Chairman and CEO said, "We are pleased to make these announcements. Southwest's name change to Imperial Metals, Inc. honors Imperial County where the company's claims are located and honors the connection to her sister subsidiary USMetals."
The increases in the number of authorized shares for both Imperial Metals, Inc., and USMetals, Inc., was necessary in order accomplish three essential goals:
1. To recompense USCorp for the money, management and maintenance of the corporations while wholly owned subsidiaries;
2. To provide for enough shares to cover the 1 subsidiary share for each 10 USCorp shares distribution proportion authorized by the shareholders of USCorp; and
3. To provide shares for future fundraising in order to complete the current exploration and planned development of both the Twin Peaks Project and the Picacho Salton Project.
In addition, USCorp has withdrawn the previously announced April 15, 2013 record date for determining shareholders of record for distribution of USMetals' and Imperial Metals' shares. USCorp disclosed in the Company's most recent Form 10-Q, filed with the SEC on May 8, 2013 the following:
"On April 23, 2013 USCorp received notification from FINRA that the required forms notifying FINRA and the Company's shareholders of the Spin-offs and Record Date had not been filed. As a result management and the Company's securities counsel are preparing the notification forms for submission to FINRA. As soon as these forms and other required filings with regulatory bodies have been prepared and submitted, a new record date will be announced."
USCorp is an exploration stage company with gold and silver projects in Arizona and California. Information about USCorp can be found at the company's website: http://uscorpgold.com.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: The statements contained in this release which are not historical facts are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. These risks and uncertainties include the Company's entry into new commercial businesses, the risk of obtaining financing, recruiting and retaining qualified personnel, and other risks described in the Company's Securities and Exchange Commission filings. The forward-looking statements in this press release speak only as of the date hereof, and the Company disclaims any obligation to provide updates, revisions or amendments to any forward-looking statement to reflect changes in the Company's expectations or future results.
KEYWORDS: United States North America Nevada
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