SAN DIEGO, Feb. 21, 2012 (GLOBE NEWSWIRE) -- Earth Dragon Resources, Inc. (OTC – EARH) announced today that it has completed the Share Exchange Agreement with the Shareholders of Project X, Inc., a privately held Nevada corporation, effective February 13, 2012. This Share Exchange Agreement was completed for a total of 8,570,000 common shares in a transaction that simultaneously made Project X a wholly-owned subsidiary and the main operational business of the public entity.
Project X is a marine recovery and salvage finance company focused on World War I and II commodity cargo shipwrecks that have been identified by its joint venture and operational partner, Deep Marine Salvage ("DMS"). The DMS research team have identified a cluster of valuable, bulk high-value cargos that can be profitably recovered using proprietary recovery equipment, techniques and procedures.
As a result of the Share Exchange Agreement, Earth Dragon acquired all of the outstanding capital stock of Project X and Mike Johnson, the President of Project X, became the President and Chief Executive Officer of Earth Dragon. Additionally, Jason Sunstein, the Vice President of Project X, became Vice President of Earth Dragon. Mr. Thomas Herdman resigned as Earth Dragon's sole officer and director effective February 13, 2012.
Mr. Johnson, Earth Dragon's new CEO, states, "We are excited about the future of Project X, Inc. We plan on bringing the Company's filings up to date so we have full disclosure available to our shareholders and investors and also transition within the resource industry from a mining exploration company to a marine recovery and salvage finance company. There is a lot of work ahead and we will update shareholders as to the progress we make towards the three (3) WW1 salvage wrecks we will be attempting to recover with our joint venture partner."
Mr. Sunstein, Earth Dragon's new Vice President, states, "This share exchange represents an important achievement for our Company. It enables us to implement our long-term growth strategy, broaden our investor base and an opportunity to raise capital in the public markets. We are positioned to capitalize on the exciting opportunities emerging in our industry."
Earth Dragon filed a Form 8-K with the SEC and can be viewed at www.sec.gov.
About Earth Dragon Resources, Inc.
Earth Dragon Resources, Inc. identifies opportunities globally in the recovery of precious metals on both land and sea. Earth Dragon Resources, Inc.'s primary focus is to identify, perform due diligence, structure and fund opportunities that have potential to enhance shareholder value. Earth Dragon Resources, Inc.'s wholly-owned subsidiary, Project X, Inc., is the marine salvage division. Project X, Inc. is in the planning and financing stage of recovering 3 World War I wrecks that research shows contain gold and other precious metals.
Forward-Looking Statements
Statements in this press release may be forward-looking statements. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of risk factors inherent in doing business. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The company has no obligation to update these forward-looking statements.