DEERFIELD BEACH, Fla., Nov. 13, 2002 (PRIMEZONE) -- American Benefits Group, Inc. ("the Company") (Pink Sheets:ABFG) is pleased to announce that it has secured investment for the further explorations and processing of corundum perimeters in Madagascar.
The Company has been able to extract sample material in excess of 100 kilograms. The company plans on selling this material in the open market to establish price and quality of its goods. Proceeds from the sale of this material with be used for further exploration and processing of material extracted from the company's perimeters.
The Company has determined that after a period of political disruption in Madagascar, conditions are more favorable for the Company to proceed with the attempted development of its property interests which the Company hopes may contain corundum materials, the mineral name for sapphires and Rubies. Factors that have influenced the Company's decision to proceed with the development of these interests include international demand for corundum, an abundance of Malagasy artisan and the Madagascar government's new focus on attracting foreign investment.
The Company's common shares are currently quoted on the Pink Sheets under the ticker symbol ABFG.
For further information on the Company and this News Release please visit http://www.abfg.com.
For further information on this News Release or on the Company, please contact:
Dave Young, Investor Relations Telephone: 1-888-533-4555 Email: info@abfg.com; www.abfg.com
This News Release contains forward-looking statements. American Benefits Group, Inc. is referred to herein as "the Company," "we," or "our." The words or phrases "would be," "will allow," "intends to," "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project," or similar expressions are intended to identify "forward-looking statements." Such statements include those concerning the beneficial nature of proceeding with development of our property interests which the Company hopes may contain corundum and the appointment of Mr. Dror Moradov as our President, Chief Executive Officer and Director. Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties, including (a) intense competition in the mining industry; (b) whether we are able to manage our planned growth efficiently, including whether our management will be able to identify, hire, train, retain, motivate and manage required personnel or that management will be able to manage and exploit existing and potential market opportunities successfully; (c) whether we are able to generate sufficient revenues or obtain financing to sustain and grow our operations, including the ability to support any possible future exploration activities; and (d) should we engage in testing and exploration activities, we will be subject to regulatory concerns, including those regulations pertaining to environmental permitting of operations, air quality, water quality and wildlife monitoring, safety regulations, claim filings and maintenance inspection and monitoring, all of which would subject us to substantial costs. Statements made herein are as of the date of the filing of this News Release and should not be relied upon as of any subsequent date. Unless otherwise required by applicable law, we do not undertake, and we specifically disclaim any obligation to, update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement.