LAS VEGAS, Aug. 11, 2014 (GLOBE NEWSWIRE) -- The Board of Directors has voted to rescind its prior resolution to amend the articles of incorporation of U. S. Rare Earth Minerals, Inc., (OTCQB:USMN) to provide for the authorization to issue up to one billion shares of common stock. Therefore, the authorized number of shares of common stock shall remain at three hundred million shares and the articles of incorporation will not be amended.
"At the time the decision to amend the articles was made, the move seemed prudent in light of potential financing USMN was considering. However, due to shareholder concerns and because the company's financial future looks bright, the Board's decision to rescind seems more prudent," said Larry Bonafide, CFO and Secretary/Treasurer.
U.S. Rare Earth Minerals, Inc.
U.S. Rare Earth Minerals, Inc. (USMN) is engaged in the sales and distribution of products derived from the Company's mining activities in Nevada relating to certain natural mineral deposits and other natural rare earth minerals. Products of USMN consist of natural minerals for animal consumption as well as agricultural products sold under the brand name EXCELERITE®. Customers of USMN include some of the world's most widely recognized companies that have well known consumer brands. USMN is headquartered in Reno, Nevada and has executive offices in Las Vegas, Nevada. The company maintains a web site at: www.us-rem.com.
This press release contains statements that may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of U.S. Rare Earth Minerals, Inc., and members of management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ materially from those contemplated by such forward-looking statements. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.