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WorldVest to Amend Company Name
Aug. 11, 2010 WorldVest, Inc. plans to amend its name to Iron Mining Group, S.A. The name change should be effected with FINRA in the next 30 days, resulting in a new trading symbol being issued.
During the transition, Iron Mining Group will continue to trade its common stock on the OTCBB as WorldVest. There will not be any forward or reverse splits, and for each share of WorldVest owned the holder will automatically receive one share of Iron Mining Group.
The company also recently cleared all conditions for the acquisition of Chile Inversiones de Minerales, Ltda. (CIM) and anticipates final closing before August 31, 2010. By the fourth quarter of this year, CIM is expected to begin mining iron ore from several of its mineral concessions, allowing for regular monthly deliveries against its existing contracts with Chinese steel groups and creating immediate consolidated revenue.
As a wholly owned subsidiary of the Iron Mining Group, CIM will begin implementing what the company calls “an aggressive growth plan.” This includes the acquisition of additional iron ore reserves, increased mining capacity, and the development of new port and shipping capacity supporting a planned increase in exports.
“As we surveyed the current position of our company and the path we have charted for the future, it was apparent that we would benefit from more direct and succinct branding,” said WorldVest Chairman & CEO Garrett K. Krause. “We feel that the current WorldVest name, which predates the company’s focus on iron ore mining, no longer accurately communicates the business in which we are engaged.
“Enhanced by the pending acquisition of CIM, including its accompanying Chilean iron ore reserves, we are confident that this company, its shareholders, and global partners have a bright future together under the new Iron Mining Group brand,” Krause concluded.
WorldVest, Inc., or Iron Mining Group, S.A., is a global iron ore mining and trading company with its initial focus in Latin America. The company is a joint venture partner with several Chinese steel groups with whom it has signed long-term iron ore purchase contracts for its current and future production.