Discovery Minerals Completes Merger & Acquisition of Deer Park Development Corporation as a Wholly-owned Subsidiary
Reno, NV (eTeligis via ACCESSWIRE) 7/12/2013 7:10:00 AM - Discovery Minerals, Ltd. (OTC PINK: DSCR) is pleased to announce the finalization of the merger and acquisition of Deer Park Development Corporation, a Nevada real estate company, as a wholly-owned subsidiary. The acquisition is an all-stock transaction, with a share exchange agreement for convertible preferred stock, the final terms of the transaction being disclosed in the Company's Disclosure documents, on or before July 31st, 2013. Chief Operating Officer Henry Manayan who is spearheading the post-merger corporate integrations between the two companies stated, "The acquisition makes business sense because Deer Park Development Corporation had a U.S. GAAP standard audit done in 2011 where over $9.5 million in impaired equity was quantified on the balance sheet. Deer Park brings commercial interests, equity, rights and entitlements in a variety of businesses that include alternative energy technology assets, gaming machines, entertainment and leisure facilities, and a list of real estate transactions that can be executed by the current President, Mr. Marty O'Malley, who will remain at the helm of the subsidiary".
Mr. O'Malley is very encouraged by the response to his proposals in South Dakota to purchase existing slot machine operations. He said "With some careful planning and management, Deer Park could be running 100 machines by December."
Discovery Minerals Ltd will also seek to complete a two year GAAP standard audit of its own unaudited financial statements, and is currently making arrangements with Malone Bailey to commence that action.
Discovery Minerals is a U.S.-based metals exploration and development company focused on projects in the Western United States and California in particular. The Company is led by an experienced board of directors and management team with extensive corporate, exploration, mine development and production operation records in the US and Australia.
About Discovery Minerals Ltd.:
Discovery Minerals Ltd. (Frankfurt WKN: A0LB3X) (Kurzel: D7Z) (OTC Pinksheets: DSCR) is a production stage company formed to acquire and develop natural resource properties. Activities include gold, precious metals and minerals, including rare earth minerals production and sales. The Company initiated a new program to evaluate undervalued assets, including clean tech and alternative energy investments, for potential addition to its portfolio.
Safe Harbor: This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Act of 1934. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approval for anticipated actions.
CONTACT:
Company Contact Information:
Mr. Henry Manayan, Esq., Chief Operating Officer
Discovery Minerals, Ltd.
429 West Plumb Lane
Reno, Nevada 89509
Telephone: 1.408.656.0143
SOURCE: Discovery Minerals Ltd.