Kiev, Ukraine (PRWEB) May 09, 2011
Supatcha Resources Inc. (SAEI - Pinksheets) ("Supatcha" or the "Company") announces today that it would like to make some clarifications regarding several parties associated with past events and provide an update of the current direction of the Company.
Firstly, a rash of negative internet chatter, incorrect assumption and hearsay has led to the mistaken identities of Mikhail Prokorov of OXM Group, which made a bid for the Company, and Graig Parham, who was the independent Qualified Person in the NI 43-101 report associated with the Barlevskoye and Vynohradiv properties. Both Mr. Prokorov and Mr. Parham were both associated with the material events as the Company has publicly stated and are not the two individuals that some public opinion has incorrectly asserted had dealings with Supatcha. The true and correct identities of these parties, as stated by the Company, will ultimately be reflected in public perception in due course. Additionally, it should be noted that there is currently one pending legal action, Case No. CV11-01315 PA (CWx) UNITED STATES DISTRICT COURT, CENTRAL DISTRICT OF CALIFORNIA, against an internet group that was unjustifiably discrediting Supatcha for the purposes of financial gain. Further to countering many inaccuracies online, the Company is offering a USD$100,000 financial reward to anyone that provides valid information leading to legal action or charges brought against parties spreading false information regarding Supatcha. A U.S.-based attorney will be acting as an agent for the Company to validate information received and distribute the reward, send confidential email to: reward(at)supatcharesources(dot)com.
Commenting, Nikolae Yagodka, CEO of Supatcha said, "We are infuriated by the events that took place late December 2010, this was a personal attack against the Company, Officers and its shareholders and intend to find and hold responsible the parties behind the destruction of our public entity."
Secondly, the unsolicited bid for the Company by the OXM Group was retracted due to the negative Internet threads and controversy surrounding Supatcha. However, the second unsolicited bid for the Company by the JSC Rustamov Group is still active and under negotiation.
Thirdly, the Company would like to clarify that its past President, Steve Talley, has had no involvement with the management or operations of Supatcha since his abrupt resignation late last year and the Company is still mitigating the effects of his departure. The Company and its Board of Directors are currently based in Kiev and the business operations are facilitated by way of the Ukraine and Europe.
Lastly, Supatcha management is devoting substantial time to the process of securing a new public corporate entity to take-over the current Company structure. Due to the misinformation pervading the internet and the gross overreactions thereof, the Company’s current public structure status will not provide the access to capital and flexibility for growth required in the best interests of shareholders going forward. Under a new proposed share structure, Supatcha shareholders would receive shares in the acquiring company structure in exchange for their current holdings. Further details of this development will be announced as negotiations become more definitive.
About Supatcha Resources Inc. (Pinksheets: SAEI)
Supatcha Resources Inc. is a gold exploration company focused on acquiring and developing mineral properties in Ukraine. Supatcha is in the final stages of acquiring two additional gold mining projects, with world-class potential, in southwestern Ukraine.
Notice Regarding Forward Looking Statements
This news release contains "forward-looking statements", as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration. We are not in control of metals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-KSB for the last reported fiscal year, our quarterly reports on Form 10-QSB and other periodic reports filed from time-to-time with the Securities and Exchange Commission.