|By Marketwired .||
|November 7, 2012 03:14 PM EST||
NEW YORK, NY -- (Marketwire) -- 11/07/12 -- Mammoth Energy Group Inc. (PINKSHEETS: MMTE) announced today that the Company intends to implement a reverse stock split of Mammoth Energy Group's common stock before December 31, 2012.
All details and effects of the reverse stock split will be released on a timely basis as the Company begins the process. Following the split, the Company intends to be able to rapidly move forward toward increasing its lithium assets since pricing per acreage comparable to MMTE has increased substantially over the last three years.
"This increase in shareholder value is intended to mirror the Company's asset value from where Mammoth Energy's lithium transaction began to where it is today. Mammoth Energy is seeking to continue monitoring lithium sector developments in order to bring back shareholder value to MMTE," said William Lieberman, President of Mammoth Energy Group.
Mammoth Energy Group's Compania Lithium Investments Limitada has already acquired an initial thirteen lithium concessions for a total of 8649 acres (3500 Hectares) in the southern section of the Salar de Maricunga, seven concessions for a total of 4695 acres (1900 hectares) in the Salar de Pujsa, 2471 acres (1000 hectares) in the Salar del Laco for a total of over 28,000 combined acres on seven different properties throughout Chile. The company is currently seeking acquisitions and Compania Lithium Investments Limitada was created to acquire, develop and explore lithium and mining assets in Chile on behalf of Mammoth Energy Group Inc.
About Mammoth Energy Group Inc. (PINKSHEETS: MMTE) www.mammoth-energy.com
Mammoth Energy Group Inc. is focused on acquiring, developing and operating strategic mining energy reserves in locations throughout the world. With an ever changing shift to alternative energy and fuels Mammoth Energy Group will be prepared to be a leading energy supplier and operator. Mammoth Energy's goal is to become an important partner as the world's energy paradigm begins to change throughout the next decade and beyond.
This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities and Exchange Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, and such Forward Looking Statements are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainties. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to the viability of the company's business plans, the effect of acquisitions on our profitability, the effectiveness, profitability, and the marketability of the Company's products; the Company's ability to protect its proprietary information; general economic and business conditions; the volatility of the company's operating results and financial condition; and other risks detailed in the Company's filings with the Securities and Exchange Commission.
These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the company and the industry. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the company believes that the expectations expressed in these forward-looking statements are reasonable, management cannot assure the public that their expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.