ONTARIO, Canada, July 20, 2010 (GLOBE NEWSWIRE) -- American Rare Earths and Materials, Corp. ("AREM") today announced that the company's ticker symbol as quoted on the OTC Bulletin Board has been changed from (OTCBB:ETGF) to (OTCBB:AREM) effective today, July 20, 2010.
On July 19, 2010, E21 received notification from the Financial Industry Regulatory Authority (FINRA) that the company's name change from Element 21 Golf Company (E21) to American Rare Earths and Materials, Corp., and symbol change were formally approved. As previously announced, AREM's corporate name was legally changed effective July 16, 2010, pursuant to a redomestication merger with its wholly-owned Nevada subsidiary.
AREM also announced that the CUSIP number for its common stock is 02916V 100 and its ISIN number is US02916V1008.
Pursuant to the redomestication of the Company to Nevada, the Company has effected and implemented the following:
- a change in the company's name to "American Rare Earths and Materials, Corp.";
- automatic conversion of all issued and outstanding shares of common stock of E21 into an equivalent number of shares of AREM common stock; automatic conversion of all outstanding shares of Series A Preferred Stock of E21 into an equivalent number of shares of AREM Series A Preferred Stock and automatic conversion of all outstanding shares of Series B Preferred Stock of E21 into an equivalent number of AREM shares of Series B Preferred Stock; and
- reincorporation in the state of Nevada via a merger into E21's wholly owned subsidiary, AREM.
"In order to more accurately reflect our core business as extraction, production and implementation of the Rare Earths Materials for consumer and industrial applications, we have changed our corporate name to American Rare Earths and Materials, Corp., and our symbol to AREM," stated Nataliya Hearn, Ph.D., President and Chief Executive Officer. "We look forward to updating our shareholders and prospective investors on AREM's corporate developments in the coming weeks and months."
About American Rare Earths and Materials, Corp.
With head office in Toronto, Canada, American Rare Earths and Materials, Corp. is developing opportunities to distribute Rare Earths like Scandium, Neodymium, Europium and Lithium that may help industries launch products improved through the use of these Rare Earth metals such as hybrid cars, flat screen televisions, LED light bulbs and wind turbines. In addition, Rare Earths metals and materials may have applications in large market categories such as transportation, shipbuilding, power transmission, automotive and aerospace.
Cautionary Note Regarding Forward Looking Statements
This press release and the statements of representatives of American Rare Earths and Materials, Corp. (the "Company") related thereto contain, or may contain, among other things, "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact included herein are "forward-looking statements," including any other statements of non-historical information. These forward-looking statements are subject to and involve known and unknown significant risks and uncertainties and are often identified by the use of forward-looking terminology such as "projects," "may," "could," "would," "should," "believes," "expects," "anticipates," "estimates," "intends," "plans," or similar expressions. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. The Company undertakes no duty to update these forward-looking statements except as required by law.