Bootes Relationship With Hidalgo Mining International (Pink Sheets: HMIT) Terminated Resulting from Investigations by the Board into His Undisclosed Activities
PAHRUMP, Nev., July 13 /PRNewswire-FirstCall/ -- John Darrah, President
and Majority shareholder announced today action had been taken so that
Jefferson A. Bootes is no longer associated with Hidalgo Mining
International. Darrah stated, "After Bootes previously agreed on May 29,
2007 to return certificates for all 56 million shares of restricted common
stock issued to him, he has not yet done so. Our investigations uncovered
facts that put into question Mr. Bootes' veracity regarding representations
and activities he had undertaken. These included assuming authorities not
granted to him by the Board, issuing unauthorized press releases for his
own purposes, and lodging millions of restricted shares in a brokerage
house for undisclosed reasons. Furthermore after negotiating his coal
claims into Hidalgo, on April 18, 2007 he apparently utilized the same
Monclova coal project, to assume all the top executive positions with
International Energy, Ltd. ILGL is a public company associated with Select
American Transfer Company presently under investigation by the Ontario
Securities Commission for alleged activities resulting in pump and dump
shorting of vulnerable pink sheet companies."
Mr. Darrah went on to say, "Whatever his expressed intentions are, Mr.
Bootes' damaging actions speak louder than his own words. His failure after
repeated requests to disclose these activities to the Board has been
detrimental to the interests of Hidalgo and its shareholders. We
regrettably have no choice but to end it by severing relations with Mr.
Bootes. All of his apparent assets that he brought to HMIT have previously
been transferred to a subsidiary, Hidalgo Mining Inc., a private Nevada
corporation with Mr. Bootes in complete control of that company as its sole
shareholder, after stock ownership in that corporation transferred to him
by HMIT."
"We will continue to build the company by acquiring solid assets such
as our Subury subsidiary with its holdings relating to the Tudor gold
project in Canada, and continuing to negotiate acquisition of other
significant properties."
Mr. Darrah further added, "The management and shareholders of HMIT feel
they have been victimized too long by stock manipulators scheming to create
pricing and volume from apparent cross trading and naked shorting
activities. We have taken steps to investigate the source of these
activities. Utilizing DTC and NOBO records, we intend to report our
analysis and conclusions to the proper authorities for action. If Mr.
Bootes can prove to all of us that he was acting in some misguided way in
the best interests of HMIT, we will perhaps then be willing to someday see
him somehow clear his name."
CAUTIONARY DISCLOSURE ABOUT FORWARD-LOOKING STATEMENTS
This release contains "forward-looking statements" within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section 21E
the Securities Exchange Act of 1934, as amended and such forward-looking
statements are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Statements in this news release
other than statements of historical fact are "forward-looking statements"
that are based on current expectations and assumptions. These expectations
and assumptions are subject to risks and uncertainty, which could affect
Hidalgo Mining International's future plans. Forward-looking statements
involve risks and uncertainties that could cause actual results to differ
materially from those expressed or implied by the statements, including,
but not limited to, the following: the ability of Hidalgo Mining
International to provide for its obligations, to provide working capital
needs from operating revenues, to obtain additional financing needed for
any future acquisitions, to meet competitive challenges and technological
changes, and other risks detailed in Hidalgo Mining Internationals'
periodic report filings with the Securities and Exchange Commission.
Hidalgo Mining International undertakes no duty to update any
forward-looking statement to conform the statement to actual results or
changes in Hidalgo Mining International's expectations.
Contact:
Investor Relations for Hidalgo Mining International
Veronica D. Dunford, 310-729-1223
hidalgo@clientservicesint.com