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Perihelion Global Releases Statement Concerning Recent Events Monday April 9, 10:58 am ET
WILMINGTON, DE and SANTA ROSA BEACH, FL--(MARKET WIRE)--Apr 9, 2007 -- Perihelion Global (Other OTC:PHGI.PK - News) ("Perihelion"), a development company with interests in natural resources, alternative energies, and advanced communications, today released a statement regarding current events. ADVERTISEMENT
In December 2006, Perihelion Global ("Perihelion") and Icarus Investments, Inc ("Icarus") signed an agreement ("subscription") to provide Perihelion Global $960,000 US in consideration for 5,000,000 subscribed common shares of Perihelion's stock. The funds received were to be used for corporate purposes as capital expenditures for Perihelion's Patented Gold Mine, Biofuel Refinery in Opp, Alabama, and other projects.
Perihelion Global did not receive the funds from the agreement and after numerous inquiries Icarus represented to Perihelion that it was unable to fulfill its financial responsibilities under the agreement. Perihelion lawfully demanded the immediate return of the 5,000,000 shares and Icarus and its legal counsel agreed. After a delay in returning the shares to Perihelion, Icarus subsequently disclosed that it no longer had in its possession the entire 5,000,000 shares to return to Perihelion.
Icarus represented and recently provided documentation that approximately 1,000,000 shares of Perihelion Global common stock were transferred from the Icarus subscription to an account of a third-party, Liberty Consulting International, Inc ("Liberty"), based out of Hallandale, FL. The transfer was conducted without the knowledge or consent of Perihelion Global. The legal counsels for both Icarus and Perihelion Global agree that there is no legal basis or standing for either Icarus or Liberty to have possession of Perihelion's shares.
Both Perihelion and Icarus contacted Liberty and demanded the immediate return of the 1,000,000 shares in Liberty's possession. Although Liberty had represented that they would indeed return these shares, the company has not yet received them as of the date of this release. Perihelion and Icarus explicitly advised Liberty that the shares were restricted and not deemed free-trading under SEC regulations.
Further, the company believes it has clear documentation that Liberty, despite having knowledge that the shares in its possession were restricted and were to be legally returned to Perihelion, did liquidate most or all of the 1,000,000 shares into the open market through assistance of its brokerage firm and legal counsel, and severely impacted Perihelion Global and its shareholders in the process. The 1,000,000 shares in question were never lawfully paid for and therefore had no cost basis associated with them. When Liberty liquidated these shares into the open market it created confusion and tremendous downward pressure on our stock price.
Perihelion Global has legally demanded the immediate return of all shares from both Icarus and Liberty, and will vigorously defend the interest of its shareholders by seeking all relief and remedy available by law including compensation for damages against any party involved. Icarus has agreed to fully cooperate with Perihelion to return the shares transferred to Liberty and has filed suit and injunctive relief against Liberty.
We will provide further updates as we progress forward. We regret that the actions of others have negatively impacted our company and our shareholders. We are taking firm corrective action. You have our commitment that we will fully resolve this matter on behalf of our company and we will continue to remain diligent in addressing all irregularities in our public market.
We appreciate the support and patience of our shareholders.
About Perihelion Global:
Perihelion Global focuses on the acquisition, development and management of technologies, strategic commodity reserves and assets in the energy, natural resource and communications markets. Perihelion's management team specializes in providing solutions for the strategic challenges of 21st Century. We lead with decades of experience in environments that are mission critical in today's global marketplace: Technology, Energy and Communications.
This press release contains historical information as well as forward-looking statements that are based upon our estimates and anticipation of future events that are subject to certain risks and uncertainties that could cause actual results to vary materially from the expected results described in the forward-looking statements. The words "anticipate," "believe," "estimate," "expect," "hopeful," "intend," "may," "optimistic," "preliminary," "project," "should," "will," and similar expressions are intended to identify these forward-looking statements. There are numerous important factors that could cause our actual results to differ materially from those in the forward-looking statements. Thus, sentences and phrases that we use to convey our view of future events and trends are expressly designated as Forward-Looking Statements as are sections of this news release clearly identified as giving our outlook on future business.
These forward-looking statements are subject to significant risks, assumptions and uncertainties, including, among other things, the following important factors that could affect the actual outcome of future events:
-- General economic conditions, either nationally or in our market area, that are worse than expected;
-- regulatory and legislative actions or decisions that adversely affect our business plans or operations;
-- price competition;
-- inflation and changes in the securities markets that adversely affect the fair value of our operations; and
-- changes in our organization, compensation and benefit plans. We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made, and wish to advise readers that the factors listed above could affect our financial performance and could cause actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. We do not undertake and specifically decline any obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
Contact: Contact: John H. Beebe Chairman, Chief Executive Officer & President Perihelion Global 866-748-7610 (Toll Free) x 719 john*perihelion.com
-------------------------------------------------------------------------------- Source: Perihelion Global
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