COMPANY NEWS AND PRESS RELEASES FROM OTHER SOURCES: Reddi Brake Supply Corporation Announces a Multimillion Dollar Reverse Merger With Hidden Splendor Resources, Inc. Deal to Close on May 14, 2007
SALT LAKE CITY, UT, Apr 30, 2007 (MARKET WIRE via COMTEX) -- Reddi Brake Supply Corporation (OTCBB: RDDI) company President / CEO Michael J. Zwebner announced today that The Board of Directors of the company have unanimously voted to approve a multimillion dollar reverse merger transaction with Hidden Splendor Resources, Inc., a Nevada corporation which operates a coal mining operation in Utah. The transaction which is an all share deal, calls for the issuance of 26,538,000 pre split common stock shares of Reddi to the existing shareholders representing 100% of the outstanding stock of Hidden Splendor Resources, Inc.
GENERAL BACKGROUND OF THE COMPANY
Hidden Splendor Resources, Inc., a Nevada corporation (the "Company" or "Hidden Splendor"), was originally incorporated on May 30, 1990. In March of 2003, the Company acquired the coal mine operations of the Horizon Mine located near Helper, Utah. The Company purchased the Horizon Mine operations at a sale of the assets of a corporation known as Lodestar Energy. The Company commenced its coal production operations at the Horizon Mine in August of 2003 and has operated the Mine as an active working coal mine since that time. The company's coal is extracted from the operations of the Horizon Mine, which is located approximately 11 miles west of Helper, in Carbon County, Utah. As of the date of this announcement we employ approximately 68 underground miners and have additional support staff of 10 persons.
RESERVES UNDER LEASE
As of January 2007, the company has approximately 12 million remaining mineable tons under lease and the company has a permit to mine in the entire leased area containing these reserves. The majority of this tonnage is part of federal lease (Lease # U-74804) given by the Bureau of Land Management. Approximately 220,000 tons of the remaining mineable tons are tons of fee coal which is owned by Hidden Splendor. At anticipated rates of mining, the company believes the current leased reverses will take 6 to 8 years to mine. The company stresses that reserve estimates are just that, estimates, and actual tonnages likely will vary. More detailed information will be contained in the company's future filings with the Securities and Exchange Commission.
ADDITIONAL UNLEASED RESERVES ADJACENT TO THE MINE ARE AVAILABLE
From drill hole information available from the Bureau of Land Management, we estimate that at least 36 million mineable tons of coal are available in these adjacent un-leased reserves. Acquiring leases for this additional tonnage is part of the Company's plan to extend the life of the Horizon Mine. In this regard, the Company intends to acquire additional reserves in blocks of coal over time. At this time, the average selling price per ton of coal ranges between $27 and $30 per ton.
More information relating to our company will be made available in due course.
SAFE HARBOR
Statements contained in this press release that are not based upon current or historical fact are forward-looking in nature. Such forward-looking statements reflect the current views of management with respect to future events and are subject to certain risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, or described pursuant to similar expressions.
COMPANY NEWS AND PRESS RELEASES FROM OTHER SOURCES: REDDI BRAKE SUPPLY CORP files Form 8-K/A, Amendment to Current Report
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934.
Date of Report: May 3rd, 2007
(Date of earliest event reported): April 30th, 2007
REDDI BRAKE SUPPLY CORPORATION.
(Exact Name of Registrant as Specified in Charter)
Nevada
0-19620
84-1152135
(State of Incorporation)
(Commission File No.)
(I.R.S. Employer
Identification Number)
175 East 400 South Suite 900 Salt Lake City, Utah 84111
(Address of Principal Executive Offices)
(801) 578-3286
(Registrant's Telephone Number, including area code)
Section 8.
Other Events.
Item 8.01
Other Events.
The board of directors of the Registrant on April 24 th 2007, passed a resolution unanimously approving a TWO-for-one forward stock split of the Registrant's common stock (the “Forward Stock Split”). Pursuant to the terms of the Forward Stock Split, each share of the Registrant's common stock held by the shareholders of record on May 15 th , 2007 (the “Record Date”) shall, on May 16 th 2007 (the “Effective Date”), automatically become the equivalent of two (2) shares of post Forward Stock Split common stock of the Registrant. The Registrant did not change the number of shares of common stock authorized for issuance under its Articles of Incorporation or change the par value per share of its commons stock as a result of the Forward Stock Split.
Holders of the Registrant's common stock are not required to take any actions in connection with the Forward Stock Split. On the Effective Date, the Registrant's transfer agent shall issue each common shareholder of record on the Record Date such number of additional shares of common stock as they are entitled to based on the number of shares held by such holder.
Section 9.
Financial Statements and Exhibits
Item 9.01
Financial Statements and Exhibits.
(d) Exhibits.
The following Exhibits are hereby filed as part of this Current Report on Form 8-K:
Exhibit
Description
99.1
Press Release dated April 30 th , 2007.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, Continental Fuels, Inc. has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Salt Lake City Utah. Monday April 30th, 2007 (MarketWire) NASD OTC BB Symbol RDDI.OB
Reddi Brake Supply Corporation CEO Michael Zwebner announced today that The Board of Directors of the company on April 24th 2007, unanimously voted to approve and has declared a 2 for 1 forward stock split for all shareholders of record as of May 15th 2007, (The Record Date) payable on May 16th 2007. (The Effective Date) This Forward Stock Split will be recognized at the open of trading on May 16th, 2007. (The Effective Date).
The company’s transfer agents will be mailing the new additional share(s) certificates to each shareholder on May 16th 2007 – The Effective Date.
Further information regarding Reddi Brake Supply Corporation is available from the company.
Statements contained in this press release that are not based upon current or historical fact are forward-looking in nature. Such forward-looking statements reflect the current views of management with respect to future events and are subject to certain risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, or described pursuant to similar expressions.
COMPANY NEWS AND PRESS RELEASES FROM OTHER SOURCES: Reddi Brake Supply Corporation and Hidden Splendor Resources, Inc. Set to Close Multimillion Dollar Reverse Merger Transaction in Early June
Company to File Audited Accounts With SEC
SALT LAKE CITY, UT, May 11, 2007 (MARKET WIRE via COMTEX) -- Reddi Brake Supply Corporation (OTCBB: RDDI) company President / CEO Michael J. Zwebner announced today that the multimillion dollar reverse merger transaction with Hidden Splendor Resources, Inc., announced on April 30, 2007 and expected to close on May 14, 2007, is now expected to close in early June 2007. The brief delay in closing is due to the massive volume of information as well as audited accounts for the incoming acquisition company that must be gathered and affirmed as a condition of closing according to applicable SEC and other regulations.
Hidden Splendor Resources, Inc. is a Nevada corporation which operates a coal mining operation in Utah. The reverse merger transaction calls for the acquisition of 100% of the outstanding stock of Hidden Splendor Resources, Inc. The company in its future filings will shortly announce further details relating to the transaction.
Further information regarding Reddi Brake Supply Corporation is available from the company.
Statements contained in this press release that are not based upon current or historical fact are forward-looking in nature. Such forward-looking statements reflect the current views of management with respect to future events and are subject to certain risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, or described pursuant to similar expressions.
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