Earth Dragon Resources, Inc. Announces Shareholder Update Including Returning to Fully-Reporting Status and Board Approval to Reduce Authorized Shares by over 90 Percent
La Jolla, CA / ACCESSWIRE / April 14, 2014 / Earth Dragon Resources, Inc. (OTC – EARH) is pleased to update shareholders on the current direction of the Company and other important events.
On February 19, 2014, the Company announced the acquisition of PlasmaGenix Inc., a privately-held California corporation, and now operating as a wholly-owned subsidiary. A Form 8-K reporting this event was filed with the SEC on April 9, 2014.
PlasmaGenix is a life science biologics Company headquartered in Inglewood, California. Their three lead products, PlasmaNeu, PlasmaGen and PlasmaPro have been used for over a decade to treat chronic non-healing wounds, musculoskeletal pathologies, as well as treating patients that suffer from peripheral neuropathy associated with HIV and Diabetes.
PlasmaGenix recently signed a sales agreement with a national network of over 500 healthcare facilities to provide regenerative medicine products and services. To scale up strategically, PlasmaGenix will execute its customer service model in a two-pronged approach. First, PlasmaGenix will implement a pilot program in April 2014 that will include 12 clinics located primarily in the Western U.S. After the completion of the 60-day pilot program, PlasmaGenix will then expand its sales efforts to include numerous facilities throughout the country. This contract is a major milestone for PlasmaGenix as revenues will start increasing during this pilot program.
James Hayes, President and COO of PlasmaGenix, states: “PlasmaGenix is poised for tremendous growth in today’s fragmented market. We feel our products will become the gold standard as we brand PlasmaGenix as a leader in the regenerative medicine sector. Additionally, we are excited about our product pipeline that will include stem sell products derived from both bone marrow and adipose tissue, plasma based wound care dressings, as well as hair restoration and skin rejuvenation product offerings”.
The Company announces that it has retained Sadler, Gibb & Associates Certified Public Accountants (PCAOB registered) as the new auditor and recently paid the engagement fee to commence preparation and filing of outstanding financial reports with the SEC. The Company anticipates being fully-reporting within the next 90 to 120 days. This completion will improve internal controls, improve transparency and result in more timely, detailed information about the Company and its ownership. This is a milestone the Company has been working towards and the goal is now achievable. The Form 8-K reporting this event and change in prior auditor was filed on April 8, 2014.
In April 2014, the Company’s the Board of Directors approved the reduction of the total authorized common stock from the current 2,850,000,000 down to 200,000,000 million shares. The Company will be filing an Amendment to the Articles of Incorporation with the Secretary of State of Nevada in the next 30 days to make this affective.
In February 2014, the Company retracted the September 2013 acquisition of X-Fire, Inc., a privately-held Michigan corporation. This rescission was mutually agreed and amicable by both parties. The Company wishes them a great future. Management and the Board of Directors have decided to dedicate all of the Company’s resources to grow and support PlasmaGenix in order to maximize the true valuation of the PlasmaGenix business plan.
Finally, the Company still maintains a 2% interest in a previous joint venture via a settlement agreement that was filed as a Form 8-K on March 22, 2013.
Mike Johnson CEO of Earth Dragon Resources, Inc. states, “It has been a challenging road over the last two years, but we find ourselves on a very exciting path. We are rapidly moving toward being fully-compliant with our SEC reporting requirements and look to further grow of our PlasmaGenix family of innovative products and services both domestic and international. I look forward to assisting PlasmaGenix team in becoming a global leader in the regenerative medicine field.”
Earth Dragon Resources, Inc. will continue to update shareholders on a regular basis as we work to complete the Company’s quarterly and annual reports with the ultimate goal of being reinstated on the OTCQB. All information will be available at sec.gov or the Company’s web site, which is currently being redesigned to reflect the above and we will alert shareholders when it’s operable.
I would also like to take this opportunity to thank our Shareholders for their continued support as we build this Company together.
J. Michael Johnson
President and CEO
The press release may include certain statements that are not descriptions of historical facts but are forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements may include the description of our plans and objectives for future operations, assumptions underlying such plans and objectives, and other forward-looking terminology such as “may,” “expects,” “believes,” “anticipates,” “intends,” “projects,” or similar terms, variations of such terms or the negative of such terms. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. Such information is based upon various assumptions made by, and expectations of, our management that were reasonable when made but may prove to be incorrect. All of such assumptions are inherently subject to significant economic and competitive uncertainties and contingencies beyond our control and upon assumptions with respect to the future business decisions which are subject to change. Accordingly, there can be no assurance that actual results will meet expectation and actual results may vary (perhaps materially) from certain of the results anticipated herein.
J. Michael Johnson
President and CEO
Earth Dragon Resources, Inc.
7660-H Fay Ave, Suite 312
La Jolla, CA. 92037
Source: Earth Dragon Resources, Inc.