Tri-Star Holdings, Inc. Announces CEO Update
Tri-Star Holdings, Inc. (PINKSHEETS: TSHL) today released the following shareholder update and address from President Anthony Mellone in response to the most common questions received from shareholders recently.
In regards to the dividend: the Global TV Network was acquired from Tri-Star Holdings by a bulletin board company UC Hub Group, Inc. for restricted common shares in that company to be held and exchanged for Global TV Network shares upon the successful registered spin-off of Global TV Network. Because Tri-Star has not yet received the shares, and because the spin-off had not been completed in a time frame acceptable to management with regard to shareholders’ reasonable expectations of receiving their dividend, management decided it would best benefit shareholders to retain the UC Hub Group shares as an asset of the company and to issue shareholders a dividend of Tri-Star Holdings shares. In this light, all shareholders of record as of November 15, 2008 will receive the Tri-Star dividend (one share of restricted common stock for every ten held as of November 15), while retaining their interest in the UC Hub/Global TV Network equity by and through the company. In short, the dividend structure increases all shareholders’ positions while retaining the added equity resultant of the Global TV Network divestiture.
Regarding company transparency and plans for reporting disclosure: we are currently compiling our books, records and materials for initial auditing and voluntary disclosure via the usual outlets including pinksheets’ financial disclosure service. Our intentions are to complete and disclose all material information voluntarily upon completion of a preliminary audit through the period ending December 31, 2008. Upon completion we will contract an independent auditor for the certification of our audit which will position us for either a move-up or increased disclosure tier on pinksheets.com, including, but not limited to the OTCQX.
Regarding the progress of developments and the status of operations at our mining properties: our rapid acquisition of multiple mining properties has at each acquisition, brought the company higher gross production potential. However, equipment needs, together with human resource, systems, security and basic infrastructure needs, along with geological assessments and metals content assays have all contributed to the greater need to comprehensively survey the company’s reserves and establish an order of operations to maximize revenues in stages of production. These opportune developments were unforeseen at previous stages; for example, when we announced we would begin preliminary operations at Lucky Linda, the opportunities for our new claims were arising. Believe me, I am just as eager, if not more, than any of our shareholders to begin full operations across the board and start the full scale processing of our ample reserves of noble and precious metals, but we need to fully assess each property and establish an order of operations that will maximize the results of our efforts, operational revenues, and shareholder value. Our recent equipment purchase was a windfall for us and will enable cost-effective production implementation at one or more properties, potentially simultaneously if they are close together. The equipment, purchased primarily with $2,000 down and restricted 144 stock is in excellent condition and has enabled us to eliminate the need for the more expensive (especially with associated finance costs) new Superminer 150, a development that we are thrilled about. Hence, while we are going forward with BLM protocol and infrastructure development at Lucky Linda, we are looking towards the Arizona properties to begin full production. Azrock Mining, Gorden Graham director of security and myself are planning further inspections at the Wickeburg mine this weekend. Once we have satisfactorily completed our sampling and testing there (on or about the middle of next week), we fully intend to begin small full scale operations at one site and generating metals revenues by the end of the month. We are proud and excited to announce these marked developments.
Finally, we are in negotiations with two more mining properties, one in Africa and another in California. These prospective acquisitions, if executed, will round out our diversified minerals portfolio and mark the completion of our Phase I of growth. These acquisitions will not, however, cause further pause for strategic assessment as our Southwest properties have rightly done. They are, however, strategic to our diversification. More details about these developments will follow. Having completed this phase of our vision of growth we turn to establishing full scale operations from both short and long term standpoints. While we will not discount any opportunities that arise, we will not be actively seeking further properties, focusing instead on operational establishment and gold, silver, platinum and copper production.
Rest assured, we are working diligently and as expediently as possible to make progress across all divisional operations of the company. We too are shareholders and have the long term sustainability of revenue generation and shareholder value in mind. We are in pursuit of the long term success of this company and are confident that our efforts will yield positive results for all our shareholders. While there will be delays, we are pleased to actually be ahead of our anticipated schedule while embracing the new developments and opportunities that have arisen along the way. On this note, we invite any and all shareholders to visit our corporate offices, ERHU facilities, and any of our mining properties (please contact us and arrange for the latter for obvious safety reasons). Our doors, books and assets are open to any shareholder.
For more information, visit www.tristarcorporate.com, www.tristargold.com and www.erhunit.com.
About Tri-Star Holdings, Inc. Tri-Star Holdings, Inc. (“the Company”) Tri-Star is a diversified holding company targeting developing and undervalued technologies, or businesses and assets with massive potential for return and increased shareholder value. Operating in two principal industries through its medical and noble & precious mining divisions, the company’s primary goal is to continue to develop its diversified operations while acquiring further asset-based companies that are either generating revenues or have proven assets with the potential for large profit margins. The Company intends to position itself as a major participant across many markets, both domestic and foreign, as a global participant across its primary industries.
Safe Harbor Provision
This news release includes forward-looking statements, including with respect to the future level of business for the parties. These statements are necessarily subject to risk and uncertainty. Actual results could differ materially from those projected in these forward-looking statements as a result of certain risk factors that could cause results to differ materially from estimated results. Management cautions that all statements as to future results of operations are necessarily subject to risks, uncertainties and events that may be beyond the control of Tri-Star Holdings, Inc. and no assurance can be given that such results will be achieved. Potential risks and uncertainties include, but are not limited to, the ability to procure, properly price, retain and successfully complete projects, the availability of technical personnel, changes in technology and competition.
Contact: Anthony Mellone President & CEO Tri-Star Holdings, Inc. 954-772-2640 Email Contact
SOURCE: Tri-Star Holdings, Inc.