( BW)(FL-CIS.COM)(CISI) CIS.com Announces New Business Plan, Future Name Change to Reflect its New Corporate Strategy & a Signed Letter of Intent to Acquire Sovereign Resources, Inc.
Business Editors/High-Tech Writers
MIAMI--(BUSINESS WIRE)--July 11, 2001--CIS.com, Inc. (Pink Sheets:CISI) is pleased to announce a number of significant corporate changes:
CISI Changes Business Focus To Natural Resources
Effective immediately, the Company's Board of Directors has unanimously approved a change in business focus for the Company.
CISI will transition from an e-commerce business to a strategic minerals acquisition and development company. The new business intends to acquire, explore and develop precious and base metal projects with the potential to host "world class" ore reserves (greater than 1,000,000 ounces of gold or one billion pounds of copper).
Through Sovereign Resources, Inc. ("Sovereign"), the company intends to complete a number of significant acquisitions. Sovereign is currently negotiating to acquire 100% interests in several large gold and copper projects in the western United States.
Each of the acquisitions to be made by Sovereign will have the following characteristics:
(1) Significant ore reserves have already been established through
drilling and assaying by major mining companies;
(2) Opportunity exists to acquire the entire mining district; and,
(3) Available data suggests that each deposit would be economic at
current metal prices (US$265 gold / US$0.70 copper).
Additional information on CISI's new business strategy and future name change will be provided in a subsequent news release.
CISI To Appoint New Corporate Officers & Directors
CISI, through Sovereign Resources, intends to appoint several experienced and well-respected mining industry executives to the Board of Directors.
Over the next few weeks, the Company will also be hiring an experienced team of consultants and executive officers to direct CISI's exploration of the Sovereign properties, as well as generate new acquisition opportunities for the Company.
ON BEHALF OF THE BOARD
Harold Stock President |
