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25.04.2017 22:20
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iMD Companies, Inc., Subsidiary KRSNA Minerals in Negotiation to Acquire Additional Mine Due to Increased Demand for Magnesia Chrome Powder
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PR Newswire
PLACERVILLE, CA, April 25, 2017
PLACERVILLE, CA, April 25, 2017 /PRNewswire/ - iMD Companies, Inc. (OTC: ICBU) is pleased to announce that the companies subsidiary KRSNA Minerals is in negotiation to complete the acquisition of a second mine in India due to the increased demand for magnesia chrome powder. The company previously announced last month that Krishna had received a purchase order from a Hong Kong based company for 100,000 Metric Tons of Magnesia Chrome Powder. The purchase order for 100,000 Metric Tons of Chrome Powder was previously valued at over 60 million dollars and now has been revised upwards to approximately 66 million dollars. The contract calls for the minerals to be delivered within six months to the Hong Kong Company. In addition to this order the Hong Kong based company can also revise the order to purchase additional chrome powder if necessary. Due to this contract and the demand for added capacity Krishna is in negotiation to complete the acquisition of a second producing mine.
iMD also expects to give a revised estimate on revenues for 2017 after the new mine has been acquired as the new contract for Chrome Powder is now valued at 66 million dollars. Revenue projections for 2017 expect to be substantially higher than this number. KRSNA Minerals revenues and profits are also trending much higher for the first half of 2017 compared to 2016. The company plans on announcing the numbers as soon as audited financials are received from Krishna accountants.
About iMD Companies, Inc.
Corporate Website: www.imdcompaniesinc.com
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iMD Companies, Inc (ICBU) is a Florida corporation, engaged in the manufacturing, extraction and distribution in mining, hydroponics industries and asset accumulations of revenue producing companies. The company is positioned to be a holding company for acquisitions in the medical, mining and hydroponics industries. Acquisitions in those areas are R-Quest Hydroponics from Anything Technologies Media (OTC: EXMT). The company and the principals of the management team have extensive backgrounds in finance, manufacturing, marketing and distribution. ICBU's goal is to create and increase shareholder value by tactically growing our core Hydroponics business while strategically seeking to acquire new business and create other business alliances, which generate increased revenues and earnings.
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About KRSNA Minerals:
KRSNA Minerals is a producing mine in BHUBANESWAR, ORISSA INDIA with over 600 acres of mining claims which are producing manganese and Iron ore metals. KRSNA MINERALS currently has contracts with the Chinese government to supply manganese and Iron ore to China. The recoverable asset values are in excess of 700 million dollars for the total claims owned by KRSNA MINERALS. The Current Claims mined produced revenues in excess of 30 million dollars in 2016 KRSNA MINERALS plans to dramatically increase the number of claims being mined in 2017 to increase revenues exponentially for the company. KRSNA MINERALS is now a wholly owned subsidiary of ICBU and all financials of KRSNA MINERALS will be represented into ICBU financials statements.
Safe Harbor Statement:
Certain statements made in this press release constitute forward-looking statements that are based on management's expectations, estimates, projections and assumptions. Words such as "expects," "anticipates," "plans," "scheduled," "estimates" and variations of these words and similar expressions are intended to identify forward-looking statements. Forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results and trends may differ materially from what is forecast in forward-looking statements due to a variety of factors. All forward-looking statements speak only as of the date of this press release and the company does not undertake any obligation to update or publicly release any revisions to forward-looking statements.
SOURCE iMD Companies, Inc.
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