NEW YORK, NY--(Marketwire - 09/25/09) - NYMET Holdings Inc. (Pinksheets:NYMH - News), an innovative metals and mining company headquartered in Port Jefferson, N.Y., announces the retirement of 240,000,000 common shares.
NYMET Senior Vice President, Edward R Gulmi, stated, "The 240,000,000 common shares were retired without any type of consideration of any sort being provided to the associated shareholder. This cancellation results in a total of 76,766,533 common shares being issued and outstanding with 50 million of those being restricted shares."
In further discussing the share structure and what it means to shareholders, Mr. Gulmi went on to state, "According to Yahoo Finance's Industry Snapshot, the Steel and Iron Industry trades at an average P/E ratio of 41 times earnings. If we generate the targeted and anticipated net earnings of $5,000,000 in the upcoming year, then, to trade at proper valuation with our peers, we would have over a $200,000,000 market capitalization. With the recently reduced, current number of shares issued and outstanding, that would translate into a $2.67 share price. Now I'm not saying that is where our stock price will be in the upcoming year and I would strongly urge shareholders and potential new shareholders to do their own thorough due diligence but I am comfortable stating that I believe there is a great deal of potential upside from the $0.15 share price and $11,500,000 market cap point where we are today."
DISCLAIMER: CAUTIONARY DISCLOSURE ABOUT FORWARD-LOOKING STATEMENTS
The results described herein cannot be guaranteed. The development of any and all of the subject mining claims stated herein is contingent upon multiple high risk factors that must be successfully dealt with in order to achieve the intended results. This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements in this news release other than statements of historical fact are "forward-looking statements" that are based on current expectations and assumptions. These expectations and assumptions are subject to risks and uncertainty, which could affect NYMET Holdings future. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the statements, including, but not limited to, the following: the ability of NYMET Holdings to provide for its obligations, to provide working capital needs from operating revenues, to obtain additional financing needed for any future acquisitions, to meet competitive challenges and technological changes, and other risks. NYMET Holdings undertakes no duty to update any forward-looking statement(s) and/or to confirm the statement(s) to actual results or changes in NYMET Holdings expectations.
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