America West Resources' Subsidiary Hidden Splendor Emerges from Bankruptcy
10 12월 2008 - 12:40AM
PR Newswire (US)
SALT LAKE CITY, Dec. 9 /PRNewswire-FirstCall/ -- America West
Resources, Inc. (OTC:AWSR) (BULLETIN BOARD: AWSR) , a domestic coal
producer with mining operations in Central Utah, today announced
that its wholly-owned subsidiary, Hidden Splendor Resources, Inc.,
will emerge from Chapter 11 bankruptcy protection next week. The
subsidiary's Plan of Reorganization, confirmed yesterday by the
U.S. Bankruptcy Court for the District of Nevada, will become
effective on December 19, 2008, at which time the subsidiary will
officially emerge from bankruptcy. Based on anticipated coal
production at the Horizon Mine, the Company believes that it will
have sufficient cash flow from operations to fund its future
financial obligations to Hidden Splendor's creditors per the
approved Plan of Reorganization. "We are very pleased that Hidden
Splendor will be emerging from bankruptcy this month. This will
position America West well for 2009, allowing us to execute our
growth strategy without distraction." stated Dan Baker, Chief
Executive Officer of America West Resources. About America West
Resources, Inc. Headquartered in Salt Lake City, Utah, America West
Resources, Inc. is an established domestic coal producer focused on
the mining of clean and compliant (low-sulfur) coal and its sale
primarily to U.S. utility companies for use in generating
electricity. Since 2003, the Company has extracted over 1.3 million
tons of coal from its owned and operated Horizon Coal Mine based in
Central Utah. For more information, please visit
http://www.americacoal.com/ . Forward-Looking Statements This news
release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. Please
refer to the Company's Form 10-K and other filings with the United
States Securities and Exchange Commission (the "SEC") for
additional information regarding risks and uncertainties,
including, but not limited to, the risk factors listed from time to
time in such SEC reports. Copies of these filings are available
through the SEC's electronic data gathering analysis and retrieval
system (EDGAR) at http://www.sec.gov/ . FOR ADDITIONAL INFORMATION,
PLEASE CONTACT: ELITE FINANCIAL COMMUNICATIONS GROUP Dodi B. Handy,
President & CEO For Media Inquiries: Tiffany Korkis or John
Morrison, Managing Directors of Elite Media Group 407-585-1080 or
via email at DATASOURCE: America West Resources, Inc. CONTACT: Dodi
B. Handy, President & CEO, or for Media Inquiries: Tiffany
Korkis or John Morrison, Managing Directors of Elite Media Group,
+1-407-585-1080, or via email at Web site:
http://www.americacoal.com/
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