SALT LAKE CITY, July 10 /PRNewswire-FirstCall/ -- On June 30, 2008 the Honorable Denise P. Lindberg, Third District Court, Salt Lake County, Salt Lake Department, State of Utah granted Michael L. Labertew, the Court-Appointed Receiver for PGMI, Inc. -- (Pink Sheets: PGMC), the authority to transfer Marugin International, Inc., a Japan corporation, from PGMI, Inc. to PGMI Marugin Business Trust, to be held under the direction of the Third District Court effective as of June 30, 2006. The order further directed that the Receiver may seek a purchaser for Marugin International, Inc. or a portion thereof, subject to the Court subsequently approving the terms of any such sale.
Michael Labertew, the Court Appointed Receiver, said, "As of the last audit, Marugin International, Inc., a 38 year old Japanese Pachinko Gaming Company had total shareholders' equity of $8,062,599. The annual gaming wagers were $187,972,786 with net gaming revenue of $22,696,178. It operated 13 stores in Japan with 4,290 machines in service and had several new stores under construction. Previous management failed to fulfill its fiduciary obligations; consequently the public company became delinquent on its financial and SEC reporting and was de-listed from the OTCBB resulting in a 98% loss of share value. This court order accomplishes two things for the shareholder. First it preserves the assets and value of the subsidiary while moving it into a trust for the benefit of the shareholders. Second, it allows PGMI to complete its audits and move forward as a clean shell. As the Receiver for PGMI, I intend to take steps to promote the sale of Marugin International, Inc. in Japanese business and trade journals as well as to industry contacts."
The Company has retained the auditing firm of Pritchett, Siler, & Hardy, P.C., to prepare the Company's audited financial statements for the years ending June 30, 2007 and June 30, 2008. As a result of the Court's Order, PGMI, Inc. will now file restated financial statements for the quarters ending September 30, 2006 and December 31, 2006, and will file all missing quarterly reports with the Securities and Exchange Commission. Following the completion of these filings, the Company intends to apply for reinstatement and quotation on the Over the Counter Bulletin Board, and to immediately seek a merger candidate. For additional information we urge you to review the Company's SEC filings on EDGAR.
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "estimate", "possible" and "seeking" and similar expressions identify forward-looking statements, which speak only as to the date the statement was made. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted, or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to the effect of government regulation, competition and other material risks.
Contact Information:
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SOURCE PGMI, Inc.
