KAL Energy, Inc. Corrects misrepresentations made by holder of short position in KAL
Thursday June 14, 9:15 am ET
KAL Energy, Inc today published an open letter to shareholders addressing misrepresentation made by an author of a website based article on the company.
Mr. Cameron Reynolds, KAL Energy CEO, stated 'The Company wholly refutes both the thrust and the specific content of the article. KAL has a strong management team, a world class coal project, and very sound capital and corporate structures, with a great track record of achievement. The author of the article has not been in contact with the company and has not made any attempt to validate any of the inaccurate claims made in the article with the company, its board or its management. This would indicate to us that checking content was not a concern for the author.'
The "short position" the author declares at the end of the article places the author in a position of financial gain from any downward movement in the stock price and we feel betrays the true nefarious motives of the article.
The comprehensive open letter to shareholders is available for the KAL Energy website at: http://kalenergyinc.com/investors/publications.asp
The author is not known to the company, appears to based in Peru and his partners appear to be based in other Latin American countries; he has no direct knowledge of our team, the company, nor its properties in Indonesia.
The article, poorly researched and littered with incorrect assertions, was a complete surprise to us; especially on the day we released the extremely positive results contained in our JORC Complaint Resource Statement that showed we have an inferred coal resource of 204 million tonnes.' Mr. Reynolds added.
KAL Energy will continue to fully focus its energy on delivering on its fundamentally strong business plan to become a world class producer of thermal coal supplying Asia's growing energy needs.
We are referring the matter to our legal counsel and the appropriate authorities, and will aggressively protect our shareholders from what appears to us to be a blatant attempt of share price manipulation.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future.