John Frohling, Esq., Corporate Counsel of Black Dragon Resource Companies, Inc., announced that he has participated in recent discussions with both the Funding Group and the Summit Management Group.
The Funding Group reported to Mr. Frohling that the first phase of the funding has been committed to and is being assembled for delivery to the Company. Mr. Frohling noted that as all funding projects today are difficult, this one has taken longer than anticipated, but the Company is confident that all the details can be finalized very soon. He suggested, however, that while there are still no guarantees that the funding will close, he is certain that a full effort is being expended by all to make it happen. Mr. Frohling concluded by noting that while the Company and shareholders are frustrated with the delays, all the participants continue to be optimistic that the funding process will end with a positive conclusion.
As far as the Summit Group's contribution to Black Dragon, the principals continue to assist the Company each week with management and on site operational recommendations, which have helped considerably to improve revenues, as related to Mr. Frohling by Joseph Lanza, President of Black Dragon, but have unfortunately been hampered somewhat by the recent intense rainfall. Mr. Lanza predicts that the Company will make great strides after he resigns and the funding occurs. The Summit Group added that it is confident as to the potential value of the Company, with the anticipated change of management and infusion of capital.
Mr. Lanza reported that he believes that there are still certain groups which continue to short the Company's common stock, exerting significant downward pressure on the Company's stock price.
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