Merriman Capital Announces Sponsorship of Formation Metals on OTCQX
SAN FRANCISCO, Feb. 29, 2012 /PRNewswire/ -- Merriman Capital, Inc., a wholly owned subsidiary of Merriman Holdings, Inc. (OTCQX: MERR), today announced that it will serve as the Principal American Liaison (PAL) for Formation Metals Inc. (OTCQX: FMETF | TSX: FCO) as it begins trading on OTCQX®.
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Formation Metals is a well-established mineral exploration, development and refining company that, through its 100% owned subsidiary, Formation Capital Corporation, U.S., is developing the Idaho Cobalt Project, a 100% owned primary cobalt deposit located in Idaho. The Company announced today that it is now trading on the OTC market's highest tier, OTCQX.
OTCQX distinguishes the best companies traded over-the-counter (OTC) from more than 9,000 securities traded on the OTCBB and OTC Link that are not required to meet any financial standards or undergo a qualitative review.
Spencer Grimes, Head of the Capital Markets Advisory Group at Merriman Capital, said: "We are excited to sponsor Formation Metals as it joins OTCQX today. The Company's Idaho Cobalt Project is a unique asset that could become an important source of high purity cobalt, and we look forward to helping them develop a greater following among U.S. investors."
About Merriman Capital, Inc.
Merriman Capital, Inc. is an investment banking firm providing equity and options execution services, market making, and differentiated research for high growth companies. The firm also provides capital raising, advisory, and M&A services. Merriman Capital, Inc. is a wholly owned subsidiary of Merriman Holdings, Inc. (OTCQX: MERR) and is the leading investment banking firm for OTCQX companies. For more information, please go to http://www.merrimanco.com/.
Merriman Capital, Inc. is a registered broker-dealer and member of The Financial Industry Regulatory Authority (FINRA) http://www.finra.org/ and the Securities Investor Protection Corporation (SIPC) http://www.sipc.org/.
About Formation Metals Inc.
Formation is a well-established mineral exploration, development and refining company who, through its 100% owned subsidiary, Formation Capital Corporation, U.S., is developing the ICP. The ICP is a 100% owned primary cobalt deposit located in Idaho. Through its wholly owned subsidiaries, Formation has additional interests in base, precious metal and uranium projects in Canada, the United States and Mexico. Formation is dedicated to the principles of environmentally sound mining and refining practices, and believes that environmental stewardship and mining can co-exist. Formation trades on the Toronto Stock Exchange under the symbol FCO and on OTCQX under the symbol FMETF.
About the Idaho Cobalt Project
The 100% owned ICP is a unique, "shovel ready" and fully environmentally permitted primary cobalt deposit and refining facility currently under construction. The ICP will be capable of producing high purity cobalt metal suitable for critical applications in the superalloy sector, as well as by-product copper and gold. Cobalt is used in a wide variety of environmental and high-tech applications, including re-chargeable batteries and superalloys required in the aerospace sectors. Currently, the United States is the world's second largest consumer of cobalt and is totally reliant on foreign sources for this essential metal.
About OTCQX
The OTCQX marketplace is the premier tier of the U.S. OTC market. Investor-focused companies use the quality-controlled OTCQX platform to offer investors transparent trading, superior information, and easy access through their regulated U.S. broker-dealers. The innovative OTCQX platform offers companies and their shareholders a level of marketplace services formerly available only on a U.S. stock exchange. For more information and to view a full list of OTCQX companies, visit www.otcqx.com.
Note to Investors
This press release contains certain forward-looking statements based on our current expectations, forecasts and assumptions that involve risks and uncertainties. This release does not constitute an offer to sell or a solicitation of offers to buy any securities of the Company. Forward-looking statements in this release are based on information available to us as of the date hereof. Our actual results may differ materially from those stated or implied in such forward-looking statements, due to risks and uncertainties associated with our business, which include the risk factors disclosed in our Form 10-K/A filed on April 28, 2011 and our Form 10-Q filed on November14, 2011. Forward-looking statements include statements regarding our expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," and "would" or similar words. We assume no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise. The Form 10-K/A filed on April 28, 2011 and 10-Q filed on November 14, 2011, together with this press release and the financial information contained herein, are available on our website, www.merrimanco.com. Please click on "Investor Relations."
SOURCE Merriman Holdings, Inc.
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