Merriman Capital Announces Sponsorship of Pele Mountain Resources on OTCQX

SAN FRANCISCO, May 3, 2011 /PRNewswire/ -- Merriman Capital, Inc., a wholly owned subsidiary of Merriman Holdings, Inc. (NASDAQ: MERR), today announced that it will serve as the Principal American Liaison (PAL) for Pele Mountain Resources Inc. (TSXV: GEM; OTCQX: GOLDF) as it begins trading on OTCQX®.  

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Pele Mountain Resources is focused on the sustainable development of its Eco Ridge Mine Rare Earths and Uranium project, located in the Elliot Lake mining camp of Ontario. 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, Merriman Capital Managing Director, said: "We are excited about the progress that Pele Mountain Resources' President and CEO, Al Shefsky, and his team are making, and look forward to seeing more U.S. investors involved in the Company. Being quoted on OTCQX today is a great first step."

"With rapidly increasing interest in our Eco Ridge Mine Rare Earths and Uranium project and our portfolio of Northern Ontario gold properties, we are pleased to begin trading on OTCQX International. OTCQX will provide Pele with a cost-effective means of enhancing its visibility and liquidity, benefiting all of our investors, especially those residing in the United States," commented Al Shefsky, President and CEO of Pele Mountain Resources.

About Merriman Holdings, Inc.

Merriman Holdings, Inc. (NASDAQ: MERR) is a financial services firm focused on fast-growing companies and the institutions that invest in them.  The company offers high-quality investment banking, equity research, institutional services and corporate & venture services, and specializes in three growth industry sectors: CleanTech, Consumer, Media & Internet and Technology.  For more information, please go to www.merrimanco.com.  Merriman Capital is a member of FINRA and SIPC.

About Pele Mountain Resources Inc.

Pele Mountain Resources Inc. (TSXV: GEM; OTCQX: GOLDF) is focused on the sustainable development of its 100-percent owned Eco Ridge Mine Rare Earths and Uranium Project.  Eco Ridge is one of very few North American deposits with NI 43-101 compliant REO resources and is located in Elliot Lake, the only Canadian mining camp to have ever achieved commercial REO production.  An updated Preliminary Assessment is on schedule for expected delivery during the second quarter of 2011, incorporating design enhancements achieved since the initial positive Scoping Study in 2007 and, for the first time, providing a detailed economic model based on revenues from both REO and U3O8.  With well-understood geology, excellent regional infrastructure, and strong local support, Eco Ridge is an ideal location for a safe, secure, and reliable long-term supply of REO and U3O8.  Pele also holds interests in a portfolio of Northern Ontario gold properties at Highland and Ardeen.

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 30, 2010. 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 30, 2010 and the Form 10-Q filed on November 15, 2010, 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.