PMX Gold Confirms International Patent Filing; Updates Investors Regarding Return of 8,000,000 shares to Treasury, Gold ATM Prototype Status & PMX Gold Exchange Launch
BOCA RATON, Fla., Feb. 14, 2012 /PRNewswire/ -- PMX Gold, LLC ("PMX Gold"), a wholly-owned subsidiary of PMX Communities, Inc. (OTCBB: PMXO) announced that intellectual-property law firm RatnerPrestia has filed International Patent Application Number PCT/US2012/020486 ("Unattended Precious Metal Distribution System, Methods and Apparatus") as part of PMXO's agreement with Gold Deposit Technologies, Inc. to protect certain technology and business methodology under joint development. In a related announcement, PMXO confirmed the return of 8,000,000 shares of stock to Treasury as part of management restructuring.
International Patent Filing, Technology Update
"The PCT filing preserves our rights to file this patent in over 140 member countries, including the United States, Russia, China, Brazil, India, the European Union States and many other markets which we may enter. By submitting the International Patent filing under the Patent Cooperation Treaty on January 6, 2012 the company has met the deadline that allowed for priority consideration back through and including both the first application dated January 6, 2011 and the second application dated September 26, 2011. Moving forward, we have an additional 18 months to file patents country by country as our international business plan develops," said Michael C. Hiler, Chairman of PMXO.
"At this time last year we were in the midst of test marketing our imported gold bullion vending machine. Since then we have worked with Omnitech Automation (www.oai-automation.com), Gold Deposit Technologies, Inc., our Lead ATM Industry Consultant and others to complete the design of the gold dispenser/deposit technology and schematics for overall network interaction. Additionally, we have zeroed in on a suitable ATM software designer and payment processing partner to complete the Gold ATM Terminal programming and integrate our bullion based transactions into the international banking system," continued Hiler.
Management Restructure
"In late Summer 2011 we had asked 2 founding shareholders to step into management to solidify our corporate structure. However, at the end of 2011 with the technology plan of the company in place and our International Patent submission pending it was mutually determined that we needed to restructure management and repackage the company for Wall Street as we began to seek necessary financing to properly implement our business plan. Departing management has returned all 8,000,000 shares of stock previously issued them in connection with their employment agreements and we thank them for their service and contributions to the company. As founding shareholders we hope to draw upon their assistance and technical advice as we move forward."
"We are pleased to confirm that Richard Seay, a South Florida based attorney with prior public company officer experience including assisting with capital raising transactions and investment banking oversight, intellectual property prosecution, regulatory approval facilitation and compliance experience has accepted the position of Vice President and a Director with the company."
Gold ATM Project Update, PMX Gold Exchange Launch
"Over the next 60 days we hope to present to investors a new PMX Gold President from within the International ATM Industry, complete a modification of our previous agreement with GDT that allows for both full acquisition of the intellectual property described above and ongoing consulting services on very favorable terms, launch the PMX Gold Exchange and confirm a final ATM Prototype unveiling date and Phase I launch timetable. This is a very complex project with numerous moving pieces and we thank investors for their patience."
For more information please view our updated website at http://www.pmxgold.com.
About PMXO and PMX Gold ATM Network: State of the Art Gold Transactions
PMX Communities, Inc. (PMXO), through its wholly owned subsidiary, PMX Gold is currently developing the world's first PCI compliant PMX Gold ATM Terminal designed to integrate seamlessly with the International Banking System to capitalize on the emergence of gold as a parallel currency and conduct gold-based transactions within a gold bullion account network under development by the Company. PMXO is currently evaluating economic models, financing options and pricing parameters for manufacture and delivery of the first PMX Gold ATM Terminal prototype and potential quantities of 20-30 units for Phase I Launch (after prototype debugging), 200‐300 units within 4‐6 months of Phase I launch and 1200+ units thereafter.
Further information about the Company can be obtained at our website, http://www.pmxgold.com which provides a link to the Company's public filings with the SEC located at www.sec.gov. Certain Company information is also available through Standard and Poor's.
About RatnerPrestia
RatnerPrestia (www.ratnerprestia.com) is an intellectual property law firm dedicated to patent, trademark, copyright and other international IP issues. As one of the largest intellectual property law firms in the Greater Philadelphia region, their resources serve innovators in the fields of biotechnology, business methods, chemistry, computers, medical devices, pharmaceuticals, semiconductors, signal processing, and software, among many other technologies. Their representative clients include Porsche AG, Johnson & Johnson, ITT Corporation, Panasonic Corporation, the University of Pennsylvania and Penson Financial Services.
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Forward-Looking Statements
Certain statements made by the Company and its management on its behalf in this release and other periodic, oral and written statements, regarding the Company operating performance, events or developments that the Company believes or expects to occur in the future, including those that discuss anticipated financial results, strategies, goals, outlook or other non-historical matters, or which relate to future sales, earnings, expectations, growth of the Company or of the market for its products and services, or general belief in the Company's expectations of future operating results are "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All such forward-looking statements are subject to risks and uncertainties, including but not limited to product demand, market and customer acceptance, competition, pricing, working capital considerations, and as otherwise discussed in the Company' s SEC filings. Such forward-looking statements are subject to change at any time, and the Company's actual results may differ materially from anticipated results. The Company undertakes no obligation to update or revise any of such statements to reflect subsequent events or circumstances.
SOURCE PMX Communities, Inc.
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