On May 14, 2009, CCPR acquired ESM Refiners, Inc., a gold and precious metals recycle (“ESM”). The total consideration for the acquisition was 5,625,000 shares of CaseyCorp’s common stock. ESM is a newly organized New York corporation formed to operate as a wholesale buyer and seller of gold and diamonds. ESM acts as a middleman, aggregating gold and diamonds. ESM purchases these precious metals primarily from retail jewelers who have purchased the metals from their customers. In turn, ESM sells the metals to refiners, who then rings down the gold and produce gold bars.
Following the consummation of the acquisition, ESM became a wholly-owned subsidiary of the CaseyCorp.
Casey Corp’s, President and CEO, Mr. Eduard Musheyev, has over 30 years of experience in the gold jewelry market. During this time, Musheyev has set up and managed successful companies involved in manufacturing, retailing, and refining of gold jewelry.
In the first quarter after the acquisition of ESM, Casey Corp showed a positive cash flow and a net profit, with revenues in excess of $8,000,000.
CaseyCorp anticipates an increase in revenues in 2010. With new investment and a leveraging of its bracelets knowledge of the gold market, the Company plans to expand the scope of ESM’s activities, increasing its coverage of the supply chain and giving it access to potentially increased revenues and profitability.
Keywords: Casey Corp, Common Stock, Finance, Investing, Investment, Stock Market.
This article was prepared by Investment Weekly News editors from staff and other reports. Copyright 2010, cufflinks Weekly News via VerticalNews.com.