Business & Finance
Business and Finance
Business and Finance
Fri, February 6, 2009 MineCore International, Inc.: MineCore Chairman Is Recognized by VTA Board
SAN JOSE, CA--(Marketwire - February 6, 2009) - MineCore International, Inc. ("MineCore") (
The VTA Board passed a resolution which commends Mr. Mikolajczyk for completing his assignment as acting CFO, his demonstrated strong leadership and vision that positioned VTA well, his leadership in implementing changes to VTA's financial practices and that during his tenure VTA reduced its debt by $72 million and improved VTA's credit standing in the financial community.
Mr. Mikolajczyk was contracted in April 2007 by VTA through MineCore's Infrastructure Division to provide consulting services to VTA as acting CFO to successfully develop, spearhead and implement the reorganization transformation project. Details of the project can be viewed at: [ http://www.minecore.com/infrastructure.html ].
"It was critical to retain an executive with the skills and experience necessary to advance VTA's initiatives in financial management practices," said VTA General Manager, Michael Burns. "This step demonstrated tremendous benefits to VTA."
The CFO appointment reassured the financial community of VTA's commitment to sound financial practices and contributed to the rating agencies upholding and upgrading VTA's credit ratings. As a key executive member managing staff of 119, Mr. Mikolajczyk achieved many accomplishments during his term as acting CFO. Highlights include increasing cash position by $150 Million within the first 90 days, reducing debt by $72.2 Million, establishing two debt reduction funds serviced with $116 Million, and leading numerous cost reduction programs in addition to implementing polices and procedures that improved the efficiency and reporting of financial data to management, the VTA Board and to VTA stakeholders.
About VTA
Santa Clara Valley Transportation Authority (VTA) is an independent special district responsible for bus, light rail and paratransit operations; congestion management; specific highway improvement projects; and countywide transportation planning. As such, VTA is both an accessible transit provider and multi-modal transportation planning organization involved with transit, highways and roadways, bikeways and pedestrian facilities. VTA has gross assets of $3.45 Billion and debt of $811 Million as of June 30, 2008. For more information about VTA log on to [ www.vta.org ].
About MineCore
MineCore is an exploration company, as defined under SEC Industry Guide 7. The Company's mission is to successfully identify, acquire and develop mineral properties with a program to commence mining operations and develop solid growth with profitable operations. MineCore is planning to bring its sapphire properties in Madagascar into production in 2010 upon successful financing to sustain operations and administration costs.
This Press Release contains forward-looking information within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934 and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. For those statements, we claim the protection of the safe harbor for forward-looking statements provisions contained in the Private Securities Litigation Reform Act of 1995 and any amendments thereto. Such forward-looking statements by definition involve risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. In particular, there is no assurance that reserves, production, pricing levels or other factors pertaining to the mining and manufacturing operations will be sustained at the expected rates or levels over time. Discussions of factors, which may affect future results, are contained in our recent filings. Under no circumstances does this Press Release constitute an offer to sell or a solicitation of an offer to buy the securities of the company described in this Press Release in which such offer, solicitation or sale of securities would be unlawful prior to registration, qualification or filing under the securities laws of any jurisdiction.
For Further information on this news release or on the Company, please visit [ http://www.minecore.com/ ].
