SILVERADO, CA — (Marketwired) — 07/22/13 — Resource Ventures, Inc. (PINKSHEETS: REVI) President Bob Thompson announced today the Board of Directors has decided it is in the best interest of the Company and its Shareholders to divest itself from its unprofitable wholly owned subsidiary Global Energy Management LTD. (GEM).
The Board of Directors has obtained a Majority Shareholder Consent to discontinue any business association with Global Energy Management LTD. and its subsidiaries, which was acquired through the actions of an Asset Purchase Agreement dated August 23, 2012 and a Share Purchase Agreement dated March 14, 2013. All stock issued in the transactions will be cancelled and returned to treasury.
The Board adds that the Company and the Shareholders have derived no economic benefit, as well as noting, the large amount of capital which would be required from the company–s continued association with Global Energy Management LTD.
Management believes this action will allow the company to concentrate on its profitable existing business, and allow the company to pursue other ventures that could financially benefit the Company and its Shareholders. Resource Ventures Inc. remains profitable with December 31, 2012 revenues over $1.5 Million dollars.
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