Reno, NV (PressExposure) September 24, 2011 -- The Board of Directors of Dhanoa Minerals is pleased to announce that at a meeting recently held two new Directors, Fred Schiemann and Russell Smith, were appointed to the Corporation. Additionally, Russell Smith was voted to the position of CEO and President of the Company and Fred Schiemann was voted to the positions of CFO and Secretary/Treasurer. During this meeting, Mr. Lee Balak resigned to pursue other activities, but will remain as an advisor to the Company.
The Company has embarked on a due diligence program of bringing its accounts up to date with its pink sheets listing The Company has extinguished a majority of it's debt, as further described below.
Additionally, the Company is in the process of re-activating itself by the acquisition of new mineral projects in the precious metal arena and certain clean technology. The Company expects that this will be completed by the end of 2011.
To facilitate this reactivation of the Company, a Private Placement fund raising program was initiated to raise $500,000.
The Board of Directors also undertook to extinguish all outstanding amounts due to the previous Officers and Directors of the Company by issuing 250 million common shares of its common stock in full and final settlement of any monies owed.
At this point, the Company has paid all outstanding known creditors and has brought a federal court action against a previous supplier for the dollar value of equipment not delivered and a reasonable amount of interest and damages.
Other clean technology related projects are also being investigated for acquisition by the company to ensure a long term positive cash flow and future profitability for the Company.