LAS VEGAS, Aug. 31, 2015 (GLOBE NEWSWIRE) -- U.S. Rare Earth Minerals, Inc., (OTCQB:USMN) announced today that Management was surprised at the announcement released on Friday, August 28th that stated as follows:
Tesla Motors Inc (NASDAQ:TSLA) is building a battery factory, called GigaFactory, in Nevada. The $5 billion investment is aimed at reducing battery costs by roughly 30 percent, "partly by bringing in in-house materials suppliers," a Wall Street Journal article explained. Early on Friday, the source informed that the automaker has secured long-term supplier agreements with North American companies Bacanora Minerals Ltd (which trades on the CVE exchange under the ticker BCN) and US Rare Earth Minerals Inc (OTC:USMN), which manufacture lithium, the main raw material used in batteries.
"For the record, although U.S. Rare Earth Minerals, Inc., (OTCQB:USMN) primary product EXCELERITE® contains Lithium, we are not currently engaged in the specific mining and sale of Lithium, however, we are exploring our options for same. Further, USMN has no agreements of any kind with Tesla Motors Inc."
"USMN had no part in this misleading press release and we take no responsibility for it. We want the investing public to know that USMN's management has strict controls in place to insure that misleading information is never disseminated," stated Acting Chairman and CEO - Larry " Bear" Bonafide."
U.S. Rare Earth Minerals, Inc.
U.S. Rare Earth Minerals, Inc. (USMN) is engaged in the sales and distribution of products derived from the Company's mining activities in Nevada relating to certain natural mineral deposits and other natural rare earth minerals. Products of USMN consist of natural minerals for animal consumption as well as agricultural products sold under the brand name EXCELERITE®. USMN is headquartered in Reno, Nevada and has executive offices in Las Vegas, Nevada. The company maintains a web site at: www.us-rem.com.
This press release contains statements that may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of U.S. Rare Earth Minerals, Inc., and members of management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ materially from those contemplated by such forward-looking statements. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.