New York, NY August 10, 2010 – WorldVest, Inc. (OTCBB: WOVT), announced plans to amend its name to Iron mining Group, S.A. It is estimated that in the next 30 days the name change will be effective with FINRA resulting in a new trading symbol being issued.
During the transition, Iron Mining Group will continue to trade its common stock on the OTCBB as WorldVest and there will not be any forward or reverse splits and for each share of WorldVest you own you will automatically receive one share of Iron Mining Group, S.A., which will continue to trade on the OTCBB.
In addition, the Company recently cleared all conditions for the acquisition of Chile Inversiones de Minerales, Ltda. (“CIM”) and anticipates final closing before August 31, 2010. Subsequently, it is projected that by the fourth quarter of this year, CIM will begin mining iron ore from several of its mineral concessions allowing for regular monthly deliveries against its existing contracts with Chinese
steel groups and creating immediate consolidated revenue for the Company. In addition, as a wholly owned subsidiary of the Iron Mining Group, CIM will begin implementing an aggressive growth plan including the acquisition of additional iron ore reserves, increased mining capacity and the development of new port & shipping capacity supporting a planned increase in exports.
“As we surveyed the current position of our Company and the path we have charted for the future,” said WorldVest Chairman & CEO Garrett K. Krause, “it was apparent that we would benefit from more direct and succinct branding. We feel that the current WorldVest name, which predates the Company’s focus on iron ore mining, no longer accurately communicates the business in which we are engaged. Enhanced by the pending acquisition of CIM, including its accompanying Chilean iron ore reserves, we are confident that this Company, its shareholders and global partners have a bright future together under the new Iron Mining Group brand.”
About WorldVest, Inc. dba Iron Mining Group.
WorldVest, Inc. (OTC: WOVT), dba Iron Mining Group, is a global iron ore mining and trading company with its initial focus in Latin America. The Company is a Joint Venture partner with several Chinese steel groups, with whom it has signed long-term iron ore purchase contracts for its current and future production and which outline the framework of potential future shared investments.