Western Sierra Resource Corporation Announces Completion of Audits Reflecting $47 Million in Assets and Prepares S-1 Filing to Take Initial Steps Toward Nasdaq Listing

Rhea-AI Summary

Western Sierra Resource Corporation (OTC: WSRC) successfully completed audits for its financial statements for the years ending December 31, 2019, and December 31, 2020. Conducted by BF Borgers CPA PC, the audits indicate total assets of $47.4 million as of December 31, 2020, and $49.6 million as of June 30, 2021. The company is preparing to file a Form S-1 registration statement, reaffirming no new shares will be issued. WSRC aims to become a NASDAQ-listed company and continues its focus on multi-dimensional natural resource and renewable energy projects.

Positive

• Successful audit of financial statements for 2019 and 2020.
• Increase in total assets from $47.4 million (2020) to $49.6 million (June 2021).
• No new shares will be issued in conjunction with the S-1 registration.
• Plans to move toward NASDAQ listing, indicating growth potential.
• Diverse project pipeline including renewable resources and energy conservation technologies.

Negative

• None.

STEAMBOAT SPRINGS, Colo., Oct. 27, 2021 (GLOBE NEWSWIRE) -- WESTERN SIERRA RESOURCE CORPORATION (OTC: WSRC) is pleased to announce the successful completion of an Audit of the Company’s last two Annual Financial Statements—years ending December 31, 2019 and December 31, 2020. An independent auditor and PCAOB registered accounting firm, BF Borgers CPA PC, completed the audit of the Company's financial statements within the guidelines of Generally Accepted Accounting Principles (GAAP). The audits reflect total assets of $47.4 million as of December 31, 2020. Audited figures reflect assets of $49.6 million as of 06.30.21. The Company will file a copy of the completed 2019 and 2020 Audit on OTC Markets concurrent with this press release.    

As part of its overall plan to move toward a listing on NASDAQ, the Company is preparing to file its Form S-1 registration statement. The Company re-confirms that no new shares will be issued in conjunction with the S-1.    

WSRC continues to position itself as a multi-dimensional natural resource, renewable resource, and energy / energy conservation enterprise. The Company is investing the necessary time, diligence, and capital to achieve sustainable growth by meeting individual project revenue objectives to the benefit of our shareholders. We will post documentation confirming tangible project milestones responsibly and at the appropriate time as events unfold. The following is a brief description of Projects:

• Natural Resource Development: Enhanced (Proprietary and Eco-Sensitive) Microscopic Recovery of Precious Metals as a hedge against currency fluctuation/devaluation. (Sage Hen Mine, Nevada)
• Natural Resource Development: Water and Infrastructure for beneficial use in cultivation of industrial hemp for processing and subsequent manufacture of “green” carbon sequestering construction products to build affordable homes in collaboration with Global Hemp Group. (Hayden, Colorado)
• Natural Resource Development: Helium exploration and production to address unmet demand in myriad technological applications. (NM, CO, AZ, NV)
• Energy Conservation and Power Generation Technologies: On-going R&D, patent, and implementation of environmentally conscious innovations for energy/cost saving Heating/Cooling (HVAC), Refrigeration, and Air Purification systems; Long-life Energy Storage Systems; Low (and no) emission motors, engines, generators, and turbine technologies for both stationary and mobile powertrain applications; and Air-Water Generation (AWG) systems for domestic supply and food production—to name a few. Several potentially lucrative contracts are currently under negotiation for large-scale production. (Escondido, CA, St. George, UT)

Dennis Atkins, CPA, CFO of Western Sierra Resource Corporation stated, "Management is very pleased with the progress made in each of the Company’s Natural Resource and Technology projects over recent months. Additional hard asset acquisitions and completion of the requisite third-party assessments for approval, permitting, and definitive contracts in each of the project categories is now setting the stage for significant revenue for the Company in 2022 and beyond. This very deliberate and painstaking process has established the foundation for sustainable growth in both asset value and revenue—thereby creating a stock worth holding on to. It’s time to move the Company forward and out of the Pink Sheets as a fully reporting Company.”

About Western Sierra Resource Corporation:

Founded in 1907, Western Sierra Resource Corporation (a Utah corporation), has a 114-year history as a gold and silver mining company with projects in Arizona, Nevada, California, and Mexico. WSRC currently owns six precious metal reserves in Arizona. In 2014 the Company broadened its vision to include natural (and renewable) resources with its acquisition of water rights and associated infrastructure assets in Colorado for purposes of irrigating and cultivating industrial hemp; processing hemp for manufacture of various building products; and for construction of affordable homes utilizing hemp-based materials—among other beneficial uses. Commercial, Industrial, and Agricultural land for these purposes has been recently acquired (closed as of 06.15.21) at a price of $1,400,000, with an additional 830 acres of agricultural and residential land also under non-refundable “hard” earnest money purchase contract. WSRC’s intent is to become a broad-based resource company with high value and high-income generating assets including precious metals, real estate, water, agriculture, helium, and “green” technologies.

WSRC is not a subsidiary of any other company. WSRC and Global Hemp Group Inc. (GHG) have formed an association through a swap of Preferred Stock to utilize WSRC's $40+ million in Water and Infrastructure Assets and GHG's extensive experience with industrial hemp (and financial resources) in a collaborative effort to develop a Hemp Agro-Industrial Zone ("HAIZ") in Northwest Colorado.

Forward Looking Statements:
This release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Such statements include any that may predict, forecast, indicate, or imply future results, performance. or achievements, and may contain the words “estimate”, “project”, “intend”, “forecast”, “anticipate”, “plan”, “planning”, “expect”, “believe”, “likely”, “should”, “could”, “would”, “may” or similar words or expressions. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the company’s actual results and financial position to differ materially from those in such statements, which involve risks and uncertainties, including those relating to the Company’s ability to grow. Actual results may differ materially from those predicted and any reported should not be considered an indication of future performance. Potential risks and uncertainties include the Company’s operating history and resources, together with all usual and common economic, competitive, and equity market conditions / risks.

Contact:
Western Sierra Resource Corporation

westernsierraresource.com

Twitter | Facebook | LinkedIn
@WSRCorp

International Monetary – Blaine Riley – br@intlmonetary.com – 949-200-4601

 

FAQ

What are the total assets of Western Sierra Resource Corporation as of June 30, 2021?

Western Sierra Resource Corporation reported total assets of $49.6 million as of June 30, 2021.

Who conducted the audits of WSRC's financial statements?

The audits of Western Sierra Resource Corporation's financial statements were conducted by BF Borgers CPA PC.

What is WSRC's plan regarding NASDAQ?

Western Sierra Resource Corporation is preparing to file a Form S-1 registration statement as part of its plan to move toward a NASDAQ listing.

Will there be any new shares issued by WSRC?

No new shares will be issued in conjunction with the S-1 registration for Western Sierra Resource Corporation.