Western Sierra Resource Corporation SEC FORM 10 Update

Rhea-AI Summary

Western Sierra Resource Corporation (OTC: WSRC) announced plans to refile its FORM 10 Registration Statement after completing its year-end audit for December 31, 2021. This audit, initiated on January 17, 2022, is a prerequisite for SEC approval, which will enable WSRC to become a full reporting company. The benefits include expanded trading capabilities and increased market awareness. Third Quarter Audited Financials reported revenues of $1,202,800 and total assets of $50.1 million. WSRC intends to pursue a listing on a Listed Exchange to enhance stock visibility and attract new investment opportunities.

Positive

• WSRC is in the process of refiling its FORM 10 statement, which is critical for SEC compliance.
• The company has reported Third Quarter revenues of $1,202,800 and total assets of $50.1 million.
• Expected SEC approval will allow WSRC to become a fully reporting entity, increasing market awareness.
• The company plans to pursue a listing on a Listed Exchange for greater stock exposure and potential investment.

Negative

• The completion of the year-end audit has been delayed, which may postpone SEC approval.
• The reliance on external audits introduces uncertainty in the timing of the refiled FORM 10.

STEAMBOAT SPRINGS, Colo., Feb. 22, 2022 (GLOBE NEWSWIRE) -- WESTERN SIERRA RESOURCE CORPORATION (OTC: WSRC) announces that its FORM 10 REGISTRATION Statement filed December 21, 2021, will be refiled upon completion of the December 31, 2021 year-end audit. The Company commissioned a year-end PCAOB audit on January 17, 2022, which has been in process since that date. The completion of the year-end audit has since become an SEC condition of the FORM 10. Upon the revised effective date, WSRC will become an SEC full reporting company and begin filing Forms 10-K, 10-Q and 8-K.

The major benefits are: additional Broker Dealers are allowed to accept orders and trade the shares of WSRC; increased Market Awareness as only SEC reporting Companies are listed in certain newsletters and stock boards.

Upon SEC approval, the WSRC intends to pursue a listing on a Listed Exchange which will increase stock exposure, enabling new investment and funding opportunities.
The FORM 10 filing included PCAOB Audited Financials up to the Third Quarter of 2021. These Third Quarter Audited Financial Reports showed water assets with nine months revenue of $1,202,800 and total assets of $50.1 million. Western Sierra will include the full 2021 annual audit upon its anticipated completion by the end of February with which to update its SEC filings.

About Western Sierra Resource Corporation:
Founded in 1907, Western Sierra Resource Corporation (a Utah corporation), has 114-year history as 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. 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.

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

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@WSRCorp

FAQ

What is the latest news about Western Sierra Resource Corporation (WSRC) as of February 2022?

WSRC announced it will refile its FORM 10 Registration Statement after completing its year-end audit, which is essential for SEC compliance.

What were the financial highlights reported by WSRC for the Third Quarter of 2021?

WSRC reported revenues of $1,202,800 and total assets valued at $50.1 million.

What benefits will WSRC gain from becoming a fully reporting company?

Becoming a fully reporting company will enhance market awareness and allow more broker dealers to trade its shares.

Is WSRC planning to list on a stock exchange?

Yes, WSRC intends to pursue a listing on a Listed Exchange to increase stock visibility and attract investment.