ATLANTA, Feb. 28, 2005 (PRIMEZONE) -- Please note changes to all references of ATLIS(tm) which have been corrected from the release sent earlier; the corrected version follows:
Ruby Mining Company (OTCBB:RUBM), conducting operations through its subsidiary, Admiralty Corporation (Admiralty), is announcing an update today concerning the status of its patented ATLIS(tm) technology and the construction of the first commercial unit. Admiralty CEO, G. Howard Collingwood, stated that it is the company's policy not to announce events that are not firmly in hand or have not yet happened. It is also Admiralty's policy to fully disclose to the public any information that may become available outside the company. Mr. Collingwood stated that in order to answer questions requested by the Government of Jamaica, it is going to be necessary to comment on the status of the construction of the first ATLIS(tm) unit.
Therefore, we are offering the following comments:
1. All of the major parts except for the coils have been received
or will be received by the end of March, 2005. The few remaining
parts are short delivery items.
2. The winding of the coils remains to be scheduled. The winding
should take only a couple of weeks to accomplish once they are
scheduled with the vendor.
3. The potting of the coils remains to be completed. The coil
potting will be accomplished by personnel from Nova Ray in
conjunction with our scientist and should require less than
two weeks to complete.
4. Assembly will occur next and should not take more than two
weeks.
Once the ATLIS(tm) unit is assembled, it will be tested in the United States.
Please visit the Company's Website for more information which will be posted before 8:00 p.m. Tuesday, March 1, 2005. The schedule given herein is our best estimate at this time.
Website: www.admiraltycorporation.com
Forward-Looking Statements Caution:
This release contains "forward-looking statements." Such statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on expectations, estimates and projections that involve a number of risks and uncertainties (some of which are described in the Company's Annual Report for 2003 on Form 10-KSB filed with the SEC) which could cause actual results or events to differ materially from those anticipated. Ruby does not undertake to update any of its forward-looking statements that may be made from time to time.