PALM DESERT, Calif., Dec. 5, 2007 (PRIME NEWSWIRE) -- Uranium City Mining Corporation, formerly Nitro Lube, Inc. (Pink Sheets:UCMC), today announced that it and Walter Stunder have both mutually agreed to rescind their agreement announced on November 1, 2007 and the parties have executed mutual releases. Henry C. Casden, attorney for UCMC stated, "The expectations of both parties could not be met and it was in the best interest of the shareholders of UCMC to rescind." He further stated, "Management has been working with another very promising acquisition candidate and they hope to announce their success in the coming days. In the meanwhile, it should be mentioned that Nitro Lube Canada is still owned by this company and continues to conduct business as usual."
About Uranium City Mining Corporation, formerly Nitro Lube, Inc.
Uranium City Mining Corporation is a marketing and holding corporation, organized under the laws of the state of Nevada on March 22, 1996. Uranium City Mining Corporation currently owns 100% of Nitro Lube Canada, Ltd. (a Canadian corporation) and 100% of Uranium City Mining, Inc. (a Nevada corporation). Nitro Lube Canada, Ltd. is engaged in the business of manufacturing and worldwide marketing of high tech lubricants and fuel conditioners. All products produced and sold by Nitro Lube Canada, Ltd. contain the revolutionary "PMF2000" formula. Uranium City Mining Corporation has offices in Langley, B.C., Canada and the executive office is in Palm Desert, California, USA. Nitro Lube Canada, Ltd. maintains a website at: http://www.nitrolube.com.
This press release contains statements which 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 Uranium City Mining Corporation, 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. These risks and uncertainties include, among other things, volatility of market prices, product demand, market competition, risks inherent in the Company's international operations, and the Company's ability to expand. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. 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.