LAS VEGAS, Dec. 8, 2009 (GLOBE NEWSWIRE) -- Salamon Group Inc. (OTCBB:SLMU), a leading designer of next generation electronic products and systems, announced today that the company has filed its required 10 Q quarterly report on time with the Securities and Exchange Commission and continues to comply with all legal requirements and filings. The company is still a development stage company with minimum revenue, but building a strong intellectual property portfolio.
To summarize the main points of SLMU's 3rd quarter 10Q filing, on June 16, 2009, we entered into an addendum to the license agreement with 482229 to extend the due date of the one time licensing fee of CDN $15,000 to on or before December 31, 2009.
Secondly, our Board of Directors resolved to expand our current business plan into other areas which would allow us to generate revenues. One particular area that our Board resolved would provide added value to our company would be real estate, more specifically real estate in the form of an operating casino in City of Las Vegas, Nevada. Currently, our President is actively identifying potential casinos that are for sale in the City of Las Vegas area. If the company is able to locate and purchase a suitable casino, we intend to move our corporate headquarters into the casino. The purchase of the casino will allow us to start generating revenues so that we can further our business plan to develop, license and/or acquire technologies and concepts in the field of "Alternative Energy Sources." Once we locate a suitable casino, we intend to enter into a letter of intent to purchase the casino. We intend to finance the purchase of a suitable casino through a combination of equity and/or debt financing.
"The company is pleased with our recent progress and we will continue to focus our energy in providing state of the art technology to our clients and increased shareholder value to our investors. " commented John Salamon, CEO of Salamon Group Inc," We expect our future acquisitions to provide substantial revenue to the company," added John Salamon.
Salamon Group is publicly traded under the symbol SLMU.OB
About Salamon Group, Inc.
Salamon Group is a development stage company whose aim is to develop, license and/or acquire and develop technologies and concepts in the field of "Alternative Energy Sources". For more information please visit us at www.salamongroup.com.
Forward-Looking Statements:
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements. Actual results may differ materially from those described in forward-looking statements and are subject to risks and uncertainties. See Salamon Group, Inc.'s filings with the Securities and Exchange Commission which identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements.