Dear Fellow Stockholders,
On January 22, 2018, an email was sent to a number of U.S. Precious Metals shareholders by former CEO and Chairman, Gennaro “Jerry” Pane, that was not authorized or sanctioned by the company. It appears that Mr. Pane failed to return all corporate records when he was terminated from his position, and wrongfully used company property to illicitly contact some of our shareholders intending to rally them to institute a special meeting to remove the corporation’s current executive team. And from recent threatening messages sent by Mr. Pane, it is clear that these actions are directed at having the current litigation against him dismissed. However, Mr. Pane is not a Board member, an executive officer, an employee, nor does he own one share of stock in USPR, and thus has no authority to solicit the company’s shareholders.
As many of you already know, on January 2, 2018, I authorized the filing of a lawsuit against Mr. Pane asserting multiple causes of action for conduct and practices during the time of his governance that seeks damages on behalf of U.S. Precious Metals. The details of the complaint are outlined here: http://www.uspr-holdings.com/legal-action-against-former-ceo-cfo/
Please know that I am fully committed to serve this company’s shareholders by seeing this litigation through, and pursuant to the allegations therein, it is my fiduciary responsibility to uncover any and all funds that have been misappropriated by Mr. Pane and used to support his lavish lifestyle at the expense of your hard earned investment dollars. The days of Mr. Pane and others like him using this company as their own personal piggy-bank have come to an end.
Also, one of our fellow shareholders has filed a lawsuit against Mr. Pane for fraudulently inducing the investor to give him $260,000 towards a “Riverbed Project” that Mr. Pane stated he was exploiting on the mineral concessions in Mexico via a joint venture. However, any riverbed that he may have been exploring is not within the boundaries of any of the concessions held by U.S. Precious Metals. Moreover, none of the money given to Mr. Pane was ever deposited in the company’s accounts. According to the complaint, and in accord with my due diligence investigation, the money ended up in Mr. Pane’s private bank account, and was once again used to support his personal lavish lifestyle. More details of the complaint may be found here: http://www.uspr-holdings.com/shareholder-sues-former-ceo-jerry-pane/
The reason I mentioned this litigation by one of our fellow shareholders, and the reason you should read it, is because I don’t want any other of our valued stakeholders to be scammed or defrauded by such unauthorized activities.
I will be releasing an 8-K warning all existing and potential shareholders of Mr. Pane’s antics in furtherance of my duties to protect the company’s investors. Should anyone be contacted by Gennaro “Jerry” Pane regarding his intentions to manipulate, overturn, dismantle, divest, sell stock, and/or any other action for or against U.S. Precious Metals, please notify the company at 786-814-5804 immediately so we may properly document and address this tortious and illicit interference of our business’ operations.
You have my commitment: we will not be intimidated, we will not be bullied, we will not go back to the wasteful “do nothing” ways of the past. We will move forward each and every day to return our company to the market value I know it has, and refocus management’s attention on prioritizing the maximization of our shareholders’ wealth.
In closing, I want to assure you that the actions I am taking toward “draining the swamp” have not distracted me from pursuing the company’s primary objective: mining for gold. Rest assured that we are working diligently to resume activity at the mine, and though I am not able to announce anything at the moment, I will be releasing positive and productive news about our mining operations in the coming weeks.