Nilam Resources Clarifies Acquisition, CEO Steps Down Amid Investigations

Nilam Resources releases a second press release amidst stock price volatility. The company claims to have acquired 24,800 bitcoins through a merger with Xyberdata and asserts the existence of audited financial statements verifying this. However, concerns remain as the company fails to address the allegations made by its former CEO, who labeled Nilam Resources a "classic pump and dump." Despite the statement, OTC Markets continues to display a "caveat emptor" designation for Nilam Resources, indicating ongoing public interest concerns.

Nilam Resources Statement Clarifies Acquisition Controversy, CEO Resignation

Nilam Resources, a publicly traded company, has issued a second press release in an attempt to address ongoing concerns surrounding its recent acquisition announcement and subsequent market volatility.

Acquisition Details and Audit Clarification

Following the company's announcement of an acquisition that purportedly would result in the acquisition of 24,800 bitcoins, Nilam's stock price experienced a surge, followed by a sharp decline. In response to inquiries and market uncertainty, Nilam has clarified that the company with which it is merging, Xyberdata, does indeed possess the stated quantity of bitcoins.

Nilam has also stated that audited financial statements have been provided to OTC Markets, the platform on which the company's stock is traded. These statements verify the existence of the bitcoins, according to the press release.

CEO Departure and Management Changes

Nilam has announced that Pranjali More has been appointed as the new CEO, replacing Ron McIntyre. The press release emphasizes that McIntyre's departure was effective August 9, 2023, and that he no longer represents the views of management.

The change in leadership comes after McIntyre's public statements questioning the legitimacy of the acquisition and characterizing Nilam as a "classic pump and dump" scheme. Nilam has distanced itself from these comments, stating that they were not made on behalf of the company.

OTC Markets Caveat Emptor Designation

Despite Nilam's efforts to clarify the situation, OTC Markets has maintained its "caveat emptor" designation on the company's stock. This designation indicates the existence of potential concerns regarding the company's operations.

Ongoing Investigations

Nilam's press release acknowledges that it is aware of the ongoing investigations surrounding the acquisition announcement and market volatility. The company states that it is cooperating fully with these investigations and is committed to providing accurate and timely information to the public.

Market Volatility Warning

Nilam has cautioned investors that the company's stock price may experience continued volatility in light of the ongoing uncertainty. The company advises investors to carefully consider the risks associated with investing in Nilam and to make informed decisions based on reliable information.

Conclusion

Nilam Resources' latest press release aims to address concerns and provide clarity regarding the acquisition controversy and CEO resignation. However, questions remain unanswered, including the origin of the 24,800 bitcoins and the reasons behind McIntyre's departure. OTC Markets' ongoing "caveat emptor" designation suggests that further scrutiny is warranted. The situation continues to evolve, and investors are advised to closely monitor developments and make investment decisions prudently.