REE International, Inc. today before the opening bell provided the following letter to the investment community from its CEO Tom Mackay.
Dear Shareholders,
It is my pleasure to discuss REE International’s developments to date as well as our plans for the future as we prepare to enter 2012.
I have recently been appointed to the CEO position and am entirely focused on leading the company in a new direction that is aimed at producing significant revenues and increasing shareholder value to the maximum potential. Additionally, I would like to emphasize management’s determination and dedication to being transparent with our shareholders.
We believe that REE International is very well positioned to capitalize on the rising demand for rare earths. As we stand today, REE International is predominantly a rare earth exploration company with efforts primarily focused on the mining and sale of tantalum and niobium.
Next year we will be looking to expand our claim holdings in South America. Acquisition candidates that are consistent with our current agenda will be evaluated to determine potential impact on overall shareholder value. We will not spend capital on acquisitions that would take away from progress at our current project in Venezuela. Our philosophy is based on advancing assets, not using up resources to stake claims only to allow them to sit idly on the balance sheet.
Although we are still in the initial growing stages as a company and have to raise additional capital to fully execute our business plan, we are very optimistic about our future and ability to provide significant returns to shareholders. REE International has assembled a seasoned management team more than capable of advancing our strategies and meeting production goals.
As indicated previously, the overall shortage for elements such as tantalum and niobium is expected to worsen over the next few years unless a significant producer emerges. The Democratic Republic of Congo has been ruled out as a producer because of conflict minerals, and major mines in Australia were shut down in 2008 as a result of worldwide economic conditions. Moreover, China announced that they will be producing less rare earth minerals while trying to import more. This leaves a large gap for tantalum rich countries like Venezuela and Brazil to step in and capture a significant market share.
The Board of Directors and I would like to take this opportunity to thank you for your patience and continued support, and look forward to enhancing shareholder value as we proceed. We will provide more information about our current project in Venezuela in the very near future.
Sincerely,
Tom Mackay
REE International
Chief Executive Officer
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