Palayan Resources Gives Update on Company
Lady Lake, FL - (NewMediaWire) - May 10, 2021 - Palayan Resources, Inc. (the “Company” or “Palayan”) (OTCMarkets: PLYN), a publicly traded, fully reporting emerging growth company, reports that the previously reported joint venture with Provenance Gold Corp. has been rescinded. The rescission was mutually agreed to and requires no further action.
Management recognizes the Company needs to move in a new direction and will pursue acquisition opportunities that will benefit private companies through PLYN’s public status. The benefit to the Company and its shareholders will be from acquisitions based on growth and revenue of targeted acquisitions.
PLYN will be restructured as a holding company seeking transactions on a managed basis, acquiring controlling interests in acquisition targets as subsidiaries of the Company. Using a holding company strategy, the company will be able to mitigate risk while making multiple acquisitions. All targeted acquisitions must be audited or auditable.
The Company will make either majority or minority investments in companies that meet its investment criteria.
As a holding company PLYN will not manufacture anything, sell any products or services, or conduct any other business operations. Its purpose, as the name implies, is to hold the controlling stock or membership interests in other companies.
The Company is taking an agnostic approach regarding industry. In almost every contemplated acquisition PLYN will retain the acquired management team. The subsidiary, having its own management, will run the day-to-day business. The retention of management post-transaction will maintain operational continuity. PLYN’s management will be responsible for overseeing the operations of the subsidiaries and assisting management as needed.
The Company is seeking opportunities in mature private companies in transition or growth mode. Management has begun sourcing opportunities through a number of third-party organizations. Transactions will be subject to industry standard due diligence requirements. Of course, no two acquisitions are the same, so the due diligence process will vary from one situation to the next. In general, however, there are up to five types of due diligence; (i) Business; (ii) Accounting; (iii) Legal; (iv) Valuation and (v) Environmental, that will need to be completed as part of the process for any proposed transaction.
The Company has renewed its Consulting and Services Agreement with Cicero Transact to develop a new web and social media presence based on the Company’s new growth strategy, as well as identify potential acquisition targets.
About Palayan Resources, Inc.
Palayan Resources, Inc. is an emerging growth company. The Company will focus on pursuing acquisition opportunities that can benefit private companies through PLYN’s public status, acquiring revenue producing transactions. Headquartered in Lady Lake, FL, Palayan Resources is aiming to build a portfolio of companies that generate revenue and profitability.
For more information:
Contact us via:
Phone: (407) 536-9422
Cautionary Note to U.S. and Foreign Investors
Palayan Resources Inc., (PLYN) a public shell company that has its common stock trade on OTCMarkets under the symbol “PLYN”. PLYN files information with OTCMarkets. PLYN is a going concern. The reports filed with OTCMarkets should be read by any potential investor prior to making an investment decision. The information filed with OTCMarkets is available at http://www.otcmarkets.com/stock/PLYN/quote.
Palayan Resources Inc. (“the Company”), a Nevada corporation, is being reorganized as a holding company.
The Company became a public company on July 26, 2013. On November 12, 2014, the Company’s S1 went effective, the shares from the S1, as off the current date, are all free trading, there are 29,948,000 unrestricted shares available in the market, 29,558,879 held at DTC.
Forward Looking Statements – Safe Harbor
This news release contains "forward-looking statements" which are not purely historical and may include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities and words such as "anticipate", "seek", intend", "believe", "estimate", "expect", "project", "plan", or similar phrases may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects, securing necessary financing, the future of the U.S. and global economies, the impact of competition, and the Company's reliance on existing regulations pertaining to the mining and exploration of mineral properties. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. The Company has no mineral resource or reserve estimate in any project at this time and may not have sufficient funding to thoroughly explore, drill or develop any mineral rights. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission. For more information, please visit www.sec.gov.
Source: Palayan Resources, Inc.