Sep 21 2010
AmerAlia, Inc., (OTC Bulletin Board: AALA), a natural resources developer, producer of natural sodium bicarbonate, today announced its corporate name change to "Natural Resources USA Corporation."
The previous name, AmerAlia, Inc., has been used for over two decades.
A shareholders' meeting on September 14th approved the name change.
Chairman of AmerAlia, Inc., Mr. Bill Gunn, said that in view of the recent restructuring and the achievement of major milestones, it is now appropriate to rename the company to more accurately reflect its business activities.
"Our recent restructuring consisted of securing all outstanding stock in Natural Soda Holdings, Inc. ("NSHI") that we did not previously own to secure 100% ownership. We acquired the shares from funds managed by The Sentient Group," said Mr. Gunn.
"Sentient is our largest shareholder and a private equity investor in natural resources throughout the world, managing in excess of $1.3 billion.
"Whilst we are predominantly a sodium bicarbonate producer from our world class naturally occurring deposit, we also own a second and, potentially, a third significant natural resource asset," he said.
AmerAlia owns conditional and unconditional water rights located in the Piceance Creek Basin, a part of the Colorado River drainage system, that entitle it to a maximum of 108,812 acre feet (35.46 billion gallons) of water per year under certain conditions.
"Our sodium bicarbonate business, also located in the Piceance Creek Basin, produces and sells in excess of 100,000 tons of sodium bicarbonate per year making it one of the larger producers of sodium bicarbonate in North America," said Mr. Gunn.
"We have also identified large deposits of oil shale, contained within the sodium leases, and we are now investigating proprietary technologies to recover oil from the shale.
"Whilst we currently do not have title to any oil shale contained within our sodium leases, we have applied for a research development and demonstration lease covering these oil shale deposits, to hopefully add this third asset to our valuable portfolio," he said.
The change of name aims to reflect the company's present and future focus of identifying and developing natural resources.