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USCorp Announces July 1, 2013 Record Date and Open Letter to Shareholders

26.06.2013  |  Business Wire


USCorp (OTCMarkets: USCS.PK) today announced the record date for spin
offs: July 1, 2013. Shareholders of record on July 1 will receive one
share of Imperial Metals, Inc. ('Imperial?) and one share of USMetals,
Inc. ('USMetals?) for each 10 shares of USCorp owned at the close of
business that day. USCorp is pleased to release the following open
letter to its shareholders and to make this information available to the
general public.


'Dear Shareholders,


We have accomplished quite a bit toward spinning off Imperial and
USMetals and we are not yet done. For many of our shareholders the often
arcane minutia of the process of spinning off these subsidiaries has
been a source of frustration. Shareholders have asked questions about
the more esoteric and newer rules and regulations that govern this
process. In order to clarify the process and where we are in it I want
to present the following summary of the major accomplishments and tasks
we have completed so far:

Legal, Accounting and Auditing: these are the most expensive and
time consuming 'behind the scenes' aspects of being a public company. We
secured an international accounting firm that specializes in mining to
handle the bookkeeping for USCorp and both subsidiaries. We secured a
PCAOB (Public Company Accounting Oversight Board) member Auditing firm
for USCorp and both subsidiaries. We split out both subsidiaries′
accounting going back to 2002 and created standalone audited financial
statements for fiscal years ending 2011 and 2012, along with standalone
auditor reviewed financial statements for the first two quarters of 2013
as required by the SEC. We secured an additional experienced and
qualified securities attorney to prepare legal filings and applications
with various regulatory agencies.

Corporate Structures: We changed the name of Southwest Resource
Development, Inc. to Imperial Metals, Inc. and increased the authorized
shares of USMetals and Imperial Metals to 200,000,000 shares each.

Regulatory: We filed with the SEC the Form 10 registration
statements for Imperial and for USMetals so each subsidiary will become
an independent reporting issuer. We filed a Notice of Corporate Action
with FINRA (the Financial Industry Regulatory Authority) for the record
date of July 1, 2013 for USCorp to determine who will receive shares of
Imperial Metals and USMetals to USCorp shareholders.

USCorp′s Spin Offs Major Items Yet To Be Completed ? As soon as
Imperial and USMetals are standalone corporations, these tasks will no
longer be USCorp′s responsibility, but that of Imperial and USMetals
independently.

Announce the Distribution Date: The distribution date is expected
to be set after Imperial′s and USMetals′ Form 10 Registration Statements
become effective ('effective' means the registration process is
complete, the subsidiaries will be standalone corporations and they will
begin filing quarterly and annual reports with the SEC) and then the
transfer agent will distribute the shares of Imperial and USMetals to
USCorp′s shareholders of record as of July 1, 2013.

Plans Going Forward: For the initial transition period USCorp,
Imperial Metals and USMetals will have the same management just as they
do now. It is the intent of management to pursue and consummate
joint-ventures and other deals for financing and assets in all three
corporations. USCorp expects that management of each corporation will
change as a result.


Sincerely, Robert Dultz, USCorp Chairman, President and CEO?


USCorp is an exploration stage company with gold and silver projects in
Arizona and California. Information about USCorp can be found at the
company′s website: http://uscorpgold.com.


SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT
OF 1995: The statements contained in this release which are not
historical facts are forward-looking statements that are subject to
risks and uncertainties that could cause actual results to differ
materially from those set forth in or implied by forward-looking
statements. These risks and uncertainties include the Company′s entry
into new commercial businesses, the risk of obtaining financing,
recruiting and retaining qualified personnel, and other risks described
in the Company′s Securities and Exchange Commission filings. The
forward-looking statements in this press release speak only as of the
date hereof, and the Company disclaims any obligation to provide
updates, revisions or amendments to any forward-looking statement to
reflect changes in the Company′s expectations or future results.


USCorp

Robert Dultz, Chairman and CEO

robert@uscorpgold.com

or

Martin
E. Janis & Company, Inc.

Beverly Jedynak, 312-943-1123

bjedynak@janispr.com



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