ABL pays first disbursement
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ALPINE, UT, March 16 /PRNewswire-FirstCall/ - American Biotech Labs (ABL), a private company of which Clifton Mining Company currently owns 24% has dispersed 45% of earnings to shareholders, including Clifton Mining Company.
IN THE BLACK
ABL, while focused primarily, during 2005 on testing and additional patent filing, earned a profit. The majority of earnings were spent on new research and development, market entry costs for new products, expanded production, government filings on new products, and additional filings on current products. Even while sustaining such development costs, ABL was still able to generate a profit of $233,000. Clifton, as an ABL shareholder, was the recipient of 24% of the disbursed funds.
MOVING FORWARD
Said Keith Moeller, Vice President, 'Management realizes that this is just the first step in a very profitable ownership position for Clifton and its shareholders. ABL should provide Clifton with a rapidly growing income stream while Dumont Nickel, our joint venture partner on the mining side, continues to push the mining properties toward production. Because ABL is moving forward at no cost to Clifton and because Dumont is paying for the majority of exploration and development costs, Clifton is beginning to reap the rewards of excellent positions in both biotech and mining industries at the same time.'
Clifton trades on the U.S. OTC: (CFTN).
Note: Any statements released by Clifton Mining Company that are forward looking are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Editors and investors are cautioned that forward looking statements invoke risk and uncertainties that may affect the company(equal sign)s business prospects and performance.
SOURCE Clifton Mining Company
