DOHA, QATAR, January 24, 2025 — Hiru Corporation (OTC: HIRU) today announced that its Board of Directors has taken several significant actions to strengthen corporate governance, clarify operational structure, and enhance shareholder services.
Share Transaction Review: The Board has initiated a comprehensive review of several significant share transactions from 2024, including:
- 380 million shares were originally allocated for transfer to Patagonia Lithium Limited but issued to Bayern Industries LLC. These shares are currently under administrative hold pending review.
- 242 million shares transferred to GB II Partners Inc. in September 2024
- 194 million shares transferred to SLS Group LLC
“Our Board is committed to ensuring all share issuances comply with applicable securities laws and regulations while protecting shareholder interests,” stated H.E. Sheikh Khalid Nasser A.S. Al-Thani, CEO and Chairman. “The review process will include detailed examination of all transaction documentation, verification of consideration received, and compliance assessment with securities regulations.”
Water Business Separation and Note Resolution: The Board has taken definitive action to clarify the company’s relationship with prior water bottling operations by formally rescinding a $1.4 million convertible note agreement from May 2022 with Bayern Industries LLC. This decision follows the discovery of material inconsistencies in documentation and financial records, including:
- No clear evidence of the $1.4 million being received as cash
- No record of equipment purchases
- No corresponding asset entries
- Unexplained fluctuations in reported loan balances
The water bottling business and equipment remain with AZ Custom Bottled Water LLC, which has executed a quit claim transfer of the equipment to Bayern Industries LLC, followed by a lease arrangement for continued use. The equipment remains located at 5524 North 51st Avenue, Glendale, Arizona 85301, which is notably also the current address of The Alkaline Water Company, Inc. (OTC: WTER).
Management Changes and Transfer Agent Update
The Board has formalized the termination of all positions and relationships between former officer Sasa Vasiljevic and the company, effective immediately. Any compensation claims should be directed to the entity through which he was originally appointed.
Additionally, the Board has authorized management to begin the process of selecting a new transfer agent to enhance shareholder services. The evaluation process will include:
- Research and assessment of potential candidates
- Review of service capabilities and technological infrastructure
- Evaluation of pricing and service level agreements
- Presentation of recommendations to the Board
Implementation Timeline: The company expects to complete the share transaction review within 30-60 days and will implement any necessary corrective actions based on the findings. The transfer agent evaluation process will proceed concurrently, with selection to be announced upon completion.
The company will amend its Q3 financial statements to accurately reflect these changes and update all corporate profiles accordingly.
About Hiru Corporation
Hiru Corporation (OTC: HIRU) is a Georgia corporation focused on copper mining and resource development, primarily through its flagship Balfour Copper Project in northwestern Tasmania, Australia. The project spans 70 kilometers and includes over 110 identified copper-gold occurrences, with a JORC-compliant resource at Murry’s Reward. While incorporated in Georgia, USA, the company maintains a global presence with its Board of Directors headquartered in Doha, Qatar, and a remote workforce structure. The company holds exclusive 50-year mining rights and projects annual production of 50,000 tonnes of copper concentrate, with an initial 10-year mine life processing 500,000 tonnes annually. With a technical value estimated at A$123.5-200 million, Hiru Corporation is strategically positioned to become a significant player in the global copper market, particularly supporting the worldwide transition to renewable energy and electric vehicles.
Forward-Looking Statements: Certain statements in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially. The company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise.
