Businessweek

U.S. Rare Earth Minerals, Inc. filed its 10-K on Apr 15, 2013 for the period ending Dec 31, 2012. In this report its auditor, Paritz & Company, P.A., gave an unqualified opinion expressing doubt that the company can continue as a going concern.

On 03/28/2013, U.S. Rare Earth Minerals, Inc. announced that they will be unable to file their next 10-K by the deadline required by the SEC.

Paul Hait, 73, chairman of the board of directors of U.S. Rare Earth Minerals, Inc. has retired effective immediately due to the necessity of caring for his wife who is quite ill. Caring for his wife will require all of his attention and time and will mean that he will have no time available any longer to devote to the company’s business activities. The board of directors accepted his resignation on February 8, 2013. Dennis Cullison, president and treasurer, will also assume the position of chairman of the board and will continue as a director. He will perform all of the duties of chairman of the board as well as continuing to perform the duties of president and secretary. The board of directors of the company has appointed Michael Tague, 54, as chief financial officer and a director of the company in order to fill the vacancy created by the retirement of Paul Hait.

U.S. Rare Earth Minerals, Inc. announced that its international distributor, International Business Alliance, LLC (IBA) has obtained a permit from the Vietnamese government allowing them to distribute and sell EXCELERITE(R) throughout that country. IBA has also secured warehouse facilities and a permit to import EXCELERITE(R) into Vietnam. IBA has placed an initial order for 50 metric tons of EXCELERITE(R) with USMN for immediate shipment to Vietnam.

U.S. Rare Earth Minerals, Inc. announced that at a special meeting of the Board of Directors held on July 30, 2012, the Board of Directors voted to accept the resignation of Paul Hait as Chief Executive Officer. Mr. Hait will remain in the position of Chairman of the Board and he will remain a director of the corporation. The change was requested by Mr. Hait as he has a very ill spouse who requires a great deal of his attention on a daily basis and also because of his age at 73 years he cannot work at the same pace as he was able to do so previously. His duties as Chief Executive Officer will be assumed by Mr. Dennis Cullison, President.