here's an even better story...
ALBUQUERQUE, N.M. --(BUSINESS WIRE)--May 12, 1997--Solv-Ex
Corporation (NASDAQ:SOLV) reports that documents produced to the
Company by Manuel P. Asensio and Asensio & Company, Inc. in
connection with its New York civil litigation provide no documentary
basis for Asensio's claims regarding Solv-Ex.
The documents were produced pursuant to a Federal court order
requiring production of documents which in any manner relate to
Solv-Ex or certain short-sellers. The court order was issued in
response to a subpoena issued by Solv-Ex, which Asensio
unsuccessfully attempted to quash.
According to Solv-Ex Senior Vice President Herb Campbell, "The
minimal volume of documents produced by Mr. Asensio does not
appear to contain any factual support for what has been represented
in his Internet postings and news releases and, for the most part,
consists of skeletal hand written notes and only part of his Internet
postings. Either he is a total sham or has acted in willful contempt
of a court order. We are somewhat amazed to discover that he
apparently does not even possess Solv-Ex's public filings or news
releases."
Campbell continued, "Given the frequency with which Asensio
attacks the Company -- at times using his own name and sometimes
hiding behind various aliases -- the near complete absence of even
the most basic information about Solv-Ex in his document production
is something that Asensio would understandably seek to hide. This
may well explain his desperate attempt to avoid responding to the
subpoena. Indeed, based upon evidence obtained by the Company,
Asensio appears to have filed false affidavits in Federal court in
order to avoid producing any documents to the Company and to avoid
appearing for a deposition which is now scheduled to take place in
about two weeks."
Campbell added, "Mr. Asensio has blatantly ignored regulations
regarding disclosure of information and has demonstrated a lack of
respect for our judicial system. In the case of Solv-Ex, he has
attempted to disrupt our labor and government relations in Alberta,
contractual relationships with third parties and an orderly market
in our Common Stock -- all based upon dissemination of false or
misleading information. We are further aware of threatening
statements he has made to certain supporters of Solv-Ex and blatant
misrepresentations he has made to third parties in an effort to
obtain information. Frankly, it is unbelievable that this
individual can have any credibility in the market place."
Solv-Ex said it is furnishing the Asensio documents to
regulatory authorities and will provide copies (including a list of
his Internet aliases) to shareholders and brokers upon request. |
