Just wish to say hello to all on this thread. I am new on SI but i have been reading just about every post from the beginning.
I would like to address the persons on this thread that apparently have a need to malign this stock whose price, as many have said, will not be affected to any notable measure as has been seen thus far WHY ARE YOU HERE IF YOU HAVE NO BELIEF IN THIS STOCKS POTENTIAL??? Thank you to those who attempt to provide useful information, Faris particularly. It would be a shame to lose the purpose of this tool and that is to collectively consider promising financial considerations not to play verbal joust.
I agree that everyong has an agenda and I will state mine up front,I am in for the long run.
Did anyone notice that Rueters had no interest in this stock prior to the promising developments in Kazachstan? Subsequent to their interest they have posted information with an obviously negative slant? SMELLS LIKE BIG MONEY INVOLVED TO ME.
Why hasn't the article "AIPN Responds to Erroneus and Misleading Reuters Article" of July 31, 1997 Business Wire been made more public? SMELLS LIKE BIG MONEY INVOLVED TO ME.
AIPN Responds to Erroneous and Misleading Reuters Article
NEW YORK--(BUSINESS WIRE)--July 31, 1997--AIPN said today that two Reuters articles published on Tuesday, July 29, 1997 following a company press conference Monday evening included serious errors which resulted in a precipitous decline in its stock price until a retraction was issued yesterday when the stock recovered.
The company said the article included approximately 9 errors and omissions, the most serious of which said that Company Chairman and Chief Executive Officer George N. Faris and another major shareholder had sold some of their AIPN stock. The second article which followed an hour later said that due to an extremely negative article published earlier, investors exited the stock in heavy volume of 23.7 million shares. None of these statements were even remotely close to factual. Dr. Faris had actually said that the company has sold approximately 800,000 of the 4.5 million shares of its holds of Mercantile International Petroleum Common Stock, which the company received as partial proceeds from the sale of its S.A. subsidiaries in February 1997. The volume reported in the subsequent article was also grossly incorrect. The volume reported of 23.7 million shares was 10 times the actual volume traded at the time the article was released. Only approximately 4 million shares were traded for the entire day.
The company said that the article also indicated the company did not have enough funding to develop the project. However, Dr. Faris stated in the meeting that the company has the necessary capital to complete the minimum five-year work program obligations, which includes the acquisition and reprocessing of certain seismic data and the drilling of two exploration wells. However, he said that because of the vast size of the concession, which even a major oil company would not attempt on its own, that the company is having discussions with various potential joint venture partners to join the company in the project. He said that this participation could be on a field by field basis or it could include the entire License Area.
The company notified Reuters of the errors and the publisher printed a retraction of the stories yesterday. The company said that it sincerely hopes that none of its shareholders were harmed by errors in the article. It said the press should be more diligent in verifying the content of its stories before its articles are published.
American International Petroleum Corp. is an international exploration and production company engaged in oil and gas projects in Kazakhstan and in refining in Louisiana.
CONTACT: Wall Street Associates/Millennium Holdings Group Inc.
561/988-2334
12:27 EDT JULY 31, 1997
Peace,
NoMoney |
