O'QUINN'S CLIENT IBCL UPDATE:->UPDATE: INTERNATIONAL BIOCHEMICAL INDUSTRIES, INC (OTCBB: IBCL) – NOBODY'S HOME
March 18, 2004
Here's a variation on the old "tree that falls in the woods" routine. If a company has no officers, directors or employees does it really exist? This would appear to be the conundrum facing International Biochemical Industries, Inc. (Pink Sheets: IBCL).
On May 6, 2004, International Biochemical's chief executive officer/ president and secretary/treasurer resigned after just two months on the job. The Company's previous President had resigned on March 1, 2004. All of its directors resigned on January 17, 2004, the same day International Biochemical filed for protection under Chapter 11 of the Bankruptcy Act in U.S. Bankruptcy Court in Texas.
The situation at International Biochemical had been deteriorating for more than one year. On February 6, 2003 the Securities and Exchange Commission halted trading of the Company's stock, citing concerns about the accuracy of claims that the U.S. government had contacted International Biochemical to discuss the effectiveness of its products in the war against bioterrorism. See International Biochemical Industries - What Government Agency? While the SEC did not specify the questionable communications, it is likely that they were troubled by a series of press releases issued by the Company.
On January 28, 3003, for example, International Biochemical distributed a press release with the following headline:
Federal Government Agency Requested Today an Urgent Meeting With IBCI to Discuss BioShield Products Concerning the War on Bioterrorism.
The press release provided no meaningful information about the potential relationship. The following day, January 30, 2003, International Biochemical issued another press release, this time disclosing the scheduled date for a meeting between the Company and the unnamed government agency. This time, the Company claimed that a federal agency was urgently seeking the meeting in order to discuss test data and products that will be effective in the war on bio-terrorism.
On February 3, 2003, the Company sent out more press releases, making further unsubstantiated claims about government contacts and meeting.
Shortly thereafter, the SEC halted trading in International Biochemical stock.
Now the Company would appear to be foundering in bankruptcy and without any management team. Worse yet, on May 6, 2004, the Company revealed that a grand jury was investigating the events surrounding the issuance of those press releases.
It seems that the government has indeed come calling at International Biochemical - but nobody's home.
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