Opinion, Lithium Batteries are now being replaced:
Naxos quarterly results
Naxos Resources Ltd NAXOF
Shares issued 31,678,737 1899-12-30 close $0
Monday Jul 5 1999
An anonymous director reviews the company
During the quarter ended April 30, the company continued its focus on the Franklin Lake project. In order to conserve funds, it has turned over the optimization of the pilot plant at Franklin Lake to the large chemical company that provides the bromine used in the process. By utilizing their expertise, at no cost to Naxos, it saves funds by not using chemicals, power and labour in a trial and error optimization process. Results expected from the chemical company have not arrived in time for this report.
Also, a 1982 U.S. Geological Survey study of Franklin Lake says that the playa appears to contain significant amounts of lithium. Naxos has verified this existence at two laboratories and is diligently pursuing avenues to best exploit this potential resource.
The company continues to seek ways to reduce its operating costs to conserve cash. During the first six months of fiscal 1999, cash used in operating activities was reduced by more than 50 per cent ($2,432,131 to $1,076,608) compared to the same period in fiscal 1998.
During the first six months of fiscal 1999, options for 230,593 shares were exercised resulting in proceeds of $184,474.
At the annual general meeting, the following directors were elected: Martin Blake, Lloyd Brewer, Lawrence Brierly, Stanley Combs, Bruce Downing, Daphne Elworthy, Gerard Gallissant and Jim Sahlin. Four of the directors were management's nominees while four came from the dissident shareholders list of nominees. At the meeting, Father Gregor Ofiesh withdrew his name from the list of nominees. After the meeting, the board met and elected Paul Del Guidice to the board. However, Dr. Del Guidice has subsequently resigned as has Mr. Blake, who found the board function was diverting too much of his time from research and exploration activities at Franklin Lake.
Despite obtaining four of the eight seats on the board and withdrawing his own nomination, Father Ofiesh is suing to overturn the election. In addition to the normal costs of an annual general meeting the company has been forced to spend an excessive amount of money defending against such legal actions taken by Father Ofiesh. We are hoping to work together to resolve this situation and to come to an agreement that will benefit Naxos Resources Ltd. and its shareholders as a whole.
We look forward to moving ahead in the third quarter in our efforts to realize the full potential of Franklin Lake.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
Chucka- a day late and a dollar short. Was this Lithium Information With-held all thru these years? Seems to me that old IPM had Lithium Deposites in Canadian Claims on the back burner for some economic reason some 4 years ago, 3 YEARS? Would Mark not of sold if he knew this was in the works? Others? Strange, me, I am out and staying out.
The Nuclid Battery
The nuclid battery which is a more advanced version of the nuclear battery,
owned 100% by Rhombic Corporation, produces energy from the breakdown of
unstable isotopes of a number of basic elements such as Krypton, Strontium,
and Cesium. The battery's single purpose is to provide a generation or more
of constant energy for both manned and unmanned space flights to nearby
planets and eventually outer space.
Special Update - On April 9, 1999 a special report was released on the Nuclid
Battery which stated, "Recent planning among the Russian and German
co-inventors of the Rhombic Radio Nuclid Battery (Dust Plasma Battery)
includes information about extensive experiments by the Russian Academy of
Sciences with anticipated new runs on the MIR Space Station.
Members of the forthcoming International Space Laboratory, after docking its
third module, and scheduling astronauts for the year 2000, will provide a
priority experiment in space to be performed by the Rhombic Dust plasma
Battery.
The last experiments in the MIR space station were continued throughout
January 1999, and are still being evaluated at present. One of the first
experiments in the manned flight in early 2000 will be on dust plasmas. A
Russian team will cooperate in the experiment with a team from the Max Plank
Institute in Germany.
Dr. Heinrich Hora, representing Rhombic Corporation, recently initiated
contact with the International Computer and Communication Corporation (IC&C)
in Reston, Virginia, for promoting the Battery for use among the low orbiting
communication satellites to be launched in the near future for the fast
expanding cellular and internet business. Large-scale development and mass
production of the Battery may neccessitate the involvement of a large
satellite company or a consortium of them. Doctor Hora's contacts with
communication companies, in particular IC&C, may help Rhombic in these
developments.
Dr. Hora's latest report indicates that the much lighter weight and lesser
cost of Rhombic's Super Compact Battery may prove essential to reduce the
projected cost of the first 400 satellites into space. Former vice president
of the Russian Academy of Sciences, Dr. Vladimir Fortov, lately reported to
Dr. Hora that there has been "extensive progress" of work on the SRB with
dust plasmas.
Contacts will take place between the top producers of satellites at the IC&C
summit in Geneva, 13/14th of June, 1999. Among new members being sponsored is
the Russian Academy of Sciences. Rhombic Corporation soon will have the honor
of being considered as a member.
Diamond Flywheel Battery
In May 1997, Rhombic Corporation acquired a method for storing large amounts
of electrical energy for both portable and fixed applications. The
acquisition, named "The Diamond Electromechanical Battery" with a patent
application in Germany, is a specialized variation of the high-velocity
flywheel technology for its first-time use of diamond layers as a flywheel
reinforcement. Rhombic was selected to develop the diamond flywheel battery
by a team of German and American inventors because of the company's intensive
involvement in forced diffusion.
SEC DISCLOSURE, I do IR Assistance work now with Rhombic Corporation, I am adding this above info for 2 reasons...the ECONOMIC TALK was intentionally with-held, and I don't think that is fair to shareholders. JMHO Individually. |
