Sept.20/99 Notes from annual meeting.
These are some of my notes from the meeting. ~40-50 shareholders were present representing about 25% of the outstanding shares.
Summary: meeting lasted 15 minutes and then 2 hours of questions and answers.
YES votes on proposals 1,2, and 3.
Proposal #4 (to allow the company to issue up to 20 million more shares for private placement)
"WAS DROPPED".
Ken Brunk (vice president of Bateman) was 'not' present due to illness, but he should be in Fredericton in the near future. The company is considering doing "a press comference" when Ken Brunk is in town
for publicity reasons.
Mr. Brian Neill (chairman of the board of directors, and vice president) will be taking more of a full time position in the company to agressively promote the company to the investment community.
Message from President (James Tranquilla).
Bateman CEO dr. Johan Herselman was in Fredericton N.B. to meet the company members and see the facilities. (public relations).
James Tranquilla has been in South Africa and Australia in the past few weeks.
Excellent responses from mining companies and media (15-20 media sources).
3 "Requests for proposals" (RFP's) for operational plants were made during the visit by potential clients.
Bateman is mobilizing +++ resources for hopeful upcoming cntracts.
Questions and Answers.....
Many topics were brought up.
One very agressive/angry investor asked alot of questions and accused the company of many things.
This was NOT mr. Coyle.
Mr. Coyle asked alot of questions and wants the company to do as much as possible to promote the company and increase share price. (He also said that he only sold ~240,000 shares in 1998).
Many people were concerned about the low share price.
Bateman Partnership:
The private placement presently underway is mostly with Bateman.
EMR members are not sure, but Bateman may buy more shares off the market after the private placement is concluded. (they might not).
Apparently they can buy (up to Either 19.9% or 24.9%) and no more because they would have to make a take-over bid.(There is NO plan for any take-over).
Bateman signed the MOU in Nov/98. Since then, Bateman has given EMR ~ $190,000 and has spent hundreds of thousands of dollars doing their due diligence.The pilot plant in Lincoln N.B. was tied up for months running samples, and the samples were analyzed by independent labs. This was all paid for by Bateman and all results were "EXELLENT".Bateman was then very eager to finalize the MOU.(That was the press release in August/99).
Bateman will get money from engineering contracts.
EMR will get money from royalties. Royalties will be paid to EMR for the use of their technology, and EMR will also pay a small percentage to Bateman for assistance in marketing the technology.
Likely, EMR will receive ongoing royalties (over the life of a mine) as the mineral is extracted and processed using EMR's technology. Occasional lump-sum payments for the use of the technology may occur.
Future plans:
1)The next 30-45 days are intense meetings to finalize who and where gets built first.
2)Should have an announcement of a sales contract in 1999. Hopefully more than 1 on the go at any one time.
3)It may take 1 year to build the operating plants.
4)Hopefully, when the contracts are announced, they will include the royalty % that is to go to EMR. (EMR has no problem providing all info possible to the public).
5)Agressive promotion of company to the Financial world and investment community.Before it was more promotion to possible clients and to the mining community.
I'll try to remember more.
thats all for now.
Gary. |
