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Gold/Mining/Energy : Big Valley Resources (BV-ASE)
BV 12.77-0.8%2:31 PM EST
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To: bcjt who wrote (205)11/19/1999 6:52:00 PM
From: bcjt  Read Replies (1) of 231
 
Big Valley seeks litigation in HDL Wood settlement

Big Valley Resources Inc BV
Shares issued 21,359,310 Nov 17 close $0.34
Fri 19 Nov 99 News Release
Mr. Lloyd Tattersall reports
The company has been unable to negotiate a settlement with HDL Wood
Industries Inc. with respect to a proposed $25-million (U.S.) wood
hardening and fine wood veneer business as previously announced. The
company has retained legal counsel and subject to advice from counsel, will
proceed to have the matter resolved either through binding arbitration or
litigation. A resolution of this matter by way of arbitration or litigation
was authorized by company shareholders at the Oct. 8, 1999 annual general
meeting.
The issue in dispute between the company and HDL is the legal title to
various assets acquired as part of the proposed wood products business. The
assets in question consist of a 54-acre commercial lot in Ucluelet, B.C.; a
small scale wood hardening plant in Pappeenranta, Finland; and the
equipment from a small resaw mill, currently in storage in Surrey, B.C. All
of these assets were purchased by HDL with funds provided by the company
pursuant to various underlying agreements between HDL and the company.
As reported in Stockwatch Nov. 25, 1998, the company was unable to secure a
$25-million (U.S.) financing for the proposed wood business. In good faith,
the company agreed to allow HDL to proceed with its own efforts to secure a
project financing. By the spring of 1999, the company concluded that HDL
was unable to secure the necessary financing to proceed on its own. The
company's subsequent efforts to negotiate a termination agreement with HDL
have been unsuccessful.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com

bcjt
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