Solvex is attempting to misdirect attention to these current issues, I believe.
Solvex has knowingly misrepresented the company's activities,financing and status.
1)Aug 22/96 techstocks.com
2)Aug 26/96 techstocks.com
Please review their 10Q filing Nov 13/96.
The claim vs Solvex is as follows:
1)they have knowingly stated that commercial production would begin at
the latest by Q1/97, even though they had a experiemental permit
to only test the eqpmt, whereas a commercial permit could not be issued without a lengthy review by both AEUB & APEA,which typically takes two years.
Further, they had submitted in writing in their original 1995
application to the AEUB that they did not expect to initiate commercial production until 2002.
2)They stated revenues would be generated by this production which would self finance the balance of the project.
3)they stated that Gibson petroleum had agreed to purchase their
bitumin, have they produced a signed agreement with Gibson?
4)They had sufficient funds to complete the 1st phase of the investment, which we now know they did not since the plant is 60% incomplete.
These are the primary issues which left me with little faith in the company, and with the recent failures of other companies, is one I do not believe the market will ignore.
I will be interested in seeing the other documents mentioned in the article posted here. One way or another, this story is coming to a head. |
