The quotes from my post 3083 were cut and pasted directly from the August
22, 1996, press release on SOLV's website.
solvex.com
Nothing in the press release states that they are forward looking statements
or attempts to qualify or limit them in any way. This was not an article
written by soemone else about SOLV. This was their own press release. The
quoted material from post 3083 was stated as fact. (I have copied the entire
press release at the end of this post).
While I appreciate your reponse, and certainly respect everyone's right to a
different opinion, I still seriously question whether SOLV's current predictions
or statements or forward looking statements have any credibility because of the
apparent falsity of their prior statements. When Asensio screwed up the permit
issue, and he did, no one hessitated to chastize him and question his credibility
(and rightfully so) on everything else he says.
Why shouldn't and doesn't the same standard apply to SOLV's statements?
It seems to me that SOLV should be judged by a higher standard and treated
more harsly than the Asensio's of the world when they release statements that
are apparently blatently false and/or misleading. After all, people are
investing in SOLV and not the Asensio's.
Don't you tend to question the credibility of people that have promised you
things that turned out to be false? Maybe I am out in left field, but I think
that most people would question future credibility in such a situation.
How on earth can the truth be a mistatement of law? If SOLV and JR's statements
from August 22, 1996, are truthful and accurate, they should be easily
defended. The lack of a substanative defense, in my mind, tends to suggest
that they are not defensable.
All I am asking anyone to do is provide a factual basis on which to validate
SOLV's and JR's statements from the August 22, 1996, press release.
A while back, everyone chastized tonto for not answering questions after
having made assertions. Again, while I appreciate the response, it did not
answer any of the questions from post 3083.
Just my thoughts....
Troy McKinney
SOLV-EX CORPORATION
COMMENCES MINING
OPERATIONS AND CONFIRMS
FUNDS AVAILABLE TO PRODUCE OIL
Albuquerque, N.M., August 22, 1996 -- Solv-Ex Corporation (NASDAQ -
SOLV) announced that it commenced opening its first mine on its Athabasca
oil sands lease in preparation for commercial production of oil early next year.
According to Solv-Ex Chairman and CEO John S. Rendall, "We have sufficient funds
on hand to ensure our facility will become operational on a commercial basis.
I spent all of last week with our construction team in Alberta, and T am proud
of the progress we have made to ensure that the project is on schedule and under
budget. We have made significant acquisitions of surplus buildings and
reconditioned equipment at attractive prices. This allows us to accomplish much
of the work ourselves in a manner which is quicker and less costly than would be
the case with extensive use of major outside contractors as originally planned."
Mr. Rendall emphasized that delays incurred in completing total financing
caused by skeptical reports in the media would not prevent the company's oil
sands plant from becoming operational early in 1997. "However, it has been
necessary for us to adapt to the new circumstances in order to begin generating
positive cash flow early next year and reach full production of pipelineable oil
products later in the year," Mr. Rendall said. In addition, the company still
plans to complete the minerals processing circuit by mid-1997, which is a full
year ahead of the original schedule for co-production. This will enable Solv-Ex
to produce minerals and metals from clays on its own lease (independent from
oil production). The company can then be in a position to establish that the
technology is commercially viable for clean-up of existing waste tailings in
ponds owned by others.
For further information at Solv-Ex contact:
Dean Gardy - Director of Investor Relations-(505) 243-7701
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