Golden Eagle Announces the Historic Clearance to Trade Its Stock On the OTC Bulletin Board
December 12, 2000 5:14:00 PM ET
SALT LAKE CITY--(BUSINESS WIRE)--Dec. 12, 2000--Golden Eagle International, Inc. MYNG announced today that the NASD has given J. Alexander Securities, Inc., clearance to quote Golden Eagle's common stock on the Over-the-Counter ("OTC") Bulletin Board...
The NASD's clearance of Golden Eagle's stock for quotation on the OTC Bulletin Board is historic in that, according to the Wall Street Journal, it is only the third time in the history of the Bulletin Board that a stock which has experienced a suspension in trading has been cleared again for quotation.
Terry C. Turner, Golden Eagle's president, stated: "This is a red-letter day for Golden Eagle and its shareholders. This has been a long, uphill battle in which our shareholders have loyally supported the Company in reaching this important goal. Quotation on the OTC Bulletin Board permits Golden Eagle's shareholders a much higher degree of liquidity in the Company's stock."
Trading in Golden Eagle's stock was suspended by the SEC for 10 days on June 19, 1998, "because of questions regarding the accuracy and adequacy" of a press release the Company had issued concerning its Bolivian gold deposit. The SEC also filed a civil injunctive action against the Company, some of its former officers, and its current president (SEC v. Golden Eagle, et al (98-Z-1020 D. Colo). The former officers settled their suits with the SEC, as did the Company in February of 1999, neither admitting nor denying any wrongdoing. The Company was not assessed a fine or civil penalty.
However, the Company's current president, Terry C. Turner, pursued the matter to trial in February of 2000. After 4 days of expert testimony, the Federal District Court for Denver, Colo., found for Mr. Turner on all counts of the SEC's civil action and dismissed the SEC's complaint.
Golden Eagle's market makers filed several applications for quotation of the Company's stock on the Bulletin Board since February 1999, after the Company settled its case with the SEC. Those market makers had reiterated their filings after the Federal Court's judgment for Mr. Turner in February 2000. As a result of those efforts, the NASD today issued its clearance for quotation of Golden Eagle's stock.
Golden Eagle International, Inc. is a gold exploration and mining company located in Salt Lake City, Utah. The Company is currently focusing its efforts on developing its mining rights in the Tipuani Gold Mining District in Bolivia. For more information about the Company, call Sabrina Martinez at 801/619-9320. Media inquiries should also be directed to Ms. Martinez.
Information regarding Golden Eagle can also be found at its website, www.geii.com, where management recommends that all shareholders and prospective shareholders review its Annual Reports on Form 10-KSB, Quarterly Reports on Form 10-QSB and Current Reports on Form 8-K. The future conduct of Golden Eagle's business and its response to issues raised by third parties are dependent upon a number of factors, and there can be no assurance that Golden Eagle will be able to conduct its operations as contemplated. Certain statements contained in this release using the terms "may," "expects to," and other terms denoting future possibilities, are forward-looking statements. The accuracy of these statements cannot be guaranteed as they are subject to a variety of risks that are beyond Golden Eagle's ability to predict or control and which may cause actual results to differ materially from the projections or estimates contained herein. These risks include, but are not limited to, the risks described in the above press release; those risks set out in Golden Eagle's disclosure documents and its annual, quarterly and periodic reports; and the other risks associated with start-up mineral exploration operations with insufficient liquidity, negative working capital, and no historical profitability. All of these risks, as well as all other risks associated with a small gold mining company and South American operations, should be carefully examined by all shareholders and prospective shareholders. Golden Eagle disclaims any obligation to update any forward-looking statement made herein. © 2000 BusinessWire |
