Here is an e-mail I received from Peter Boonen this morning:
01 July, 1997
To: Hunter Vann
From: Peter Boonen
For release to all
IMMM, or today more correctly NAMX, obviously feels that it does not need to
keep shareholders and the public informed on significant material issues.
As Theo and others have requested reliable information and the Company will
not provide the detail I, to the best of my knowledge. Shareholders are
joint owners of this Company and, together with the investing public, have a
right to know the real state of material issues.
1. I was supposedly removed as President, CEO on March 23, 1997 and as a
Director on March 31, 1997. The Company did not announce this material
issue until Jun 9, 1997.
2. In a publication circulated by Paul Ebeling on May 16, 1997 to the
investment industry on behalf of IMMM they claimed to have canceled
substantial lawfully issued shares associated with my interests. At this
time no shares had been canceled.
3. On about May 14, 1997 Paul Ebeling was formerly appointed to the Board
although he had already been involved with Maloney and Stamm for some time
prior. He was appointed as Secretary/Treasurer (not CEO which he appears to
assume). This was not announced until June 9, 1997 for release to all.
4. On May 14, 1997 in a Company release supposedly originated by Jesse
Taylor shareholders were assured the "rapid decline" in share price was due
to "aggressive and manipulated short selling". There was NO short selling
apart from possibly some insider dealing. This, together with the various
rumors being circulated, and Paul Ebeling's advice to numerous parties to
average down was all concocted to create a market for an EXPLOSION in share
capital.
5. The Company today has approximately 40 MILLION shares on issue. This is
a material issue of significance, especially when shareholders are being
told certain shares have been canceled and there is no need for concern with
a rapid price decline due to aggressive and manipulated shortselling. Mind
you, there could in fact be more than 40 million shares. No one at the
Company feels a need to report this material matter.
6. I believe that the contracts with the Stamm companies, Zurich Holding
Company and Patroclos Finanz AG. have been re-negotiated on the false
pretext that they were at end. The re-negotiation, I believe, substantially
disadvantages IMMM. Again, the company will not disclose detail.
7. Jesse Taylor, the Company Chairman, who amongst many other achievements
has lectured on Corporate Management at Yale Law School, resigned from the
Company on June 9, 1997. Based on Mr Taylor's advice to me he resigned as
he became aware of share issues to Steven Antebi and Paul Ebeling interests
and associates which had no Board approval or formal authority for issue.
He also became aware of numerous irregularities and misrepresentations, was
unable to achieve lawful corporate governance under his Chairmanship and,
therefore, he felt he had no alternative but to resign. Again, the Company
does not appear to believe it is in shareholder interests to be aware of
this major material issue, the Chairman's resignation and the real
circumstances thereof.
8. Since early March I have questioned certain aspects of Prof. Dr. Stamm's
claimed technology, demanded the Company's rightful entitlement to security
over this technology and further, requested physical substantiation of
Stamm's claim to have flown over the South East Colorado property. I did
not receive Board support in these issues and have since been the subject of
a very deliberate and vindictive smear campaign by certain Company officers
and associates. The issues, however, I believe are still major and
material. Today nothing has been done about them to my knowledge.
In conclusion, whether the rumor of three good holes out of three ultimately
proves to be attributable to Stamm's good science, which is a distinct
possibility, or, to his inside knowledge of existing geological data, which
is also a distinct possibility, is today not as important as:
a) How many shares on issue?
b) What is the contractual basis today of the Company assets? How has it
changed?
c) What were Stamm interests ultimately paid?
d) Who is running this Company and why no contact numbers for the CEO and
principle Seattle office?
e) Who are the "new" shareholders of some 25 million shares and what was
the consideration?
f) Are these shares being issued with inside knowledge of South East
Colorado results (Ebeling claims a major hit and an easy $20 share price on
release of information)?
g) Who is selling? Why?
h) Why did Taylor resign?
i) What happened to the $1,250,000 financing announced February 13, 1997?
j) On May 14, 197 when, by announcement, shareholders were comforted and
encouraged to buy shares, had new shares been issued? If so, how many?
When were balance of shares issued? Why was Ebeling's appointment not
announced same day? (It appears that he authored the release.)
k) On June 9, 1997 in a supposed Company release from Taylor was the
Company aware that he had already resigned? Under the circumstances, why
was his resignation not mentioned? How can the Company support this release
from a resigned officer?
l) After having previously been mislead by Ebeling interests why did
Maloney encourage and support the Ebeling Board appointment, especially as
it was opposed by Taylor?
There are probably many more. I suggest that if you can find a contact
number for the Company CEO, Michael Stamm, ask him to explain,
alternatively, write to the Company's office in Seattle or contact Kevin
Maloney in Sydney on 612 9241 4576. These are the guys responsible for
today's dilemma. Ask them the hard questions. Ask them why? Record their
answers. I would like to thank all shareholders that supported the Company
under my management and to assure them that until this Company becomes
corporately responsible I will continue to do whatever I can as best I can
to ensure that their interests are protected.
Yours Sincerely,
Peter Boonen |
