<yawn> your typical response...
VANCOUVER, British Columbia, March 4 /PRNewswire/ -- Crystallex
International Corporation (Amex: KRY)(Toronto: KRY.) today announced that it
has instructed legal counsel to commence proceedings against Asensio & Company
Inc. for disseminating false and misleading statements about Crystallex and
its officers.
Crystallex chairman Robert Fung categorically denied Asensio's
unsubstantiated allegations contained in a report dated March 4, 1998 that
asserts Crystallex has "no direct or indirect interest or claim to Las
Cristinas gold concessions."
"We are outraged at any suggestion that Crystallex is disseminating false
or misleading information in order to defraud investors and categorically and
unequivocally deny the allegation," Fung said. "We note that the report makes
serious allegations unsupported by facts, and then includes a disclaimer that
'Opinions expressed are subject to change without notice' and that 'accuracy
in not guaranteed.' We have since learned that Asensio is a notorious short
seller. Short sellers have a direct financial interest in depressing the
price of the stock of companies they target."
Fung said Crystallex will pursue the matter with securities commissions
and regulatory bodies in the United States and Canada, including the Toronto
Stock Exchange and the American Stock Exchange.
Crystallex has retained the services of Cleary Gottlieb Steen Hamilton of
New York with instructions to initiate proceedings against Asensio for its
false and misleading statements and its efforts to manipulate the market in
Crystallex's stock.
"Asensio has apparently decided that its writers are better placed to
adjudicate Venezuelan law than the Supreme Court of Venezuela," Fung said.
"For our part, the officers and board of directors of Crystallex have always
had complete confidence in Venezuela's legal system and its Supreme Court of
Justice. We do note for the record that our motions to enforce ownership
rights over the Las Cristinas 4 & 6 gold mining concessions in Venezuela are
before the Political Administrative Chamber of the Venezuelan Supreme Court."
Crystallex International Corporation is a gold mining and exploration
company. The Company's strategy for growth is to develop its portfolio of
properties in South America as well as to diversify geographically by
investing in producing or near-production projects and by exploring properties
of merit in other areas of the world.
This news release may contain certain "forward-looking statements" within
the meaning of the United States Securities Exchange Act of 1934, as amended.
All statements, other than statements of historical fact, included in this
release, including, without limitation, statements regarding potential
mineralization and reserves, exploration results, and future plans and
objectives of Crystallex, are forward-looking statements that involve various
risks and uncertainties. There can be no assurance that such statements will
prove to be accurate, and actual results and future events could differ
materially from those anticipated in such statements. Important factors that
could cause actual results to differ materially from the Company's
expectations are disclosed under the heading "Risk Factors" and elsewhere in
documents filed from time to time with The Toronto Stock Exchange, the United
States Securities and Exchange Commission and other regulatory authorities.
The Toronto Stock Exchange has not reviewed this release and does not
accept responsibility for the adequacy or accuracy of this news release. |
