YBM Magnex Intl Sees Revenue Growth 30-35%/Yr In MagnetOp Message Board

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Gold/Mining/Energy : YBM Magnex Intl Sees Revenue Growth 30-35%/Yr In MagnetOp

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To: Mr Metals who wrote (242)	8/18/1998 12:10:00 AM
From: Adrian du Plessis	Read Replies (1) of 314

YBM's OSC hearing on indefinite hold By SANDRA RUBIN The Financial Post Tuesday, August 18, 1998 Battered YBM Magnex International Inc. had its Wednesday date before the Ontario Securities Commission postponed indefinitely, the regulator said in a surprise statement late yesterday. The cancellation of the hearing leaves bewildered shareholders in the dark over whether their stock will ever trade again. Shares in the Philadelphia-based magnet manufacturer (ybm/tse) have been frozen since its offices were raided May 13 by the FBI as part of an organized crime probe. The Toronto Stock Exchange has put the issue on listing review. But the OSC said a hearing to consider imposing a permanent trading ban will be not be held "unless and until" YBM files audited financial statements. The firm has been unable to find auditors since its regular accountants, Deloitte & Touche LLP, quit in June without signing the 1997 financials. Deloitte was concerned about "certain contracts, entities and individuals" as well as the possibility "one or more illegal acts may have occurred that may have had a material impact on the 1997 financial statement." The U.S. auditing firm was supposed to be the commission's star witness at this week's hearing but declined to appear voluntarily to give evidence, pulling the rug out from under OSC plans. Sources say Deloitte is concerned its testimony may be used against it in a possible class action by YBM investors. The stock was worth nearly $1 billion in March and was listed on the TSE 300. Most fund managers have now written it down to zero. YBM has said it is still carrying on its business, although it has not returned recent phone calls inquiring about continuing operations.

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