Subject: Re: ORS and Steve Hales
Date: Sun, Sep 13, 1998 02:33 EDT
From: CALIFTALK
Message-id: <1998091306331800.CAA00439@ladder01.news.aol.com>
The following is a note from Oilex's 8/5/97 10SB12G:
NOTE 5 - SIGNIFICANT SUBSEQUENT EVENTS .......In January, 1997, the Board of Directors approved the acquisition from a related party of a 20% interest it owned in Oil RetrievalSystems, Inc. ("ORS") an Arizona corporation. ORS designs,engineers, produces and sells portable swabbing units to the oil and gas industry. ORS is a development stage company. Oilex issued 3,000,000 shares of common stock to the related party inexchange for its ownership of
1,205,420 common shares of ORS. In May, 1997, Funscape Corp. (formerly Imperial Energy Corp.), a Colorado corporation, acquired ORS. Funscape Corp. issued 2.5million shares of its common stock in exchange for all of the outstanding shares of ORS. Funscape Corp. has stockholders and management who are also stockholders and have management responsibilities in Oilex and ORS.
THE QUESTION ARISES WHY DID THE OILEX AUDITOR INCLUDE THE COMMENT
ABOUT FUNSCAPE CORP BUYING ORS? IT IS OBVIOUS THAT IT CONCERNED
THE SHAREHOLDERS OF OILEX. OR AGAIN DID BURDITT FOOL THE AUDITORS
AND SHAREHOLDERS> or is Burditt holding the shares of PWRX that really belong
to OILEX.
Comment from Hales is more true then he knows, for the 500,000 shares were in received
but by Burditt, and not given to the rightful owner Oilex. Imagine, after taking 3 million
shares from the shareholders to acquire ORS, (Valued at $3 million dollars in Jan 1997) Burditt now wants to gain 500,000 shares of PWRX worth $500,000 today, and give the
shareholders zero. AND HALES SUPPORTS THIS OBSCENE DEAL.
." Why didn't the savvy Allen Burditt convert those shares of ORS into Funscape shares but leave them in certificate form for 13 months if they were really shares in ORS Texas? It was because the company acquired by Funscape was ORS a Texas Corporation not ORS an Arizona corporation. Clearly, further on in this NOTE 5, Mr. Burditt (the presumed author of this filing) is misrepresenting Oilex's ownership in ORS Arizona as Oilex ownership in ORS Texas
when he states, "Funscape Corp. has stockholders and management who are also stockholders and have management responsibilities in Oilex and ORS". That statement is meant to deliberately mislead the reader into thinking that Oilex, because of incommon managements and shareholders with Funscape and ORS, now owned 20% of the newly issued shares of 2.5 million of the entity, Funscape Corp a Colorado corporation. But this was simply not the case as the
June 1998 unwinding of Oilex ownership of ORS an Arizona corporation bears witness. This is consistent with what Solomon Yarmak has contended, that Mr. Burditt did, time and time again, misrepresent the facts.
Does anyone now doubt that Mr. Burditt if he could have at that time received 500,000 free trading shares in Funscape, later known as TANC, (especially since it was Mr. Burditt who brought Funscape to ORS Texas), that he would have passed up such a golden opportunity, especially when just 3 months later on August 11, 1997 TANC was trading at over $3.5 a share representing over $1.5 million to Oilex. It just does not make any sense at all. That is why
we must conclude that the certifacte was for ORS Arizona and not ORS Texas.
THE Basic issue is that Saul Yarmak will trace the money and the transactions
and continue just like a bulldog hangs on until recovery is complete. The shareholders
of Oilex are entitled to that effort to insure that Burditt returns what was embezzled
and acquired using Oilex cash and assets.
Please let me hear your comments on whether I should continue this search
and do what ever is necessary to recover the property that rightfully belongs
to the shareholders of Oilex Inc (YOU AND I) |
