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Microcap & Penny Stocks : OILEX (OLEX)
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To: zonkie who wrote (4195)5/5/1999 7:40:00 PM
From: CHRISTINE  Read Replies (1) of 4276
 
From: califtalk@aol.com (CALIFTALK) Subj: Recovery
Date: 99-04-26 02:35:27 EDT

Although Alan Burditt was not an officer of the Company, he currently owned over 5% of the Company when the events happened and was, therefore,
deemed a related party for the purpose of compliance with SEC disclosure requirements. The fact is also that he controlled the activities of the company,
and many people believe that Alan Burditt was the true owner of several entities that did business with the Company and that this fact, along with pertinent details about the transactions, was required to be disclosed in the Company's discussion of related party transactions in SEC filings. Even if, as the Company claims, Alan Burditt acted only as an agent in these transactions, this indirect material interest was subject to required disclosure
under SEC regulations.

Therefore the auditors who issued the financial statements can be held responsible
as they withheld this information from the shareholders.
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