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Gold/Mining/Energy : Big Valley Resources (BV-ASE) -- Ignore unavailable to you. Want to Upgrade?

To: bcjt who wrote (205)	11/19/1999 6:52:00 PM
From: bcjt	Read Replies (1) \| Respond to of 231

Big Valley seeks litigation in HDL Wood settlement Big Valley Resources Inc BV Shares issued 21,359,310 Nov 17 close $0.34 Fri 19 Nov 99 News Release Mr. Lloyd Tattersall reports The company has been unable to negotiate a settlement with HDL Wood Industries Inc. with respect to a proposed $25-million (U.S.) wood hardening and fine wood veneer business as previously announced. The company has retained legal counsel and subject to advice from counsel, will proceed to have the matter resolved either through binding arbitration or litigation. A resolution of this matter by way of arbitration or litigation was authorized by company shareholders at the Oct. 8, 1999 annual general meeting. The issue in dispute between the company and HDL is the legal title to various assets acquired as part of the proposed wood products business. The assets in question consist of a 54-acre commercial lot in Ucluelet, B.C.; a small scale wood hardening plant in Pappeenranta, Finland; and the equipment from a small resaw mill, currently in storage in Surrey, B.C. All of these assets were purchased by HDL with funds provided by the company pursuant to various underlying agreements between HDL and the company. As reported in Stockwatch Nov. 25, 1998, the company was unable to secure a $25-million (U.S.) financing for the proposed wood business. In good faith, the company agreed to allow HDL to proceed with its own efforts to secure a project financing. By the spring of 1999, the company concluded that HDL was unable to secure the necessary financing to proceed on its own. The company's subsequent efforts to negotiate a termination agreement with HDL have been unsuccessful. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com bcjt