Re: 1/23/03 - PR: Investor Communications Disputes FinancialWire; Investor Communications International, Inc. Announces Corrections ToInvestrend Communications, Inc. Financial Wire of January 23, 2003
Investor Communications Disputes FinancialWire
Jan 23, 2003 (financialwire.net via COMTEX) -- Investor Communications Disputes FinancialWire
January 23, 2003. (FinancialWire) Investor Communications International, Inc., which represents and/or owns substantive interests in GeneMax Corp. (OTCBB: GMXX), Hadro Resources (OTCBB: HDRS), Vega Atlantic Corp. (OTCBB: VATL, Ten Stix, Inc. (OTCBB: TNTI), Intergold Corp. (OTCBB: IGCO) and Edgetech Services, Inc. (OTCBB: EDGH) has accused FinancialWire and the Dow Jones News Service (NYSE: DJ) of inaccurate and biased reporting, saying it and its clients are the "target of a media campaign."
The release appeared at host.wallstreetcity.com/wsc2/Corporate_Snapshot.html?DB=SQL&template=corpsnap.htm&Symbol=hdrs, among other financial portals.
Investor Communications said that FinancialWire, in its story, "A Tangled Web for Rebellious Companies," provided incorrect ownership information relating to Investor Communications International, Inc., but it did not say what the correct information might be. FinancialWire had not addressed the "current" ownership of the company. Instead it had noted that "Brent Pierce, who has been described in media reports as a 'stock promoter' banned from trading activities in British Columbia under a 15-year penalty, reportedly signed a Securities and Exchange Commission document two years ago that he was sole shareholder of ICI." Investor Communications did not deny the statement.
The release also stated that FinancialWire provided "incorrect information on analyst coverage of various companies conducted by Investrend, incorrect information regarding the requirement of certain SEC filings, incorrect analysis relating to earnings and expenditures of GeneMax Corp., incorrect insider/non-insider ownership information of GeneMax shareholdings, and the incorrect identity of the President of GeneMax Corp., amongst other facts."
The company in the past issued a press release which contained a similar litany of complaints regarding similar coverage by the Dow Jones News Services.
FinancialWire said its information regarding GeneMax was taken from the most current data on MarketGuide, a Multex (NASDAQ: MLTX) financial data provider, and noted that in its press release, Investor Communications did not provide any corrections or updates.
Investrend Research, which had suspended Hadro Resources, Inc. from coverage for its failure to adhere to the issuer standards proposed by the Association for Investment Management Research (AIMR) at www.aimr.org/pdf/standards/aimr-ros_pressrm.pdf, page 20, said that the matters complained about in ICI's press release regarding the company's then-status were largely covered in the analyst's report accessible at www.investrend.com/company/company.asp?sCompany=87&Submit=Find, that Investrend Research only publishes reports upon its analysts' instructions, that the report was initially held back for almost two months after the public had been told its issuance was imminent, that the facts and data in the report were submitted to the company by the analyst prior to issuance for errors and omissions, and that the company had none.
Further, it stated that changing developments in the company would have been routinely commented on in Research Updates and ResearchNotes if the company had not been suspended from coverage, and that the company may apply for reinstatement at any time.
The company has continued over a four-month period to provide misleading statements on its website at www.hadroresources.com/investorinfo_analyst.htm that it is under coverage by an Investrend Research analyst, even though ICI now admits it has known that is not true.
Clickable links relevant to FinancialWire dispatches are accessible at www.financialwire.net.
URL: www.financialwire.net
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Investor Communications International, Inc. Announces Corrections ToInvestrend Communications, Inc. Financial Wire of January 23, 2003
BLAINE, Wash., Jan 24, 2003 /PRNewswire via COMTEX/ -- The following news release is being issued by Investor Communications International, Inc., with commentary from a representative of Hadro Resources, Inc.:
Investor Communications International, Inc. ("ICI") announced today that it and certain corporate entities and individuals form the target of the continuing negative media campaign of Investrend Communications, Inc. ("Investrend"). In a FinancialWire entitled, "Investor Communications Disputes FinancialWire," dated January 23, 2003, Investrend makes further erroneous, biased, and sensational commentary with intent to mislead the reader. Prevalent in the latest FinancialWire is Investrend's insistent bashing of Brent Pierce who consults to ICI. Investrend seems interested in sensationalizing comments relating to Mr. Pierce that are meant to wrongly discredit and defame, even though the events in question occurred over a decade ago and in a forum with no jurisdiction over matters relating to U.S. public companies. In addition, Investrend has made no attempt to review or balance facts and comments made, instead preferring to quote other inadequate sources for its comments.
Investrend goes on in its FinancialWire of January 23, 2003 to indicate that ICI "does not deny the statement" with respect to defamatory statements made against Mr. Pierce, when no denial or affirmation was sought from ICI by Investrend. As a point of clarification, Brent Pierce was the owner of ICI during a brief period of 2000 for purposes related to litigation that was subsequently successfully concluded in favor of companies represented by ICI. Brent Pierce is not the current owner of ICI; such ownership is disclosed in current SEC filings (See Hadro Resources, Inc. (OTC Bulletin Board: HDRS) December 31 SEC filing Form DEF 14C).
Investrend makes it clear that ICI, "did not provide any corrections or updates" to the false statements made by Investrend in its FinancialWire of January 21, 2003. ICI maintains that there were so many incorrect and unremarkable statements made in the previous Investrend FinancialWire of January 21, 2003, it is difficult to correct everything and nor would one wish to entertain and correct the unworthy prattle. For example Investrend stated of GeneMax Corp., "For the nine months ended 9/30/02, revenue fell 89% to $125." Investrend attempts to make this into a negative sensational comment. In reality, Investrend is in this instance, publishing information about absolutely "nothing at all" and ICI believes readers don't really want to see corrections relating to "nothing at all." As a result, ICI will not attempt to correct what appear to be contemptible ramblings of the Investrend author.
The Investrend FinancialWire of January 21, 2003 indicates that Hadro Resources, Inc., and its analyst coverage was discontinued for reasons other than those that are real. Investrend fails to advise the reader that Hadro Resources, Inc. has had numerous disagreements regarding the accuracy and quality of Investrend work product with respect to Investrend's analyst coverage. Hadro Resources, Inc. was in the process of internal restructuring commensurate with a change in business direction as reported in current SEC filings, when Investrend insisted on distributing their inaccurate analyst report, even though Hadro Resources, Inc. advised Investrend that it would mislead the public. Analyst, Jonathan Kolb, CFA, indicated his understanding of Hadro Resources circumstances and requirement at the time. Mr. Kolb stated his willingness to wait until public disclosure of relevant facts yet to be finalized were disclosed publicly, but was overridden by Investrend CEO Gayle Essary with respect to the decision to release the erroneous information. Investrend proved impossible to work with after that point, and the Hadro Resources, Inc. dispute with Investrend remains unresolved.
In the Investrend FinancialWire of January 23, 2003, Investrend states, "the facts and data in the Analyst report were submitted to the company by the analyst prior to issuance for errors and omissions, and that the company had none." This statement is incorrect and false, as Hadro Resources, Inc. refused to review the draft due to material breaches of contract by Investrend, such was stated to Investrend at the time. Investrend, with knowledge that they were producing inaccurate information, distributed the analyst report that contained again, erroneous information, purely for the sake of keeping with an Investrend publishing schedule.
Grant Atkins, of Hadro Resources, Inc. commented, "Investrend was originally hired to provide analyst coverage for Hadro Resources. That relationship ended due to breaches of contract by Investrend. Investrend CEO Essary is utilizing the Investrend venue to publicly smear Hadro Resources, and other companies as his bill is unpaid, but he only has himself to thank for that." Mr. Atkins adds, "A hidden agenda ... absolutely ... remember that the next time he writes on the topic."
SAFE HARBOR STATEMENT
THIS NEWS RELEASE MAY INCLUDE FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF SECTION 27A OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE UNITED STATES SECURITIES AND EXCHANGE ACT OF 1934, AS AMENDED, WITH RESPECT TO ACHIEVING CORPORATE OBJECTIVES, DEVELOPING ADDITIONAL PROJECT INTERESTS, THE COMPANY'S ANALYSIS OF OPPORTUNITIES IN THE ACQUISITION AND DEVELOPMENT OF VARIOUS PROJECT INTERESTS AND CERTAIN OTHER MATTERS. THESE STATEMENTS ARE MADE UNDER THE "SAFE HARBOR" PROVISIONS OF THE UNITED STATES PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND INVOLVE RISKS AND UNCERTAINTIES WHICH COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE IN THE FORWARD-LOOKING STATEMENTS CONTAINED HEREIN."
SOURCE Investor Communications International, Inc.
CONTACT: Marcus Johnson of Investor Communications International, Inc.,
+1-800-209-2260
(HDRS)
www.prnewswire.com
Copyright (C) 2003 PR Newswire. All rights reserved.
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