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Gold/Mining/Energy : Solv Ex (SOLVD) -- Ignore unavailable to you. Want to Upgrade?

To: JJB who wrote (5813)	7/21/1998 6:54:00 PM
From: Sid Turtlman	Read Replies (2) \| Respond to of 6735

This is from the SEC's daily news digest from its website: SOLV-EX CORPORATION, TWO EXECUTIVE OFFICERS NAMED IN INJUNCTIVE COMPLAINT The Commission announced that on July 20 it filed a complaint alleging that Solv-Ex Corporation of Albuquerque, New Mexico, its CEO, John S. Rendall, and its vice president, Herbert Campbell II disseminated false and misleading statements between January 1995 and April 1997 concerning Solv-Ex's products and the status of certain purported proprietary technologies. According to the Commission's complaint, the three defendants falsely claimed that Solv-Ex had an operational facility to extract commercial grade bitumen from oil sands in Alberta, Canada, that the extraction process also yielded salable industrial minerals, and that the company had successfully tested a revolutionary electrolytic cell which was capable of producing metallic aluminum. The Commission's complaint alleges that these claims, which inflated the price of Solv-Ex common stock from $5 to $38 per share, were false; that the company's products and processes were unproven; and that its testing of the electrolytic cell had failed. The Commission's complaint seeks injunctive relief and an order requiring Rendall and Campbell to pay a civil penalty. [SEC v. Solv-Ex Corporation, et al., Civ. Action No. 98-860-LH, D. New Mexico] (LR-15817)