I'll put the PR up so we can "BATE" Stamm into answering.
Did you know that TV viewing is off 25% since the NAMX net series
started?
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Friday July 31, 4:08 pm Eastern Time
Company Press Release
An Open Letter to the Shareholders of North
American Exploration Corp. From Paul Ebeling,
Formerly Vice Chairman and Secretary/Treasurer of
North American Exploration Corp.
BEVERLY HILLS, Calif.--(BUSINESS WIRE)--July 31, 1998--The following is an open
letter to the shareholders of North American Exploration Corp. (OTC BB:NAMX - news;
OTC BB:NAMX) from Paul Ebeling, formerly vice chairman, secretary/treasurer of North
American Exploration Corp.
Ladies and Gentlemen:
On June 1, 1998, Mr. Michael E. Stamm, Chairman & CEO of North
American Exploration Corporation (OTC BB"NAMX") disseminated a "Letter
to Shareholders" of the company through its investor relations
department over the Internet, Business Wire and other media.
In this letter Mr. Stamm voiced certain explanations for my leaving
the Company as an officer and a director which are contrary to the
facts and libelous.
Further, he made several material misrepresentations and failed to
report to you on material matters affecting the financial health and
status of NAMX drilling and development projects.
Through counsel I delineated the problematical statements and demanded
an immediate retraction in the form of a written stockholder
communication to the effect that my resignation was not attributable
to any wrongdoing on my part or any violations regarding the
subscriptions to NAMX securities or the manner in which the proceeds
were utilized by the Company.
Mr. Stamm has been mute. However, my counsel did receive a response
from the Company secretary, Mr. John F. Bates stating, "...he did
not submit his resignation until the day following the Board action."
We are all aware that there are three sides to every story: Your's,
Mine and those supported by the documents, i.e. the facts.
These are the facts as supported by the official company documents:
1. I resigned on March 30, 1998 because I was denied access to the
source documents related to NAMX's exploration and development conduct
and activity. These activities were all under the direct control and
supervision of Mr. Stamm alone. I was unaware of any alleged Board
action on Sunday, March 29, 1998. I was not notified and did not waive
notice. I was out of the city on a scheduled trip of which Mr. Stamm
was aware. I have asked for certified copies of the minutes of that
meeting; the company has not responded.
2. I was not provided with the confirmations from Mr. Stamm regarding
certain questionable business expenditures related to the oil and gas
business of the company.
These material matters were to be incorporated as an integral
component to the company's audit to meet the goal that we set in
October 1997 for the filing of the Form 10SB with the U.S. Securities
and Exchange Commission.
Mr. Stamm, despite repeated requests, refused to be accountable on
these and various other essential matters.
Furthermore, there are no anomalies in connection with the
subscription to NAMX common stock or lack of documentation regarding
consideration paid for, or proceeds derived from, the stock
distribution.
Mr. Stamm, pursuant to a resolution of the board of directors, was
responsible and authorized me as Secretary/Treasurer to oversee the
Regulation D stock subscriptions, sales and dispersal of the proceeds
on behalf of the company.
Mr. Stamm was aware of each and every subscriber to NAMX common stock
issued under Regulation D, including the consideration and services
provided for the stock.
The company is in possession of the original subscription documents
that were delivered, as agreed, to the company's representative on
April 17, 1998.
It was my responsibility to prepare the company for full reporting
status and regulatory purposes. In my internal financial report
delivered to the company on May 8, 1998, ironically, it was I who
questioned certain company expenditures incurred in connection with
oil/gas exploration and development. It was Mr. Stamm who denied me
access to certain source material and documents and prevented the
issues from being resolved.
Mr. Stamm has not questioned any portion of my internal financial
report. Every allegation that Mr. Stamm has stated both verbally and
in the Letter to the Shareholders was addressed and answered in my
internal financial report.
Recently, the company asked for and promptly received additional
documentation. All of the files and company documents were catalogued,
indexed, bate stamped, bound, delivered and timely received according
to agreement.
I have demanded, on several occasions, that Mr. Stamm and the company
come forward and inform the shareholders of the resignation of Ms.
Deborah S. Peppers, President/COO to no avail. Ms. Peppers resigned
from the company on March 25, 1998 effective March 31, 1998.
Finally, in recent weeks the Voting Agreement that bound me and other
interests with those of Mr. Stamm and Zurich Holding Company was
terminated.
This action prompted the June 19, 1998 letter to Mr. Stamm demanding
that he call a special meeting of the shareholders, as provided by
the By-laws and the Corporations Code of the State of Florida, for the
purpose of removing the current directors. Mr. Stamm has 60 days to
call the meeting, if he does not do so, I am prepared to go to court
to have the meeting called.
Very truly,
Paul Ebeling
Tridon Enterprises Incorporated
310/858-7123
Contact:
Tridon Enterprises Inc., Beverly Hills
Paul Ebeling, 310/858-7123, 310/858-1852 (fax)
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