Bill: Per your request, I am posting this historical info.
Lee
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As I posted awhile back, I got into Modern when they had this microwave device that was to facilitate oil flow by heating the oil to lower viscosity. Another good-sounding idea, but the technology never did pan out. I first heard about Modern by way of Jerry Wenger. He hosted an investor conference in Washington DC and Terry Neild and
Gordon Sales attended to present Modern Industries. That was back in late 1993, I don't have the exact date, but it was shortly before Terry acquired California Tube, and that shows up on Modern Industry's earnings for April, 1994. There were several other presentations made at the meeting. Jerry had nothing but good things to say about Terry Neild. A sterling character kind of guy who had brought Clearly Canadian (H20) to market and made a big success with that one, as I recall. Shortly thereafter, Terry was able to acquire California Tube, a working and profitable company. At this point, things were looking very good for Modern/Energy. The management included Gordon Sales, Terry Neild, David Graff, John Dickman James Martin, and Tony
Wynn. Total shares outstanding, 11.2 million, float 4 million. On August 8, 1995, the company agreed to purchase assets of Reland International who held the microwave patents. A shareholder's meeting
was scheduled for Sept 26, 1995 to vote on a reverse split 3/1 and approve the name change to Energy Development Corp (it became just Energy Corp). The total post-split shares rose to 5,412,191 shares when Modern Industries received restricted shares of Intercell Corp on July 7, 1995, in return for all of it's assets (the micro device
was sold prior to this as we were now in the antennae business. This reverse split and switch to Intercell was to be effective on or after July 7, 1996. The shares were to be held in trust and then distributed to shareholders of Energy in several tranches on a one-for-one basis.
Energy became an empty shell. The first tranche was accomplished sometime after May 1, 1997 (902,032 shares), then shareholders prevailed upon the company to go ahead and distribute all of the remaining shares in the second tranche as the price of the
stock had declined so greatly, there was no point in prolonging the agony. Paul did agree to do this. My first encounter with Patricia and Jack Johnston was when they acquired control of Energy Corp in return for mining royalty leases in the Williston Basin. This was April, 1996. I and others kicked up a fuss about these dubious
assets. I believe that was the reason that the deal was reversed. They surrendered their stock and took back their oil leases. At the time, things looked good for the antennae. Of course, that didn't pan out either. Maybe Jack and Patricia hit some gushers, but I doubt it.
A partial list of those doing due diligence on the internet may be useful: E. Kenyon, James Unterburger, Scott Davis, Hugh McWhorter, Truman Bradley, Carl Worth (he did a lot of DD at the time), Jonathan Michaels (also very thorough), Paul Zimmerman, John Post, Dan Costanza, Robert Jackson, D.Teague, Madeleine Harrison (Mads still posts frequently on other threads), Chris Parenti, Wilbur Lee, Michael Harrison, Fred Brooks, Gary Grobbel (not sure Gary was ever completely sold on INCE), Gus Rodriguez, and Clay Lasiter.
Hope this helps some. I'm sure some of these guys have thicker files than I do on INCE.
Lee |
