From: CALIFTALK. On March 5,1998 the auditors,Merdinger,Fruchter, Rosen & Corso,P.C.
Certified Public Accountants issued a report to the Board of Directors
and stockholders of Caye Chapel, Inc and subsidiary, for the year ended Dec 31,1997.
The report indicated that Caye Chapel issued 4,300,000 shares Nov 8,1994
in exchange for $4,300 value, or 1/10 of one cent per share.
The company remained basicly an empty shell until Dec 22,1997.
On Dec 22,1997 Caye Chapel issued 10,700,000 shares to acquire
Churchill Resources, Inc and the transaction was valued at $615,625
or .057535 cents per share. Churchill became a 100% subsidiary.
The only asset of Churchill was 800,000 shares of PWRX, shown as
an investment in marketable securities valued at $446,875 as of 12/31/97...
The audit report as of Dec 31,1998 reports the total assets of Chaye Chapel
together with its subsidiary, Churchill Resources Inc, as $446,875.
Except for the investment in marketable securities there was NO other asset.
The company showed no cash balance or any other asset.
The total outstanding shares were 15,000,000 shares.
It consisted of the 10,700,000 issued to Churchill for adding the asset
of 800,000 shares of PWRX and the 4,300,000 shares that came with the empty
shell that was acquired by Warren Soloski, the attorney, acting as Secretary of
Caye Chapel, when he closed the deal in Las Vegas, to purchase the shell on
behalf of Allen Burditt.
A complete report should be available to all shareholders. Possibly you can
request the audit report from the auditor as it is not certain as of today, where
and who are Directors or Officers of Caye Chapel.
Somehow the hype was very successful and it appeared that Caye Chapel
was a major company with huge resources and cash investment. The truth
appears as a shock. How could Allen Burditt have fooled and confused everyone?
Reports that Caye Chapel was buying or had bought Great Plains Inc as
of Feb 3,1998 for millions; and that McCormick Drilling was being acquired
per the letter of intent signed March 3,1998 for $4,500,000, and that as
of Feb 3,1998 that Caye Chapel entered into an agreement with Oilex to
issue and fund a $2,000,000 convertble debenture, that would be convertible
into Oilex stock at $2 per share and that Caye Chapel was accumulating
additional shares of Oilex in the open market place.
I was fooled and deceived and so where all the other shareholders that purchased
shares based on the news releases. I did not see a copy of the Auditors report
when it was issued. Did you? Now you have the benefit of knowing the truth
as best I can determine the situation. Caye Chapel, Inc the "mirage that never was"
but that lost the money from foolish, trusting and deceived investors. Now who
benefited from the dumping of share while the touting was in place. The SEC can
easily trace who the sellers and profiteers were that manipulated the market.
Call them and expedite the investigation. Lets get started today. The squeeky wheel
gets attention . |
