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

To: BRONCO BILLY who wrote (6024)	9/15/1998 2:33:00 PM
From: trenzich	Read Replies (1) \| Respond to of 6735

It is not really rocket science to post, is it? so i sayeth Gary ......trenzich ALBUQUERQUE, N.M. -- Solv-Ex Corp. denied any allegation of wrongdoing in response to a Securties and Exchange Commission complaint alleging Solv-Ex and two of its officers violated securties laws. As reported July 20, the SEC compliant filed in the New Mexico District Court alleges the company, Chairman and Chief Executive John S. Rendall and Senior Vice President Herbert M.Campbell issued false, misleading or deficient public statements and filings regarding the company's process developed to extract oil and industrial minerals from oil sands as well as its technology to produce metallic aluminum. Solv-Ex said the complaint also alleges it understated its outstanding common stock by 3 million shares for the period ending March 31, 1996. That allegation relates to a 3-million-share certificate issue in the name of Rendall in connection with a proposed funding arragement that was never completed. In a press release Friday, Solv-Ex said it believes the SEC's allegations are without merit. The company's answer filed with the court also asserts that the public statements were not the primary cause of price movement in Solv-Ex stock between January 1995 and April 1997. Solv-Ex attributed the price movement to short-sellers and false and misleading statements disseminated by others. Solv-Ex also filed a motion asking the court to dismiss the complaint with respect to the allegations involving the issuance of the 3 million shares and requested it be awarded its fees and other expenses in the matter.