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Microcap & Penny Stocks : OILEX (OLEX) -- Ignore unavailable to you. Want to Upgrade?

To: CHRISTINE who wrote (4114)	10/30/1998 6:59:00 PM
From: CHRISTINE	Read Replies (1) \| Respond to of 4276

Subject: Never Disclosed Date: Fri, Oct 30, 1998 14:45 EST From: CALIFTALK Message-id: <19981030144511.04060.00001719@ng-fc1.aol.com> Get a copy of the last 10 Q for the period ending Sept 30,1997. That report clearly shows that Oilex does not owe any money to Allen Burditt. Instead the 10 Q does show that an insider was given a $280,000 advance. The Houston police dept was given a statement by Oliver Timmins saying that Burditt had some "agreements" with Oilex. THE PROBLEM>>>> The said agreements were never disclosed to the auditors in the 1994-or 1995-or 1996 10 K filings with the SEC. or in the three quarterly 10 Q reports issued for 1997. Burditt claims that in accordance with the ,"so called" agreements that Oilex owes him millions. It is unbelievable that Timmins is willing to take such actions. Timmins is trying to protect Burditt from a criminal complaint. And trying to make this a civil matter, hoping to avoid any lasting penalty, for in a civil matter he could file Bankruptcy. They both also have lots of explanations to satisfy the IRS of these hidden events. BUT Timmins should be reminded that fraud is not discharged in bankruptcy. AND if Timmins now states that he hid the truth from the other members of the Board of Directors of Oilex, from the shareholders of Oilex, from the CPA auditors of Oilex, and falsified the SEC filings, and hid the events from the IRS; all this is clearly fraud. The facts clearly demonstrate that Burditt withdrew most of the Debenture cash that was deposited into the Oilex bank accounts and used that to fund his lavish living expenses. That Burditt and Timmins owned BT Energy that siphoned off assets that rightfully belonged to the shareholders of Oilex, and never disclosed the facts. That Burditt sold shares of Oilex in Canada (with the knowledge of Timmins) when the false and misleading hype raised the market price; and never reported his sales as required by the SEC. That Timmins stated in all the SEC filings that he and his wife were not being paid by Oilex until the company made a profit, but under the table and not disclosed, he received large benefits, directly from Oilex, or indirectly from his 50% ownership in BT Energy. There is even the question of two automobilies that Timmins received from Oilex in some manner, without compensation. And the hidden joint venture whereby Oilex and Burditt were surposed to divide ownership 2/3 to Oilex and 1/3 to Burditt, that was to protect Burditt from having to pay taxes on money he took from Oilex. (Said undisclosed joint venture was prepared by attorney Warren Soloski and even kept secret from the CPA auditors of Oilex). THIS FACT HAS NEVER BEEN DISCLOSED. THESE acts will not be allowed to stand. The truth will bring Justice.