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Gold/Mining/Energy : Lava Systems (LVA:TSE) -- Ignore unavailable to you. Want to Upgrade?

To: Sultan who wrote (92)	12/19/1998 7:18:00 AM
From: Winzer	Read Replies (1) \| Respond to of 102

Sultan, I thought something was not going well when she hit 15c. Comments? <PR> Lava Systems Inc - TSE reviews listing requirements; receiver to be appointed Lava Systems Inc LVA Shares issued 19,900,000 1998-12-17 close $0.15 Friday Dec 18 1998 Mr. Steve Kee of the TSE reports The Toronto Stock Exchange is reviewing Lava Systems with respect to the requirements for continued listing. An anonymous director reports The principal lender of Lava Systems, under a secured credit facility, has begun the process of appointing a receiver in respect of Lava's assets. Lava's board of directors has decided not to oppose the appointment of the receiver and to direct Lava's management to co-operate with the receiver in order that an orderly liquidation process can be followed. The decision of Lava's lender to appoint a receiver and of Lava's board of directors not to oppose the appointment follows an intensive effort by Lava's management and board of directors to identify transactions to maximize shareholder value. As a result of this development, Lava will not meet statutory and TSE deadlines for holding its annual general meeting of shareholders and for filing and mailing to shareholders its annual financial statements, annual report, annual information form and management's discussion and analysis for its 1998 fiscal year. The Ontario Securities Commission has been advised. Donald Paterson had resigned from the board of directors effective Dec. 17,1998 and Michael Nobrega and Barry Reiter have resigned from the board of directors, effective Dec. 18, 1998. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com