John S. and Christobel D. Rendall - Page 5

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          of facts, with accompanying exhibits, is incorporated herein by             
          this reference.                                                             
               At the time the petition was filed, petitioners resided in             
          Albuquerque, New Mexico.                                                    
          Solv-Ex’s Formation and Operations Through March 1997                       
               Solv-Ex was incorporated on July 2, 1980, under New Mexico             
          law.  Mr. Rendall and another individual were the founding                  
          shareholders.  Mr. Rendall purchased 2,700,000 shares of Solv-Ex            
          common stock at a cost of 1 cent a share at the company’s initial           
          offering of stock on July 2, 1980.  Beginning on July 17, 1981,             
          and ending on August 7, 1996, Mr. Rendall’s common stock interest           
          in Solv-Ex underwent a net increase to 3,162,860 shares.4  Mr.              
          Rendall served as chief executive officer (CEO) and chairman of             
          the board of Solv-Ex from its inception through November 1, 2000,           
          when he resigned.                                                           
               Solv-Ex’s business activity consisted of researching and               
          developing a process to extract bitumen from oil sands and                  
          convert it into a synthetic crude oil.  Solv-Ex claimed to have             
          developed a cost-effective method to extract and process oil and            
          industrial minerals from oil sands.  Solv-Ex also claimed to have           
          developed a patented process to recover raw aluminum and other              
          marketable mineral products from the fine clays contained in oil            


               4  During that period, Mr. Rendall purchased a total of                
          677,860 shares at prices ranging from 1 cent to $19 a share, and            
          he sold 215,000 shares.                                                     




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