- 5 - 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.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011