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common stock at a discount; and (2) its remaining 12-percent
interest to United Tri Star Resources, Ltd.(UTS), which already
held a 10-percent interest in those assets, in exchange for $3
million and 5 million shares of UTS common stock. Both of those
sales closed in March 1998, although Solv-Ex had entered into a
preliminary agreement with Koch on November 14, 1997.
As part of the agreement with Koch, Solv-Ex retained
ownership of its hydrocarbon extraction technologies, its
technologies for mineral and metal extraction, and the rights to
develop the leases for the recovery of such minerals and metals.
Solv-Ex also retained numerous process patents in the United
States, Canada, and other countries covering its bitumen and
mineral extraction technologies, both for oil sands and oil
shale. In addition, Solv-Ex retained other assets, including 1.5
acres of land in Albuquerque, New Mexico, upon which a research
facility, office space, a pilot plant, an acid plant, and
machinery and equipment were situated. It also continued to
employ a team of research engineers for a possible fresh start.
In the business plan set forth in its amended disclosure
statement filed in the U.S. bankruptcy on June 23, 1998 (the
amended disclosure statement), Solv-Ex set forth its intention to
focus on: (1) Commercializing its Ti02S technology, Solv-Ex’s
trade name (for which it had applied for a trademark) for a
substitute filler and pigment for titanium dioxide useful in the
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