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Solv-Ex emerged from bankruptcy in both the United States and
Canada, and it continued to operate.
Solv-Ex’s SEC Problems
Because of the joint bankruptcies and its inability to
obtain audited financial statements, Solv-Ex failed to file a
Form 10-K, Annual Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934, with the SEC for the year ended
June 30, 1997,8 as required under the Securities Exchange Act of
1934. That report was due to be filed on or before September 28,
1997. For the same reasons, Solv-Ex failed to file quarterly
reports on Form 10-Q (the quarterly report under Section 13 or
15(d)) for the quarters ended September 30 and December 31, 1997.
As of mid-June 1998, Solv-Ex still intended (and expected to be
able) to file the delinquent reports and subsequent reports
becoming due in the near future.
In March 1996, the SEC initiated an investigation involving
the relationship between Solv-Ex and another company.
Subsequently, in 1997, SEC staff members sent letters to Solv-Ex
advising that the staff intended to recommend that the SEC seek
an injunction against Solv-Ex and certain individuals, including
Mr. Rendall, for Federal securities laws violations; i.e., the
8 Solv-Ex kept its books on a June 30 fiscal year basis.
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