John S. and Christobel D. Rendall - Page 15

                                       - 15 -                                         
          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.              




Page:  Previous  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  21  22  23  24  Next

Last modified: May 25, 2011