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2000, it still was remiss in filing many of its required SEC
Forms 10-K and 10-Q for the years 1997 through 2000.
On November 1, 2000, Mr. Rendall resigned as CEO and
chairman of the board of Solv-Ex, and he was replaced in both
roles by Frank Ciotti (Mr. Ciotti), who had previously been the
company’s chief financial officer.
Solv-Ex’s Financial Statements
The record does not contain any financial statements (in
particular, there is no balance sheet) reflecting Solv-Ex’s
financial position as of December 31, 1997. A set of unaudited
financial statements is attached as an exhibit to the amended
disclosure statement. Those statements include a balance sheet
for Solv-Ex and subsidiaries10 as of March 31, 1997, which shows
total assets of $105,451,134 and total liabilities of
$58,378.781. An independent auditor’s report dated January 27,
1999, contains an audited balance sheet for Solv-Ex and
subsidiaries as of August 31, 1998. It shows total assets of
$6,174,772 and total liabilities of $8,121,573. Included in
liabilities is the $2 million loan that was subsequently
satisfied by Mr. Rendall’s receipt of 5,728,767 shares of Solv-Ex
common stock.
10 For a period including at least a part of 1997, Solv-Ex
conducted research and development activities through two
subsidiary corporations, and it used a third subsidiary to supply
employees to run its initial stage plant.
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