PINO'S N/R, WHICH STARTED THE '05 DUMP
This, after trading OVER 17 BILLION SHARES (in 9 weeks), with an O/S of 12,773,014,285
SHORTS THAT WERE INVOLVED "I BELIEVE" NEVER COVERED
POST#5880
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Feb. 4, 2005--
Mellon Research, Inc. (OTCBB: MLON.PK) is issuing this
press release in order to provide corrections of information contained
in previously issued press releases. The information contained in
previously issued press releases should not be relied upon.
Business Model and Services
Mellon Research's business model is to provide consulting and
venture capital advisory services to microcap public and private
companies. In this connection, it seeks to provide advice regarding
corporate structure, financial and marketing to help its client
companies position themselves to raise capital, go public or otherwise
carry on their business plans. Mellon is not an investment banking
firm or a registered broker-dealer and it does not provide securities
brokerage services.
Securities and Exchange Commission (SEC) Investigation
The SEC is conducting a formal investigation of the Company. The
Company and Mario Pino, its sole officer, director and a principal
shareholder, intend to cooperate fully in such investigation. The
SEC's investigation has recently commenced and the Company can offer
no assurances or predictions regarding the outcome of such
investigation.
Earnings Forecasts and Valuations
The Company has retained an independent public accountant, who is
conducting an audit of its results for 2004. As a result, it will not
know its operating results for fiscal 2004 until the audit is
completed. Further, the Company will not issue any forecasts regarding
its financial results for 2004 or 2005. It disclaims and withdraws any
prior forecasts of operating results.
The foregoing policy of the Company not to forecast also pertains
to any past announcement of levels of fees or the value of securities
in companies received for consulting services or otherwise or received
in exchange for stock of Mellon. The Company disclaims and withdraws
any prior forecasts of the amount of fees received or to be received
or the value of the stock positions that it holds in other companies,
including, but not limited to, Intellective Communications, Inc.,
Pearl Asian Mining Industries, Inc., Wall Street Securities, Inc.,
Equity Retirement Distributors Canada, Ltd., Western Pacific Minerals,
Ltd., and Riverbank Investment Corp.
Value of Mellon Research and Offers to Sell the Company
The Company is not engaged in a tender offer with any third party
and it has never solicited a tender offer for the Company at any price
per share from third parties. There have been no bona fide or written
offers from any third party to make a tender offer for the Company at
any price per share, including but not limited to $.05 or $.10 per
share.
Dividends
Mellon Research is required to comply with both federal and state
securities laws. These laws impose certain requirements relating to
distributions or dividends to shareholders. These regulatory
requirements apply to the shares of Wall Street Securities distributed
to the Company's shareholders as a dividend. The shares of Wall Street
Securities may not be traded in the public market until the Company
satisfies such regulatory requirements. The Company is analyzing
whether or not its business model of distributing shares of
subsidiaries, such as Wall Street Securities, or other securities in
its portfolio to its shareholders is feasible under present
circumstances.
Transactions/Projects
The Company has terminated its relationships with the following
companies without the rendering of any services or receiving of any
compensation: SurfNet Media Group, Inc.; a client in Cabo San Lucas,
Mexico relating to a real estate development; and Deal Flow Advisors,
LLC. Further, it is not pursuing any acquisition, license or similar
arrangement to obtain the Kidder, Peabody name. Neither the Company
nor Club XTReme plans to open clubs or have online gambling or sports
betting.
Financings for Mellon
The Company is not raising any significant investment capital from
third parties nor has it done so. It is also not offering to sell
positions in the Company to any third party, including major money
center banks or other institutional investors. Specifically, the
Company never received a bona fide or written offer from a third party
to invest $10 million in the Company.
Share Buy-back Program
While the Company recently purchased approximately 70 million
shares at or about market prices, it has suspended all buy-back
activities at this time.
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934. These forward-looking
statements are based largely on Mellon Research's expectations or
forecasts of future events, can be affected by inaccurate assumptions
and are subject to various business risks and known and unknown
uncertainties, a number of which are beyond the Company's control.
Therefore, actual results could be differ materially from the
forward-looking statements contained herein. A wide variety of factors
could cause or contribute to such differences and could adversely
impact revenues, margins, profitability, cash flows and capital needs.
KEYWORD: NORTH AMERICA ARIZONA UNITED STATES
INDUSTRY KEYWORD: PROFESSIONAL SERVICES CONSULTING FINANCE PRODUCT/SERVICE
SOURCE: Mellon Research, Inc.
CONTACT INFORMATION:
Morgan Phillips, Inc.
Ray Larson, 918-269-6366
Morgan-Phillips@cox.net
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