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Too freakin funny.... I, of course, don't watch this long dead scam, so had to go see what you were talking about. Talk about hilarious!
Is it possible that, after all these years since Sheppard took over for the crook that was behind this scam, Shepp still has no idea that the dirt pile at Skull Valley is nothing but...mined out dirt?!!
Bwahaa!
Perhaps someone should tell him that the original miners pulled out a whopping 2550 ounces of gold, making the grade 0.005 opt..or thereabouts. So, the tailings, which is what is left, would have way less than that amount of gold left.
You should read up on Donald Jordan, the crackpot who was behind the make believe assays and whatnot.
You should stick with MXSG.... and maybe GSS, which appears to be a real gold miner... USPR and SDRG sure as heck ain't..... and the jury is still out on Mexus... regardless of what ole Phillips would have all believing....
So what? NMCX is long long gone.... and never had more than a tiny bit of gold...and zero pgm's....they did have the laughable Jordan who made believe they did.
I noticed this when I went to my broker's website and the quote shows that NMCX was last traded on December 22, 2015. If
any trades went through after this date, say up to
June 2016 this year, there hasn't been a market
update of it. It must be held by will of the
Company and Finra. If this portends a merger or
buyout, when will it trade again?
Regarding platinum group metals: First Identified
before 1803. All 6 found in crude platinum by 1844
and called "Platinum Metals". Russian coins of platinum
appear in 1826. The metal occurs as part of many
metallurgical processes and was disregarded by the
Spanish and others before.
The old miners weren't careful with or knowledgeable about their ore. They wasted many valuable, unidentified minerals and left platinum nuggets in the streams in the mining of other, more common minerals.
Since they didn't know about PGMs back then, I think there is a lot of opportunities to find it in old and current mines and in the unexplored places it is found. I am not as pessimistic as you because I have witnessed the vast waste and poison the old mines unleashed on the land. 150 years ago or 1888, PGM were first identified and no production of it existed anywhere before then or until at least 1939.
Who rattled yer cage? LOLZ.... That's Pt prospecting. There is only one commercial Pt mine in the US...and will likely never be another.
There are many mines with platinum as a primary, secondary or
tertiary product in the West as shown using the USGS MRDS
(PT mines are indicated with purple pickaxes):
Here's a guy who can find it too:
The company through the partner would gain respect and
admiration due the prominence of the partner whose
investment could be a smart investment when it happens
that there is economic precious metals in the ore.
After processing ore from Skull Valley it is hoped that
economic quantities of precious metals will be recovered.
The investor could research the company, the data and
the metal recovery protocol ahead of time and then
decide to make the non-refundable deposit to NMCX.
An earlier estimate of the precious metal content in the
280,000 tons of Skull Valley tailings that are located
inside of the pit areas, indicated that the tailings
have sufficient quantities of precious metals so that
it would be worth the effort to try to get them.
The caveat with NMCX is that there is no guarantee that
after processing the ore reserves that there will enough
value recovered to pay the bills. However, even if the
original estimates are just 1/10th right, there is still
a lot of precious metals left in the ore.
Who knows. Believe what comes from this grey sheet garbage? The "investor" is either gullible and naive, or has put up no funds....or doesn't exist.
Whatever is going on, there is little or no chance of even a few ounces of gold being processed from the dirt piles.
so...some 'investor' put a non-refundable deposit down to determine what you already know? they should have just paid you as a consultant
It matters not, as there is nothing of value in those tailings piles.... which any "investor" would know with some proper DD.
okay - here is the question that nobody will answer - WHO IS THE INVESTOR?- AND IF THE INVESTOR IS CREDIBLE THAT IT SHAMES EVERYONE'S SCAM ALLEGATIONS
Placer can also be the spanish word for sand bank. That is probably more likely than pleasure.
All of the Earth's gold and platinum ore came from outer space
after a mammoth meteorite shower battered the Earth more than four billion years ago, scientists revealed today.
http://www.dailymail.co.uk/sciencetech/article-2034667/Earths-gold-platinum-arrived-meteor-shower-lasting-200MILLION-years.html
How do placer gold nuggets get into streams and rivers from the crustal gold ore and rocks it was injected into? This will need some small understanding of geology or the study of the earth and its structure.
Gold quartz veins are also called hydrothermal deposits. Another type of deposit takes place in some rocks with no deposits in the quartz at all. These micro gold deposits are often associated with metamorphic rocks and those gold deposits represent some of the biggest gold resources around.
Placer gold mining has been practiced for thousands of years with evidence dating back as far as 2600 BC in ancient Sumeria and Egypt. The technology required is minimal with only a gold pan you can refine gold in a placer deposit. The word “placer” comes from the Spanish word meaning “pleasure”. Perhaps an allusion to the delight of finding precious metal in a river bank. The word was spread as gold bearing gravels were discovered in parts of North America colonized by Spain. In fact the discovery of gold the primary motivation for Spanish explorers to dig deeper and deeper into the newly discovered continent.
Rock holding the gold bearing veins or ore is slowly chiseled and broken by weathering and erosion. The erosive forces of water, wind, and ice transport rock fragments into drainage systems such as streams and rivers. Gold and other heavy minerals will settle out in areas in the stream where the water loses momentum or creates a trap. These traps form into placer deposits over time.
This explains how possible to recover gold from places such as at Skull Valley, Arizona. Other than gold, additional other heavy minerals might be captured. If one had a placer mine, then all one needs do is economically recover the minerals.
Of course not. Read Sheppard's laughable s/h letter. It, like many pink forward looking releases, doesn't provide details. Perhaps because there are none.
I'd hope there's no investor dumb enough to front any digging up of that plain old dirt pile.
.005 percent of the people on this board know what you guys are talking about - regarding NMCX - does anyone know who the investor is...? That would be helpful in determining if there is a pulse
Oh, and now Arizona has been glaciated, has it? Amazing.
I wish you the best of luck.
Okay, you win......the geology textbooks will have to be rewritten, and there will now be a platinum placer "rush" to central Arizona. I am glad to be a witness to this historic event.
You're saying that platinum has been weathered from veins in Colorado or Montana, and have been transported to Skull Valley in Arizona by some mysterious geological process, in quantity that it constitutes ore? That is sheer nonsense. There isn't even enough gold there to constitute ore.
There has never been any platinum mined in Arizona.
The occurrence is far away and it is transported to placer mines, so it doesn't matter that platinum doesn't occur in veins Arizona. Search the geology book for mentions of platinum, and palladium and glacial cycles.
There has never been any platinum production that wasn't a by product of the smelting process for other ores.
There is no recorded production of platinum in Arizona. There are no recorded occurrences of platinum anywhere near Skull Valley. Who cares what is in Colorado - no bearing on what is in Skull Valley. Give it up.
There is platinum in gold veins in Colorado. In La Plata, to the north and east, one state away from SV. Goes to show that platinum is not meteoric in nature and might be found anywhere.
Book on the Geology of the La Plata Ore:
https://play.google.com/store/books/details?id=vKDkAAAAMAAJ&rdid=book-vKDkAAAAMAAJ&rdot=1 (click FREE then READ )
Location:
https://www.google.com/maps/search/La+Plata+district,+Colorado/@37.2388337,-108.1480393,7.45z?hl=en
The nearest deposit of pgms to S.A. is Montana.
Check your spanish dictionary. La plata is silver.
No, but platinum occurs there. It was discovered in the streams
long ago and called la plata. Which is the point, how did it get there?
It was ancient river systems carrying it from far away.
Actually, Central and South America don't produce pgm's. Try again...
http://minerals.usgs.gov/minerals/pubs/commodity/platinum/mcs-2015-plati.pdf
It is true that all pgms in Central and South America are in
the gold sands. Platinum sands have been transported
from the Oregon Coast to California.
Glacial cycles do shift sea levels and shape continents,
and create placer deposits. Of course the glacier
didn't go to Mexico, but it's aftermath did.
No, the glacial cycles did not go that far south.
When the glacial cycles occur and they recede, gold and PGMs are
carried down from far north, even going to Central/South American placers.
They don't have any pgm's. Arizona has the wrong geology for pgm deposits.
Placer metal comes from upstream deposits of gold,
which washes away from the ground and into the ancient rivers.
SV dirt contains the gold of the deposits of the rivers.
If NMCX has pgms they'd be the 2nd pgm miner in the US:
http://investorrelations.stillwatermining.com/phoenix.zhtml?c=99837&p=irol-newsArticle&ID=2073482
Does anyone know who the investor is...this could provide some credibility to Sheppard and NMCX valuation claims. If the investor is sophisticated, then there might be a chance that they are on to something...?
Correct. As there is little or nothing worth mining, those piles will just stay as they are, an infertile patch barely capable of sustaining some tumbleweed. If there was anything there besides some old tailings, it would have been processed long ago. And tailings are rarely worth going after. The SV dirt piles are surely worthless. Especially since it would cost a lot more to try to extract the gold that may be left.... $1m worth at best... a far cry from the $432m they've valued the frickin dirt at.....
Just went back and read Shepp's laughable now month old news. I can pretty much guarantee that nary a bit of it will ever happen.
Yawn..... there was one trade where $2000 changed hands.... was it a fat finger trade? Whatever it was, the handful of trades that have gone off, for years now, have been at or near .0001. For good reason. NMCX is comatose and worthless.
Wrong!!! Different labs given the same sample should get the same results.
http://www.icmj.com/article.php?id=1568&keywords=BLM_Runs_Check_on_Assay_Services
NMCX stock is at eight year high price.
But this garbage hasn't been trading for years.
If that is true then it would not be economical
for ore processing. Conversely, if processing is to be
done it must be that it is potentially profitable. Therefore
it must be gold and pgms do exist and Dr. Shah found the
correct result.
Labs using different assay techniques yield different results.
Audits have been done and wide variability is common.
Nope. Shah's assays were bunk, just like Jordan's. The only verifiable assays were commissioned by the state, and were done by a reputable lab, perhaps Chemex, and showed negligible gold, maybe a tad bit of silver or copper, and nothing else.
This was all covered 10 years ago. NMCX was garbage then, and always will be.
The assays performed by Dr. Shah at Copper State Analytical Labs revealed that gold was accompanied by other rare metals.
Beyond the gold in the ore, it must be that other elements are present in it that make it much more than just 1000 ounces of gold.
Maybe NMC has a lot of value in the Skull Vally ore.
Yawn...... sure, there might be 1000 ounces left... which is sub-economic at best.... and a far cry from those laughable Jordan assays that claimed over $20,000 per ounce of ore value...
What a hoot.
Gold occurs in minute quantities in almost all rocks and the sea.
Naturally occurring metallic gold usually has variable amounts of silver,
copper, platinum, palladium or certain other elements admixed with it.
When they mined 2500 ounces of gold at Skull it must be evident
that they created 275000 tons of ineffectively processed tailings
that still contain value.
I already covered that Q a few posts ago. All the DD was done long ago here. Read my posts and others from early 2005.....
My best DD compilation is no longer online, sadly.
Here's all you really need to know. The Skull Valley location has about 275,000 tons of old tailings that resulted from a sub economic operation (1970's, iirc) done by two miners named Spieleman and Bender. It recovered a parlty 2500 ounces of Au, or .01 opt, a very low and sub-economic grade. What's left, in those tailings, is precious little gold, and no platinum, or rhodium, or anything such as the company claimed, based on bogus assays done by the now deceased Donald Jordan, whose assays made him a laughingstock among professionals.
Maurice Furlong, being up on DOJ charges for fraud, passed the reins to AFfinity scammer Michael Sheppard, who knew nothing about mining, so was incapable of determining that he was being conned.
That's the basics... they've gone comatose for years, with virtually no trades or news. There is no future here and never has been. Sheppard may have just penned that latest tripe shareholder letter for shit and giggles.
ANY THOUGHTS...? - OR DOES EVERYONE JUST WANT TO MAKE CAPRICIOUS STATEMENTS ABOUT HOW THIS COMPANY IS A SCAM WITH NO LOGICAL CONNECTION?
okay - but then how do you explain real moneys being deposited for tailings processing agreement - is that just a lie or has the investor done zero research. I can understand how penny stock buyers get scammed - but how does that happen at the corporate buy-out level?
This is an old, dead desert dirt scam. Go back to posts from 2005-6. Google Hexagon ....Maurice Furlong....SEC etc.....
Nothing then. Nothing now. Nothing ever.
Do better DD. NMCX has never had anything of verifiable value. EVER.
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NMCX -- NMC Inc.
----------------------------------------------------------------
http://www.nmcinc.com/news040110.html
NMC, Inc.
Statement to Shareholders
April 1, 2010
NMC Inc. Shareholders:
As most all our patient shareholders are aware, maximizing the return on all of our investments has always been our mission and now has become a quest. To that end, we continue to do the right things, the right way and therefore, have achieved several milestones along the way:
And now, on 3-31-10, the lease for the adjacent 377 acres in the Copper Basin , Skull Valley Arizona site HAS BEEN RENEWED.
The renewed lease will allow us to re-direct our marketing efforts and to re-contact mining firms and/or joint venture partners who were not interested in only ore concentrates. We are pleased that the Arizona State Land Department has been so cooperative in granting this lease which will remove obstacles we have been facing in our sales efforts while providing additional options to a possible sale or joint venture.
While I am personally thrilled with this latest blessing, I remain cautiously optimistic as our greatest challenge continues to be assisting the potential buyers in obtaining financing when credit remains so tight as many mining companies have limited liquidity. That said, we would be open to receiving a substantial down payment which could then be distributed to our shareholders via a dividend plus a stock swap with a solid, publically held, mining firm - which is much more attractive to all parties.
Please know that this lease could not have been granted without the tremendous contributions of our Project Manager, Pete Rushbrook and our Webmaster, Jim Richardson who helped prepare the NMC Mine Operating Plan (MOP) and what you see on our website. I believe that this huge milestone would not have been achieved without the support of Senator of Arizona, Steve Pierce (introduced by Pete Rushbrook), the Arizona Governor’s Office (represented by Mike Anable), the Commissioner, Maria Baier and Joe Dixon, Minerals Manager of the Arizona State Land Department; and most of all, our LORD, as I believe that HE has a hand in our company. Your continued prayer and support is greatly appreciated.
In Your Service,
Michael Sheppard, President
/s/
----------------------------------------------------------------
Information from Pink Sheets:
http://pinksheets.com/pink/quote/quote.jsp?symbol=nmcx#getCompanyInfo
WARNING: RATED CAVEAT EMPTOR by Pink Sheets
2005 Info from Arizona State Land Commission
http://jimewescamp.250x.com/nmcxinfo.pdf
NMC, Inc.
2711 Cool Lilac Ave.
Henderson, NV 89052
http://www.nmcinc.com
* Phone: 702-837-1163 ***THIS NUMBER IS DISCONNECTED***
Disclosure Category
No Information
State Of Incorporation
NV
*
Jurisdiction Of Incorporation
USA
*
Company Officers
Michael D. Sheppard, CEO, Chairman
*
SEC Reporting Status
non-SEC Reporting Company
*
Fiscal Year End
12/31
*
----------------------------------------------------------------
NEVADA SECRETARY OF STATE INFORMATION
Business Entity Information
Status: Default on 5/1/2007 File Date: 4/3/1984
Type: Domestic Corporation Corp Number: C2341-1984
Qualifying State: NV List of Officers Due: 4/30/2007
Resident Agent Information
Name: NEVADA AGENCY & TRUST COMPANY Address 1: 50 WEST LIBERTY STREET
Address 2: SUITE 880 City: RENO
State: NV Zip Code: 89501
Financial Information
No Par Share Count: 0 Capital Amount: $ 7,600,000.00
Par Share Count: 6,500,000,000.00 Par Share Value: $ 0.001
Par Share Count: 1,100,000,000.00 Par Share Value: $ 0.001
Officers Include Inactive Officers
ACTIVE Director - GEORGE BROWN
Address 1: 190 BETHLEHEM PIKE #1 Address 2:
City: COLMAR State: PA
Zip Code: 18915 Country:
Status: Active Email:
ACTIVE President - MICHAEL D SHEPPARD
Address 1: 4229 WARREN ROAD Address 2:
City: FRANKLIN State: TN
Zip Code: 37067 Country: USA
Status: Active Email:
ACTIVE Treasurer - MICHAEL D SHEPPARD
Address 1: 4229 WARREN ROAD Address 2:
City: FRANKLIN State: TN
Zip Code: 37067 Country: USA
Status: Active Email:
ACTIVE Secretary - MICHAEL D SHEPPARD
Address 1: 4229 WARREN ROAD Address 2:
City: FRANKLIN State: TN
Zip Code: 37067 Country: USA
Status: Active Email:
ACTIVE Director - THOMAS J SMITH, JR
Address 1: 1816 OLD NACHEZ TRACE Address 2:
City: FRANKLIN State: TN
Zip Code: 37064 Country:
Status: Active Email:
HISTORICAL President - MICHAEL D SHEPPARD
Address 1: 4229 WARREN ROAD Address 2:
City: FRANKLIN State: TN
Zip Code: 37067 Country: USA
Status: Historical Email:
HISTORICAL Treasurer - MICHAEL D SHEPPARD
Address 1: 4229 WARREN ROAD Address 2:
City: FRANKLIN State: TN
Zip Code: 37067 Country: USA
Status: Historical Email:
HISTORICAL Secretary - MICHAEL D SHEPPARD
Address 1: 4229 WARREN ROAD Address 2:
City: FRANKLIN State: TN
Zip Code: 37067 Country: USA
Status: Historical Email:
HISTORICAL Director - MICHAEL D SHEPPARD
Address 1: 4229 WARREN ROAD Address 2:
City: FRANKLIN State: TN
Zip Code: 37067 Country: USA
Status: Historical Email:
Actions\Amendments
Action Type: Amended & Restated Articles
Document Number: 20070320762-59 # of Pages: 6
File Date: 05/07/2007 Effective Date:
Previous Stock Value: Par Value Shares: 4,500,000,000 Value: $ 0.001 No Par Value Shares: 0 ----------------------------------------------------------------- Total Authorized Capital: $ 4,500,000.00 New Stock Value: Par Value Shares: 6,500,000,000 Value: $ 0.001 Par Value Shares: 1,100,000,000 Value: $ 0.001 No Par Value Shares: 0 ----------------------------------------------------------------- Total Authorized Capital: $ 7,600,000.00
Action Type: Annual List
Document Number: 20060240097-70 # of Pages: 2
File Date: 04/17/2006 Effective Date:
(No notes for this action)
Action Type: Amended List
Document Number: 20050199459-44 # of Pages: 1
File Date: 05/27/2005 Effective Date:
(No notes for this action)
Action Type: Annual List
Document Number: 20050113632-53 # of Pages: 1
File Date: 03/29/2005 Effective Date:
(No notes for this action)
Action Type: Amendment
Document Number: C2341-1984-018 # of Pages: 6
File Date: 01/06/2005 Effective Date:
CAPITAL STOCK WAS 1,500,000,000 @ .001 = $1,500,000 DEG
CERTIFICATE OF AMENDMENT FILED AMENDING STOCK. (FILING FEE $1650)
(12) PGS. DEG
Action Type: Annual List
Document Number: C2341-1984-002 # of Pages: 1
File Date: 04/21/2004 Effective Date:
List of Officers for 2004 to 2005
Action Type: Merger
Document Number: C2341-1984-016 # of Pages: 12
File Date: 09/09/2003 Effective Date:
ARTICLES OF MERGER FILED MERGING PEEPLES MINING COMPANY, A (NV) CORPORATION,
#C2180-97, INTO THIS CORPORATION. NAME CHANGE AMENDING WITHIN MERGER.
(1) PG. DEG
----------------------------------------------------------------
SECRETARY OF STATE (ARKANSAS) INFO FOR NMC NEVADA
(Application for Authority to operate as a foreign corporation)
Jerry Haggard, Registered Agent (for Arkansas only) updated as of
October 6, 2007
----------------------------------------------------------------
SECRETARY OF STATE INFORMATION FOR CALIFORNIA PRECIOUS METALS
**COULD NOT FIND SUCH A COMPANY IN TENNESSEE**
http://www.tennesseeanytime.org/soscorp/
Thus, this company is not authorized to do business in Tennessee
The company was registered in Nevada on July 10, 2007, as an LLC.
FILE NUMBER: E0495972007-3
Manager: Michael Sheppard
1946 Selby Avenue, Suite 306
Los Angeles, CA 90025
Registered agent: Acorn Corporate Services, Inc.
3225 McLeod Drive #110
Las Vegas NV 89121
---------------------------------------------------------------
Public record information about Michael D. Sheppard, President
Michael D. Sheppard
Address on Nevada SOS appears to be his home address
Public deed shows that this property is jointly owned by him and Barbara Sheppard
Land size: 80,645 square feet Value: Approx. $498,000
Public deeds show other possible properties
Public records show three vehicles, all manufactured by Lexus
Public records show the following businesses possibly ran by Sheppard:
New Life Corporation of America Brentwood TN President 2001-2004
Lars Desert Oasis Suncare Products Nashville TN President 2001-2003
National Community Foundation Brentwood TN Contact 2002
Providential Properties Brentwood TN 1998
Nulife LLC Henderson TN 2001
Born: 1945
---------------------------------------------------------------
NEW LIFE CORP. INFORMATION
If it is the same Michael D. Sheppard that operated New Life Corp., the following information is relevant:
1. New Life Corp. sold an investment program that came under regulatory scrutiny and resulted in a class action lawsuit.
2. Maine sanctioned New Life Corp./National Community Foundation for not having its agents registered:
3. Pennsylvania's Attorney General filed suit calling it an elaborate sales scheme:
http://www.nashvillepost.com/news/2004/10/28/updated_519_pm___penn_ag_accuses_new_life_corp_of_engaging_in_x2018elaboratex2019_scheme_
4. 1999 Forbes article about National Community Foundation/New Life
http://findarticles.com/p/articles/mi_kmfor/is_199909/ai_n15370240
5. 1999 article with comments from Mr. Sheppard
http://www.investmentnews.com/apps/pbcs.dll/article?AID=/19990308/SUB/903080722/-1/INIssueAlert04&template=printart
6. Class action lawsuit was filed against Sheppard and the company. It resulted in a settlement and an award of $232,000 in attorney fees to the plaintiff's counsel. The case was 2000cv6314 (Central District of California -- Los Angeles branch).
----------------------------------------------------------------
P/R I/RCONTACT INFORMATION FROM LAST BUSINESSWIRE PRESS RELEASE:
CONTACT: Jordan Richard Assoc. LLC
Madeleine Franco, 702-256-4905
ir@jordanrichard.net
----------------------------------------------------------------
LAWSUIT INFORMATION
The SEC filed suit in 2004 for stock fraud against the principles of this company. After several years of litigation, a jury determined that securities fraud violations occurred in connection with the marketing of the company's stock. Of course, the officers involved resigned from management of this company; however, the history of the suit provides reason to investigate the veracity of the company's claims and investor's should carefully analyze the lawsuit.
The suit is captioned S.E.C. v. Pietrzak & Furlong, Case 03C1507, United States District Court for the Northern District of Illinois
2007-Nov-11 Final Judgment by the Court
http://investorshub.advfn.com/boards/read_msg.asp?message_id=24621493
2007-Oct-11 S.E.C.'s Reply in Support of Motion for Permanent Injunction
http://investorshub.advfn.com/boards/read_msg.asp?Message_id=23660767
2007-Aug-03 S.E.C.'s press release announcing jury verdict finding fraud
http://investorshub.advfn.com/boards/read_msg.asp?Message_id=21846823
----------------------------------------------------------------
NEWS and PRs
January 18, 2008 NMC publishes disclosure document
http://www.predictwallstreet.com/news/default.aspx?storyID=66976014&symbol=NMCX
September 13, 2007
NMC Provides Update (new subsidiary formed, website updated, unaudited financial info)
http://today.reuters.com/news/articleinvesting.aspx?view=PR&symbol=NMCX.PK&storyID=55619+13-Sep-2007+BW&type=qcna
May 1, 2007
NMC Provides Update
http://today.reuters.com/news/articleinvesting.aspx?view=PR&symbol=NMCX.PK&storyID=61068+01-May-2007+BW&type=qcna
April 5, 2007
NMC Reports on Shareholder Meeting (appoints five directors)
http://findarticles.com/p/articles/mi_m0EIN/is_2007_April_5/ai_n20510769
March 26, 2007
NMC Shareholders We Need Your Vote
http://findarticles.com/p/articles/mi_m0EIN/is_2007_April_5/ai_n20510769
February 17, 2007
NMC Provides Update (stock and debt cancellation)
http://findarticles.com/p/articles/mi_m0EIN/is_2007_Feb_13/ai_n20510751
April 27, 2005
NCM Inc. Statement Concerning Status of Unaudited Financial Statement
http://findarticles.com/p/articles/mi_m0EIN/is_2005_April_27/ai_n13655570
Nevada Secretary of State information:
NMC, Inc. Provides Update
Over-issuance of Common Stock
NMC, Inc. (Pink Sheets:NMCX) announced today that during the audit of the company's financial statements for the years ended December 31, 2004 and 2005, by the Public Companies Accounting Oversight Board (PCAOB)-registered accounting firm, the Company discovered that the number of shares issued by its in-house transfer agent exceeded the company's authorized shares of common stock. This over-issuance was disclosed in the Company's financial statements. Subsequent to the completion of the audit, the Company discovered a more recent over-issuance by its in-house transfer agent. These over-issuances totaled approximately 1.7 billion shares. Additionally, at the time the Company's prior board of directors created the Class A Preferred Shares in July of 2004, there were not, nor are there currently, a sufficient number of authorized shares of common stock to accommodate conversion of the approximately 400 million outstanding shares of Class A Preferred Stock (each of which converts into 5 shares of common stock), now held in a revocable trust by family members of a former officer, director and current shareholder of the Company.
Prior to the discovery of the greater imbalance between authorized shares and issued and convertible shares, the Company had prepared a letter to all shareholders, then intending to make its audited financial statements for 2004 and 2005 available. However, the aforementioned imbalance may require restatement of the Company's financial statements for the years ended December 31, 2004 and 2005.
Management is conducting an internal investigation of the facts surrounding the over-issuance and related matters. Once the board of directors has evaluated the circumstances and impacts of these issues, it will recommend corrective action. In the meantime, the board is exploring possible alternatives specific to the over-issuance, including without limitation, increasing the number of authorized shares and/or a reverse split, any of which would require a majority vote of the shareholders. Pending final resolution of these issues and subject to limitations under Nevada law, the Company expects to treat outstanding shares held by non-affiliates of the Company as having been validly issued.
The Company expects to make audited financial statements available after the resolution of these matters and completion of its audits, including an audit of 2006, by means of the filing of a Form 10 with the Securities and Exchange Commission (SEC).
Having accepted the resignation of its in-house transfer agent as a result of the aforementioned events and other problems, the Company has engaged the services of an external, independent transfer agent. The new transfer agent is expected to begin transfer duties for the Company in January 2007.
Without giving effect to the over-issuance and related issues that may have an effect, NMC, Inc. had an accumulated deficit of approximately $65.4 million at December 31, 2005, principally attributable to the writing off of acquired assets and operating expenses.
During the audit, three independent geologists and two assayers conducted four geological reviews and full custodial assays on all its properties, although only the Skull Valley property was verified for the purpose of the audit.
Buyer Payment
On December 23, the Company received a payment in the amount of $350,000 pursuant to an agreement for the sale of first-stage precious metals ore concentrates for a total purchase price of $500 million to a privately held entity. Per the agreement, additional installments on the down payment of $11 million are payable over the next 23-month period. After the $11 million down payment has been paid, the customer may begin taking prorated possession of the first-stage concentrated ore, and the remaining $489 million balance of the contract is to be paid over 8 years. There can be no assurances that this contract will be fulfilled in its entirety, and there is no prepayment penalty or limitation on assignability.
Civil Litigation
In March 2003, the SEC filed a civil action against two former officers and original members of the Board of Directors. This action continues, with a court hearing scheduled for March 19, 2007. These former officers and original members of the board of directors have resigned, and the Company is not a party to the litigation but has incurred and may continue to incur some expenses attributable to the litigation.
Form 10 Registration Statement
At the present time, management anticipates that a Form 10 Registration Statement--which is expected to contain audited financial information for the most recent three years ended December 31, 2006--will be submitted to the SEC no earlier than the second quarter of 2007.
Communication with Shareholders
In the interim period and prior to the effectiveness of a Registration Statement, the Company has been advised by its legal counsel to limit its news releases significantly; however, the Company anticipates that it will continue to keep the market informed of critical developments.
About NMC
NMC, Inc. has interests in mining and ore processing. In addition to its Skull Valley claims, the company owns 7 mining claims of 20 acres each in Mesquite, Nev. and 17 mining claims on 340 acres in San Bernardino County, Calif., in all of which it owns 100% of the mineral rights.
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