Screw it, double down man.
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Solid volume, good day.
Gotta break through 1.10
It will be looking good if they get a positive response from the SEC after adhering to all of their requests.
SECURITIES EXCHANGE ACT OF 1934 Release No. 73897 / December 19, 2014
ADMINISTRATIVE PROCEEDING File No. 3-16317
In the Matter of
MYRIAD INTERACTIVE MEDIA, INC.
ORDER REQUESTING ADDITIONAL WRITTEN SUBMISSIONS
UNITED STATES OF AMERICA
before the
SECURITIES AND EXCHANGE COMMISSION
On November 20, 2014, the Commission issued an order pursuant to Section 12(k) of the Securities Exchange Act of 1934 suspending trading in the securities of Myriad Interactive Media, Inc. (MYRY) through December 4, 2014 (the "Trading Suspension Order").1 The Trading Suspension Order stated that "[q]uestions have arisen concerning the accuracy and adequacy of publicly disseminated information, including information about the relationship between the company's business prospects and the current Ebola crisis," and that the "Commission is of the opinion that the public interest and the protection of investors require the suspension of trading."2
On December 1, 2014, Myriad Interactive Media, Inc. ("Petitioner") filed a petition for termination of the trading suspension pursuant to Rule of Practice 550.3 In accordance with Rule of Practice 550(b), the Commission has, in its discretion, determined to request additional written submissions.4
1
(Nov. 20, 2014); Bravo Enterprises Ltd., 2014 WL 6480308 (Nov. 20, 2014).
2 3 4
Bravo Enterprises Ltd., 2014 WL 6480286, at *1. 17 C.F.R. § 201.550.
17 C.F.R. § 201.550(b).
Bravo Enterprises Ltd., Securities Exchange Act Release No. 73650, 2014 WL 6480286
Accordingly, IT IS ORDERED, that the parties file submissions as follows:
? By January 5, 2015, the Division of Enforcement ("Division") shall file all the information that was before the Commission at the time of the Trading Suspension Order's issuance.5
? By January 20, 2015, Petitioner shall file an opening brief, which is not to exceed 8,000 words. Any evidentiary materials relied upon by the brief shall be attached as an appendix to it.
? By February 3, 2015, the Division shall file an answering brief, which is not to exceed 8,000 words. Any evidentiary materials relied upon by the brief shall be attached as an appendix to it.
? By February 10, 2015, Petitioner may file an optional reply brief, which is not to exceed 3,000 words.
No briefs in addition to those specified in this order may be filed without leave of the Commission. The briefs shall conform to Rules of Practice 150-153, with respect to service, filing, and form, and Rule of Practice 450(b)-(d), with respect to content and length limitations, except as modified in this order.6 Pursuant to Rule of Practice 180(c), failure to file a brief may result in dismissal of this proceeding.7
For the Commission, by the Office of General Counsel, pursuant to delegated authority.
Brent J. Fields Secretary
Myriad Interactive Media Inc. provides corporate update
Source: InvestorsHub NewsWire
Myriad Interactive Media Inc. provides corporate update
Toronto, Ontario – Las Vegas, Nevada
January 5 2015 9:00AM EST
Myriad Interactive Media Inc. (OTC: MYRY), a global interactive media and development company is pleased to provide the following corporate update.
Ebola Case Tracking App
“The company would like to notify investors that we have completed the first version of the Ebola app called “Epidemap” for our client Mouse, LLC. On December 20th 2014 we submitted the app to Apple and the app is currently under review. Upon successful review and subsequent release, the app will be run in beta mode.
Users can download the app when its complete at http://www.epidemap.com
Dallas Medical Website Project
“We are also pleased to announce we have successfully completed this several month long project and launched the new corporate website and identity for Dynamic Health Systems of Texas.” Users can review the new website at http://www.dhat.com
SEC Suspension
On November 20th 2014 the company was issued a trading suspension by the SEC because of questions around the Ebola app we were hired to build. We hired a securities attorney that deals with these matters and filed a petition. In the petition we provided all contracts, payments and proof of the development of the ebola tracking app including the designs, working source code and back-end login for the apps management system.
On January 4th 2015 we received an email from our attorney stating that he received correspondence from the SEC and provided us a link to the SEC response to our petition. The link is below:
http://www.sec.gov/litigation/opinions/2014/34-73897.pdf
We will continue to fight for our company, reputation and most importantly our shareholders on this matter.
Ongoing projects
Due to our current suspension and the damage that has been caused to our reputation, we have halted all ongoing projects. The company is not in a position to continue forward with the development of internal projects until a decision is made regarding the Ebola project and at that time we will decide what our next corporate steps will be. It has always been our mandate to try and build value for our shareholders by introducing new technologies and enhancing our code repository. The company will evaluate the best way to maximize value from our current code, technologies and licensing agreements. Myriad will continue to work on third-party projects that we are hired to design and develop for.
About Myriad Interactive Media, Inc.:
Myriad Interactive Media is an interactive marketing and development firm based in Toronto, Canada. Myriad designs and develops corporate websites, enterprise applications and mobile apps. Myriad has developed several in house technologies which are 100% owned and operated by Myriad Interactive Media, Inc.
Myriad Interactive Media Inc. is a public company quoted on the OTC Markets under the symbol MYRY
For more information, please visit us in the USA at http://www.myriadim.com
Forward-Looking Statements
In addition to historical information, this press release may contain forward-looking statements that reflect the Company’s current expectations and projections about future results, performance, prospects and opportunities. These forward-looking statements are based on information currently available to us and are subject to a number of risks, uncertainties and other factors that may cause actual results, performance, prospects or opportunities to be materially different from those expressed in, or implied by, such forward-looking statements. You should not place undue reliance on any forward-looking statements. Except as required by federal securities law, the Company assumes no obligation to update publicly or to revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available, new events occur or circumstances change in the future.
Contacts:
Myriad Interactive Media Inc.
Contact Investor Relations (Email Preferred)
Investor Relations: 1-800-427-1103
info@myriadim.com
Interactive XBRL Filings are available at:
http://www.myriadim.com/investor-center.html
Minco Gold is Among the Companies in the Diversified Metals & Mining Industry With the Lowest Beta (MGH, TC, SFEG, PLM, RIO)
Written on Sun, 01/04/2015 - 12:10pm
By Shiri Gupta
Below are the three companies in the Diversified Metals & Mining industry with the lowest betas. Lower-beta stocks mean minimal volatility and are therefore generally considered to be a less risk and offer more stable returns.
Minco Gold ranks lowest with a a beta of 0.4. Following is Thompson Creek Metals with a a beta of 0.5. Santa Fe Gold ranks third lowest with a a beta of 0.6.
Polymet Mining follows with a a beta of 0.6, and Rio Tinto rounds out the bottom five with a a beta of 0.8.
It's a mining region...
Mining Year in Review
Updated: 01/02/2015 4:35 PM
Created: 01/02/2015 4:16 PM WDIO.com
2014 was a busy one for the mining industry, as usual.
Let's start with production numbers. According to the Department of Revenue, 38.2 million tons of taconite were produced between the 6 traditional mines.
That's up .7 million tons from 2013. Production at the added value operations like Magnetation, Mesabi Nugget, and Mining Resources was also up about 100,000 tons.
Other notes of importance:
Minntac received all the permit approvals they need to extend their mine pit, which will extend the life of the mine.
However, the other U.S. Steel owned mine, Keetac, found out that the expansion there is no longer moving forward. This move will save U.S. Steel about $300 million dollars.
Essar Steel Minnesota has ramped up construction again, after a two year delay because of financing. Contractors who hadn't been paid for months and months, have now been paid and have returned to the site.
PolyMet finished an important step in the environmental review, with public hearings on the supplemental draft EIS.
Mesabi Nugget continues to work on ways to make production more profitable. They're also now shipping some of the product out of Duluth.
Cliffs Natural Resources saw a shakeup of its board of directors, which also meant a new CEO. Lourenco Goncalves now leads the company, and promised shareholders he would make the company profitable again.
One of Cliffs' mines, Northshore Mining, has started working on producing a DRI grade pellet, which has a higher iron content.
MnDOT announced they have a preferred route for the relocation of Highway 53 for mining, which involves another Cliffs operation, Untied Taconite. The route would be around the eastern side of Virginia, and include what could be the highest bridge in Minnesota.
Hibbing Taconite is now using the first ever pink truck box on the Range.
And those truck boxes are now being made on the Range, at TriTec in Virginia.
Twin Metals had a change of ownership. Antofagasta, a Chilean company, now controls the entire project, after buying out partner Duluth Metals.
Magnetation just started up production at their Plant 4 near Coleraine and Grand Rapids. Pellets also started rolling off the line at their plant in Reynolds, Indiana.
Mining leaders celebrated the 130th anniversary of the first shipment of iron ore, up in Soudan.
The health studies on Iron Range miners are complete. Doctors are not able to pinpoint exactly what is causing the higher than expected numbers of mesothelioma.
And the commissioner of the IRRRB, Tony Sertich, has stepped down to take a new job in Duluth.
Where is the company at in this process? EIS, permits? Community sentiment?
It's seems to have a quote with trades on ihub.
OGNG is another company suspended with MYRY. They are now trading with quotes today.
Let the year of polymet begin!
Throwing a guess out there, march 21st the FEIS comes out.
A case of Ebola in London, and Glasgow. Rates climbing in Sierra Leon. Would be nice to see the app.
If they are willing to spend almost $400,000,000 at this point, I think they will see it through.
Alan Hodnik is starting to become more vocal. A huge player who is a great spokesman for the company and industry.
"Minnesota thoughtfully has led the nation in so many ways over the decades, including being praised recently by EPA Administrator Gina McCarthy for ushering in a clean-energy economy. This is the same Environmental Protection Agency and administrator that gave the PolyMet endeavor an EC-2 rating, the highest rating granted to any U.S. mining initiative over the past 16 years."
Alan R. Hodnik is chairman, president and CEO of Allete and is a member of PolyMet Mining’s board of directors.
The first quarter of 2015 will be make or break.
Summary
Permitting for the NorthMet project can be expected to conclude within a year.
A DFS update will provide a clearer picture of project economics.
Glencore partnership continues to lend important support.
Almost a year and a half has passed since our last article on PolyMet Mining (NYSEMKT:PLM). The company has been involved mostly in various activities supporting its efforts to obtain permitting of its Northmet project; a process that could be compared to watching paint dry from an investor's point of view and explains the lackluster news flow during this time. Nevertheless, PolyMet Mining has outperformed the general junior mining sector by a considerable margin as evidenced by the chart below, giving credence to our high opinion of the NorthMet project and the company's ability to bring the value of this poly-metallic deposit to account.
The rather quiet period seems to be coming to an end now with various catalysts scheduled throughout 2015, a year which we believe is shaping up as the make-or-break year for the NorthMet project, and by association for PolyMet Mining.
The most recent project update provided by the company has served as the impetus for us to sit down and put this junior developer back on our radar. In the present article we would like to continue where we signed off with our last article and investigate where the company is at with the development of its flagship project; and we would like to look ahead and summarize what the coming months may hold for PolyMet Mining investors.
PLM data by YCharts
The NorthMet Project
The NorthMet Deposit is one of several known copper-nickel deposits within the Duluth Complex in northeastern Minnesota containing by-products of platinum group metals, or PGM, as well as gold and cobalt. The ore body is flat lying and amenable to open pit mining with a low strip ratio and good access to existing infrastructure. Additionally, Polymet Mining has bought a past-producing iron ore processing plant which it intends to re-furbish in order to process ore from the NorthMet pits. This is a similar strategy as employed by Lundin Mining (OTCPK:LUNMF) with its Eagle mine which is currently nearing commercial production not too far away in Michigan.
PolyMet Mining has filed a Definitive Feasibility Study, or DFS, in 2008 and has released an update in 2012 which details a two-phased processing facility. Phase I will produce copper and nickel concentrates also containing the precious metal and cobalt by-products; the Hydromet Phase II will process the nickel concentrate through a pressure oxidation autoclave enabling sub-sequent separation of residual copper, production of value added nickel-cobalt hydroxide, and production of precious metals precipitate. This staged approach will limit the initial capital expenditure prior to first production since cash flow from Phase I concentrate sales will fund Phase II development.
The NorthMet project is one of less than a handful projects of this particular type and metal content mix currently under development in North America. The two most-advanced peers are arguably neighboring Duluth Metals (OTCPK:DULMF) which is currently being acquired by Antofagasta (OTC:ANFGF) for its Twin Metals project, and Wellgreen Platinum (OTCQX:WGPLF) which is developing its namesake project in Canada's Yukon Territory.
Project Update
The focus has been squarely on advancing the permitting for the NorthMet project. PolyMet Mining has received a rather favorable rating for its supplemental draft Environmental Impact Statement, or EIS, by the U.S. Environmental Protection Agency at the end of the public review period in March 2014. 58,000 comments were lodged and remain under review by the various co-lead agencies responsible for the final EIS. The final EIS could be completed as early as spring 2015 and will incorporate appropriate responses to public comments.
A subsequent adequacy decision by the Minnesota Department of Natural Resources, or MDNR, and Record of Decision by the federal agencies are necessary before a crucial land exchange can occur paving the way for various permits required to construct and operate the NorthMet Project.
PolyMet Mining is proposing to exchange some state-owned land separating its proposed mine from the plant, for some other land of equal or greater value. The map below taken from the investor presentation illustrates this situation. One of the sticking points in discussions with officials and environmental organizations refers to wetlands contained in the exchanged land packages which are regarded as environmentally sensitive by the company's opponents. Accomplishing this land exchange would represents a significant step forward for the NorthMet project, and represents one of the catalysts to look out for in 2015.
Mining in general, and the NorthMet project in particular is a highly contentious topic in Minnesota. In particular, the Democrats are grappling with their position and the party appears deeply divided at a state level with regards to its stance on the project. State elections were held in Minnesota in fall 2014 and DFL candidates have come out winning or retaining their seats. Environmental groups are opposing the project vigorously, and permitting of the NorthMet project will continue to provide for heated political debate and action by environmental activists.
At this stage permitting represents the greatest risk to an investment in PolyMet Mining and the coming year will provide clarity in this regard.
(click to enlarge)
Feasibility Study Update
The 2012 DFS shows a 20 year mine life at a production rate of 32,000 tpd, generating an NPV (7.5%) of $595M and an IRR of 26.7% after tax. Initial capex was calculated to $380 in the DFS.
The final EIS will almost certainly include numerous modification requirements and improvements to the project described in the 2012 update to the DFS. These modifications, as well as updated cost and price inputs, will be incorporated into a NI 43-101 compliant Definitive Cost Estimate and Project Update which the company plans to release in 2015. This report will also include detailed capital and operating costs based on the advanced stage of engineering and design; and it will form the basis for construction financing.
Replacing the outdated 2012 DFS update will be another important catalyst in 2015. We are not expecting the favorable economics to change materially unless costly environmental measures are mandated by state or federal authorities. The update will provide further reassurance for investors and de-risk the project prior to the start of financing and construction.
Balance Sheet and Strategic Partnership
The balance sheet shows negative working capital in the order of $31M due to a $33M convertible debt coming due on September 2015 and therefore becoming a current liability. This debt is a result of Polymet Mining's strategic relationship with Glencore (OTCPK:GLCNF) and will have to be re-negotiated unless Glencore decides to convert the debt into equity. Debt conversion will be achieved at $1.29 per share, and can be forced by Polymet Mining upon permitting and closure of construction financing. Glencore also owns 6.5M warrants which are exercisable at $1.30.
Current equity ownership by Glencore amounts to 28.6% acquired at a weighted average of $1.38 per share. This shareholding by Glencore could potentially rise to 33.9% on a fully-diluted basis if the debt is converted and all warrants and options are exercised during 2015. Glencore has also agreed to purchase all output from the proposed NorthMet mine. We believe that it is highly likely that Glencore will continue to support PolyMet Mining as long as permitting remains a likely event and we are therefore not too worried about the working capital deficiency.
The mining giant has a long-standing tradition of setting up partnerships with junior miners. For example, Trevali Mining (OTCQX:TREVF) had similar arrangements with Glencore developing its Santander mine in Peru, as well as the Caribou mine in Canada. Or consider Aurelia Metals (ASX:AMI), the latest gold miner in Australia, who relied on support from Glencore to bring its Hera mine into production, and to develop its Nymagee deposit nearby.
We view the strategic relationship between PolyMet Mining and Glencore as a distinctly accretive aspect and we believe that this relationship will greatly support the company's case when it comes to financing construction of the NorthMet mine.
At the end of October PolyMet Mining had only $8.9M in cash and we are actually surprised that no funding initiative has been announced before year end. Extrapolating the recent cash burn we would expect some kind of financing to occur in the near term to support the company until permitting is decided.
Takeaway & Investment Thesis
The NorthMet project is our top pick among copper-nickel-PGM deposits in North America. The coming year will provide numerous data points and we expect 2015 to develop as a make-or-break year for PolyMet Mining.
Permitting will act as a binary catalyst and assuming a positive outcome, further catalysts will be provided by a DFS update, restructuring of the company's debt and equity, and mine financing in short order.
We will wait until the outcome of the EIS is announced in spring 2015 and short-term funding is secured before making our very own investment decision.
Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. The author wrote this article themselves, and it expresses their own opinions. The author is not receiving compensation for it (other than from Seeking Alpha). The author has no business relationship with any company whose stock is mentioned in this article.
“Fifty years after the Taconite Amendment, mineral-rich Minnesota stands poised to answer a nation’s call to move forward yet again. This time it is a call to transform the country’s energy sector while creating middle-class, nonferrous mining-related jobs that will strengthen our communities and generate new revenue to fund the university and other pressing regional needs without raising our taxes.
“The opportunity nonferrous mining now presents for boosting our region’s economy while providing essential components for an emerging new energy world is a reminder of how taconite mining took off in 1964.”
Alan R. Hodnik, chairman, president and CEO of Allete and a member of PolyMet Mining’s board of directors
12/27/14
On the grey or otc?
What makes you say that??
CNNMoney
PolyMet Mining Corp. ("PolyMet" or the "Company") (TSX:POM)(NYSE MKT:PLM) - today reported that it has filed its financial results for the three and nine months ended October 31, 2014. PolyMet has executed a confidential, non-binding term sheet for a loan facility of up to US$30 million that it expects to close in early calendar 2015. PolyMet controls 100 percent of the development-stage NorthMet copper-nickel-precious metals ore-body and the nearby Erie Plant, located near Hoyt Lakes in the established mining district of the Mesabi Iron Range in northeastern Minnesota.
The financial statements have been filed at www.polymetmining.com and on SEDAR and EDGAR and have been prepared in accordance with International Financial Reporting Standards ("IFRS"). All amounts are in U.S. funds. Copies can be obtained free of charge by contacting the Corporate Secretary at First Canadian Place, 100 King Street West, Suite 5700, Toronto, Ontario M5X 1C7 or by e-mail at info@polymetmining.com.
Financial Highlights
Key Statistics
Project Update
"PolyMet made considerable progress in 2014. At the end of the public review period this past March, the supplemental draft Environmental Impact Statement received an EC-2 rating by the U.S. Environmental Protection Agency - the highest rating the agency has given to a mine EIS," said PolyMet President and CEO Jon Cherry. Our focus today remains on completion of permitting, construction finance and project implementation."
The co-lead agencies responsible for the final EIS are in their review and analysis of approximately 58,000 comments received on the supplemental draft EIS. The commissioner of the Minnesota Department of Natural Resources has stated that the co-lead agencies expect the final EIS to be completed in spring 2015. Completion of the final EIS, incorporating appropriate responses to public comments, and a subsequent adequacy decision by the MDNR and Record of Decision by the federal agencies are necessary before the land exchange can occur and various permits required to construct and operate the NorthMet Project can be issued. The EIS process and permitting are not controlled by PolyMet, but the Company anticipates permits issued as early as late calendar 2015.
PolyMet plans to complete a Definitive Cost Estimate and Project Update in the next several months, which will incorporate numerous process and project improvements, environmental controls described in the supplemental draft EIS and subsequent changes that will be reflected in the final EIS. The Project Update, to be filed under Canadian National Instrument 43-101, will be based on the project implementation plan and include detailed capital and operating costs reflecting the advance stage of engineering and design. It will also form the basis for securing construction finance so that construction can start promptly upon receipt of key permits. It will also form the basis for securing construction finance so that construction can start promptly upon receipt of key permits.
Management Change
Joe Scipioni has transitioned from chief operating officer to a consulting role for PolyMet under a multi-year agreement in which he will continue to advise the company. Mr. Scipioni joined PolyMet in July 2006 and has served in different capacities including as president and CEO from 2008 until July 2012.
"We thank Joe for his many contributions," Cherry said. "His experience and involvement on the Iron Range have been invaluable and we look forward to his continued advice and assistance as the project advances through completion of permitting, financing and implementation." Mr. Scipioni's day-to-day responsibilities have been assumed by the management team.
About PolyMet
PolyMet Mining Corp. (www.polymetmining.com) is a publicly-traded mine development company that owns 100 percent of Poly Met Mining, Inc., a Minnesota corporation that controls 100 percent of the NorthMet copper-nickel-precious metals ore body through a long-term lease and owns 100 percent of the Erie Plant, a large processing facility located approximately six miles from the ore body in the established mining district of the Mesabi Range in northeastern Minnesota. Poly Met Mining, Inc. has completed its Definitive Feasibility Study and is seeking environmental and operating permits to enable it to commence production. The NorthMet project is expected to require approximately two million hours of construction labor, creating approximately 360 long-term jobs, a level of activity that will have a significant multiplier effect in the local economy.
POLYMET MINING CORP.
Jon Cherry, CEO
This news release contains certain forward-looking statements concerning anticipated developments in PolyMet's operations in the future. Forward-looking statements are frequently, but not always, identified by words such as "expects," "anticipates," "believes," "intends," "estimates," "potential," "possible," "projects," "plans," and similar expressions, or statements that events, conditions or results "will," "may," "could," or "should" occur or be achieved or their negatives or other comparable words. These forward-looking statements may include statements regarding the ability to receive environmental and operating permits, job creation, or other statements that are not a statement of fact. Forward-looking statements address future events and conditions and therefore involve inherent known and unknown risks and uncertainties. Actual results may differ materially from those in the forward-looking statements due to risks facing PolyMet or due to actual facts differing from the assumptions underlying its predictions.
PolyMet's forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made, and PolyMet does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations and opinions should change.
Specific reference is made to PolyMet's most recent Annual Report on Form 20-F for the fiscal year ended January 31, 2014 and in our other filings with Canadian securities authorities and the U.S. Securities and Exchange Commission, including our Report on Form 6-K providing information with respect to our operations for the three months ended October 31, 2014 for a discussion of some of the risk factors and other considerations underlying forward-looking statements.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Tried, no reply. Would like a company update. Might contact a lawyer.
What another company suspended at the same time as Myriad sent to the SEC....
This was updated on the IMMB Web Page this morning.
The attachments including the SYNEXA letter wee not attached.
UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
December 1, 2014
____________________________________
In The Matter Of :
:
Bravo Enterprises, Ltd. :
Immunotech Laboratories, Inc. :
Myriad Interactive Media, Inc. :
Wholehealth Products, Inc. :
:
File No. 500-1 :
____________________________________:
THE PETITION OF IMMUNOTECH LABORATORIES, INC. FOR
TERMINATION OF TRADING SUSPENSION
NOW COMES, Immunotech Laboratories, Inc. (the “Issuer”) by and through its attorney, Adam S. Tracy, and petitions the Securities and Exchange Commission (the “Commission”) pursuant to 17 C.F.R. § 201.550 for termination of the November 20, 2014 Order of Suspension of Trading (the “Suspension Order”). In support thereof, the Issuer states:
Background
The Suspension Order was issued pursuant to Section 12(k) of the Securities Exchange Act of 1934 (the “Exchange Act”) temporarily suspending trading of the Issuer’s equity securities through December 4, 2014.[1] The Suspension Order referenced the alleged inadequacy of publicly disseminated information related to the Issuer’s business prospects as they related to the current global outbreak of the Ebola virus.[2]
The Issuer
The Issuer is a Nevada corporation with its principal business location in Monrovia, California. The Issuer’s common equity securities are traded on the OTC Link (“Pink Sheets”) under the ticker “IMMB”. The Issuer is not subject to reporting obligations found under Section 13 of the Exchange Act[3]. However, the Issuer discloses “current public information” as provided for by Rule 10b-5 promulgated under the Exchange Act, and Rule 144(c)(2) promulgated under the Securities Act of 1933 (the “Act”)[4]. Accordingly, the Issuer publishes periodic reports via the “alternative reporting standard” provided by OTC Link. The Issuer is remained current with regards to its periodic reports filed with OTC Link.
The Issuer is actively engaged in the development and commercialization of proprietary proteins for use in treating infectious diseases such as Human Immunodeficiency Virus (“HIV”), Acquired Immune Deficiency Syndrome (“AIDS”) and Hepatitis. The Issuer’s primary asset is an exclusive license to utilize these pharmaceutical compositions in connection with its HIV/AIDS drug development efforts.[5] A true and accurate copy of the license is attached as Annex A hereto. These proprietary compositions are covered by two (2) patents and three (3) patent applications, to wit:
U.S. Patent No. US 7479538 B2: Improved in Vitro Binding Affinity for HIV-1 gp 120 and gp41 and Human CD4 Cells[6];
PCT/US05/45515: European Union counterpart to US Patent No. US 7479538 B2[7];
U.S. Patent Application No. US 200902857767 A1: Irreversibly-Inactivated Pepsinogen Fragments for Modulating Immune Function[8];
U.S. Patent Application No. US 8067531 B2: Inactivated Pepsin Fragments for Modulating Immune System Activity Against Human Malignant Tumor Cells[9]; and
U.S. Patent Application No. US 8066982 B2: Irreversibly-Inactivated Pepsinogen Fragment and Pharmaceutical Compositions Comprising the Same for Detecting, Preventing and Treating HIV[10].
The underlying technologies covered by the above-referenced patents and patent applications was invented and developed by Mr. Harry Zhabilov, the Issuer’s Chief Scientific Officer and Director. The intellectual property is titularly owned by The Zhabilov Trust, of which Diana Zhabilov is the Trustee and her children beneficiary thereof. Thus, there exists a comity of interest between Mr. Zhabilov, the Trust and the Issuer. The Trust has never sought to license its technology to any other third party other than the Issuer.
Utilizing the licensed technology, the Issuer has developed a platform for immune therapeutic treatment for HIV/AIDS relying upon an “inactive pepsin fraction” or “IPF”, which is unique to the technology. The IPF-based therapy works to prevent the HIV virus from infecting CD4 T-cells, which play a significant role within the body in resisting infection. The Issuer believes that this proprietary technology is the only HIV therapy to achieve this. Four experimental pilot studies held outside of the United States in Tijuana, Mexico tested the effectiveness of the IPF compound showed positive results, particularly in the with regards to latter stage AIDS patients who had developed an immunity to common antiretroviral therapies currently used.
The Issuer continues to develop the platform for further testing. The Issuers efforts have included the formation of a Bulgarian subsidiary, Immunotech Laboratories B.G., LLC . The subsidiary’s operations are to conduct pre-clinical testing and clinical trials for the purpose of obtaining European Union approval of “ImmmuneH”, a treatment for Hepatitis C, as well as testing on HIV/AIDS patients. All costs associated with testing are covered by shareholder loans to the subsidiary by its Bulgarian partners. The subsidiary will eventually seek to obtain production rights in Bulgaria.
On the most recent financial statements posted with OTC Markets, the Issuer shows minimal current assets against current liabilities in excess of $3,000,000. However, a substantial majority of such liabilities are owed to related parties. To wit, approximately $1,550,000 is owed to the Zhabilov Trust, $683,000 is owed to Harry Zhabilov as accrued salaries, and $435,382 owed to Harry Zhabilov for various short term loans made to the Issuer. In fact, all but approximately $15,000 of the Issuer’s short term liabilities are owed to Harry Zhabilov. The Issuer is not in default on any of its short term obligations.
The Issuer most recently reported long term liabilities of $1,645,524. Approximately $650,000 can be attributed to additional loans made to the Issuer by Harry Zhabilov. The Issuer has minimal monthly cash expenses as its clinical testing activities are performed by Mr. Zhabilov. The Issuer does foresee the need to sell either its debt or equity securities in the future should it become necessary to begin the mass production of its drug therapies.
Temporary Trading Suspensions & Termination
Section 12(k)(1)(A) of the Exchange Act authorizes the Commission “summarily to suspend trading in any security” if the Commission is of the opinion that the “public interest and the protection of investors so require.”[11] Congress thus conferred upon the Commission the authority to impose time-limited trading restrictions “without any notice, opportunity to be heard, or findings based upon a record.”[12] In imposing a trading suspension, the Commission aims to “alert the investing public that there is insufficient public information about the issuer upon which an informed investment judgment can be made or that the market for the securities may be reacting to manipulative forces or deceptive practices.”[13] However, “factors cited by the Commission in its order as the basis for the [temporary] trading suspension . . . do not constitute an adjudication of fact or law with respect to those matters.”[14]
The lone recourse afforded to issuers facing a temporary trading suspension if Rule 550, which provides for a review of the Commission’s “determin[ation] whether or not a 10-day suspension” is warranted following announcement of the suspension.[15] The Rule, in relevant part, states:
Petition for Termination of Suspension. Any person adversely affected by a suspension pursuant to Section 12(k)(1)(A) of the Exchange Act, 15 U.S.C. 78l(k)(1)(A), who desires to show that such suspension is not necessary in the public interest or for the protection of investors may file a sworn petition with the Secretary, requesting that the suspension be terminated. The petition shall set forth the reasons why the petitioner believes that the suspension of trading should not continue and state with particularity the facts upon which the petitioner relies.[16]
Neither the Code nor its legislative history provide a deadline for the Commission’s review of any petition brought pursuant to Rule 550. Although an accelerated review of any petition would comport with the Issuer’s due process rights in regards to summary administrative action.[17] Moreover, while the Code is similarly silent with regards to review of temporary trading suspensions that have expired, it has long been held that so long as the agency issuing the administrative order retains jurisdiction of the matter, such administrative orders concerning it are subject to revision.[18]
The November 20, 2014 Order of Suspension of Trading
The Suspension Order named four respondents including the Issuer citing a “lack of current and accurate information.”[19] Specifically, the Suspension Order questioned the “accuracy and adequacy of publicly disseminated information, including information about the relationship between the [Immunotech Laboratories’] business prospects and the current Ebola crisis.”[20] The Suspension Order is set to terminate on December 4, 2014.
The Issuer’s Ebola Product and Business Prospects
On September 22, 2014, the license between the Zhabilov Trust and the Issuer was amended to cover “all infectious diseases”. A true and accurate copy of the amendment is attached as Annex B hereto. Shortly thereafter, on or about October 1, 2014, the Issuer entered into an agreement with Uldic Investment Pvt., Ltd. (“Uldic”) pursuant to which Uldic is to: (a) to identify suitable government or university-sponsored research laboratories willing to conduct human clinical trials of the Issuer’s HIV and Hepatitis C therapies; and (b) develop market opportunities for the Issuer’s ebola therapies. Uldic’ activities are limited to various nations in Africa, Australia and New Zealand. A true and accurate copy of the agreement is attached as Annex C hereto.
Uldic is owned and managed by Mr. Borislav Boynov, also of Bulgarian descent, who has been living in Zimbabwe for nearly twenty (20) years. Since his relocation to Zimbabwe, he has acted as a local representative to a number of drug companies and has forged strong relationships with medical control authorities in South Africa, Zambia and Zimbabwe, to name a few. The Issuer’s objective in engaging Mr. Boynov and his firm was to leverage his experience and connectivity to obtain regulatory approval for its HIV therapies in a continent where AIDS is at a near pandemic levels. To date, Mr. Boynov has made high-level inquiries on behalf of the Issuer to public health officials of South Africa, Tanzania, Mauritius, Gaborone, Botswana, Zambia and Zimbabwe
The Issuer believes that its IPF-based therapies may have applicability to infectious diseases other than HIV and Hepatitis C. The Issuer’s research has indicated that IPF can be used as a fusion inhibitor – e.g., a class of antiretroviral drug that impedes the binding of the viros to healthy cells in the body, and thus limits the spread of the infection. Previous tests have shown that IPF has bound with glycoproteins on the surface of the HIV virus to slow the spread of the virus. The Ebola virus also has glycoproteins on its surface and the Issuer thus believes that IPF would work in the same manner.
The Issuer caused a press release to be issued on October 19, 2014 announcing the execution of the agreement with Uldic and describing the business opportunities that the Issuer seeks to explore. A true and accurate copy of the press release is attached as Annex D hereto. The press release, in all material respects, was accurate in both its description of the relationship between Uldic and the Issuer, as well as the detailed description of the methodology of the IDF therapies as a treatment for HIV/AIDS.
The press release is notable insomuch that it does not allege, claim or insinuate that the Issuer’s technology was a bona fide treatment for Ebola. Rather, the press release in rather painstaking detail, discusses the Issuer’s treatment for HIV and Hepatitis, such discussion being grounded in the results of years of clinical trials. The press release merely references the Issuer’s desire to “pursue the development of market opportunities related to the deadly Ebola virus” – which is both an accurate statement and a bona fide market opportunity given the Ebola crisis in Africa and the lack of treatment for it. Moreover, the release does not make any reference or inference as to any potential impact on the Issuer’s performance or profitability.
To such end, the Issuer, through the efforts of Uldic, has entered into preliminary discussions with the World Health Organization in Harare, Zimbabwe regarding clinical testing for the IPF therapy specifically on the Ebola virus. Moreover, the company has reached a preliminary agreement with Synexa Laboratories based in Cape Town, South Africa following a meeting there in which the Issuer has reached an agreement for Synexa to conducts trials using IPF as an immunomodulator on viral diseases. A true and accurate copy of the Memorandum of Understanding by and between the Issuer and Synexa is attached as Annex E hereto.
Termination of the Trading Suspension
“The power to summarily suspend trading in a security even for 10 days, without any notice, opportunity to be heard, or findings based upon a record, is an awesome power with a potentially devastating impact on the issuer, its shareholders, or other investors.”[21] Here, the trading suspension imposed upon the Issuer unfairly punishes both the company and its shareholders for accurately disclosing information concerning bona fide business opportunities. The Issuer’s disclosure was a far cry from the often-employed manipulation scheme involving a brazen business achievement coupled with artificially driven volume increases. Rather, the Commission has apparently taken a position as to the perceived inapplicability of the Issuer’s technology to Ebola – when the Issuer itself has never stated that the IPF therapy can definitively be used to treat the virus. Therefore, to mitigate the damage already incurred by the Issuer and its shareholders, the Commission must terminate the suspension immediately.
WHEREFORE, the Petitioner Immunotech Laboratories, Inc. respectfully requests that the summary trading suspension be terminated nunc pro tunc to November 20, 2014
Dated: December 1, 2014 Respectfully submitted,
IMMUNOTECH LABORATORIES, INC.
___________________
By Its Attorney
Adam S. Tracy
Securities Compliance Group Ltd
520 W. Roosevelt Road
Suite 201
Wheaton, IL 60187
(888) 978-9901 Tel.
(630) 689-9471
at@ibankattorneys.com
VERIFICATION
Under penalties of perjury, the undersigned, being duly sworn on oath, hereby deposes and states that he has read the foregoing Petition of Immunotech Laboratories for Termination of Trading Suspensionand is familiar with the facts and circumstances contained therein; and that the allegations contained therein are true and correct to the best of his knowledge and belief.
Dated: December 1, 2014
___________________________
By: Harry Zhabilov
CERTIFICATE OF SERVICE
I, Adam S. Tracy, an attorney, certify that I served the attached Petition of Immunotech Laboratories, Inc for Termination of Trading Suspension by causing a copy of the same to be delivered by overnight courier and hand delivery, to the parties listed below at their respective addresses from 520 W. Roosevelt Road, Wheaton, Illinois, with proper postage prepaid, at or before the hour of 5:00 p.m. on December 1, 2014
Mr. J. Lauchlan Wash Office of the Secretary
Securities and Exchange Commission Securities and Exchange Commission
33 Arch Street, 23rd Floor 100 F. Street, NE
Boston, MA 02110 Washington, DC 20549
washj@sec.gov
___________________________
Adam S. Tracy
[1] Immunotech Laboratories, Inc., Securities Exchange Act Release No. 34-73650
[2] Id.
[3] 15 U.S.C. §78m(a),
[4] 17 C.F.R. §240.10b-5, 17 C.F.R. §230.144(c)(2)
[5] Immunotech Laboratories, Inc. (2009) Annual Report on Form 10-K 2009. Retrieved from SEC EDGAR website http:///www.sec.gov/edgar/shtml
[6] Zhabilov, H. (2009). Improved In Vitro Binding Affinity for HIV-1 gp 120 and gp 41, and Human CD$ Cells. US 7479538 B2.
[7] Zhabilov, H. (2011). Fragments de pepsine inactives pour moduler l’activit`e du systeme immune contre des celluled tumorales malignes. WO 2010065157 A2
[8] Zhabliov, H. (2009). Irreversibly-Inactivated Pepsinogen Fragments for Modulating Immune Function. US 20090285776 A1
[9] Zhabilov, H. (2011). Inactivated Pepsin Fragments for Modulating Immune System Activity Against Human Malignant Tumor Cells, US 8067531 B2
[10] Zhabliov, H (2011). Irreversibly-Inactivated Pepsinogen Fragment and Pharmaceutical Compositions Comprising the Same for Detecting, Preventing and Treating HIV. US 8066982 B2.
[11] 15 U.S.C. § 78(k)(1)
[12] SEC v. Sloan, 436 U.S. 103, 112 (1978); see also, Sloan v. SEC, 547 F.2d 152, 159 (2d Cir. 1976)
[13] Adopting Release: Rules of Practice, 60 Fed. Reg. at 32787
[14] Propose Rule: Initiation or Resumption of Quotations Without Specified Information, 54 Fed. Reg. 39194, 39198 (Sep. 25, 1989)
[15] Id.
[16] 17 C.F.R. § 201.550
[17] Talamantes – Penalver v. INS, 51 F.3d 133, 135 (8th Cir. 1995)
[18] Tokyo Kikai Seisakusho Ltd. V. United States, 529 F.3d 1352, 1360 (Fed. Cir. 2008)
[19] Immunotech Laboratories, Inc., Securities Exchange Act Release No. 34-73650
[20] Id.
[21] SEC v. Sloan, 436 U.S. 103, 112 (1978
Not from lack of trying either
I have not
Out of the company's suspended this is the only one with message board activity
PolyMet nearing environmental review finish line
12/2/2014
by Beth Bily
PolyMet could be permitted as soon as late 2015, Brad Moore, the company’s executive vice president of environmental and governmental affairs, told members of the Grand Rapids Area Chamber of Commerce on Monday.
Moore, who joined the company in 2011, updated the Chamber on both the status of the project, which has been under environmental review for nearly a decade, as well as the steps necessary to move the project from review to permitting.
PolyMet is a publicly traded company with offices near its proposed mine site in Hoyt Lakes. Its U.S. headquarters is in St. Paul. The company plans to mine precious metals including copper, nickel, platinum, palladium and gold. Company executives expect to extract approximately 32,000 tons of precious metals per day in an open pit operation in the Duluth Complex, long touted as one of the world’s largest untapped precious metal reserves. The development project carries an estimated cost of $600 million.
Although executives are currently seeking a 20-year mining permit, the reserves located there are sufficient to support mining operations for decades, if not centuries. Moore noted, however, that any future operations beyond the initial 20-year permitting would require a separate environmental review process.
Although PolyMet is furthest along in that regard, there are more than a dozen companies that hope to mine precious metals in the Duluth Complex. The potential economic effect of mining these minerals is enormous. A November 2012 study on the impact of ferrous and nonferrous mining conducted by UMD’s Labovitz School estimated a potential total annual economic impact (direct and indirect) of nearly $320 million and approximately 1,900 jobs.
PolyMet executives estimate that its project has the potential to employ 360 directly as well as creating more than 600 spin-off jobs. The construction process would generate more than 2 million hours of employment.
But while nonferrous mining has enormous economic potential, it has also generated strong criticism from some environmental groups, which have cited potential impacts to sensitive areas, such as the Boundary Waters Canoe Area, as reasons for their opposition. The former LTV site lies approximately one hour south of the BWCA Wilderness.
Moore, however, countered that objection, noting that the water located on the proposed mine site flows into the Lake Superior watershed. He also noted the project seeks to repurpose an existing brownfield rather than build on a pristine site.
“It’s an area with a lot of mining history,” said Moore, who added that mining would not displace other land users.
He also countered charges from environmentalists that nonferrous mining would ultimately lead to acid mine drainage. Pits would be backfilled and waste rock would be kept underwater with lime to ensure that sulfuric acid, which also requires air, would not develop.
“You don’t have any water leaving the plant that’s acid-based,” said Moore.
Although the project remains controversial, Moore told chamber members that its footprint would be smaller than that of established iron mining operations, including Hibbing Taconite. He also added that the environmental review and permitting process would require the company to have reclamation funding in place prior to the beginning of operations.
If and when PolyMet becomes operational, it’s expected to have a $515 million annual impact on the region’s economy. And, even in the development stages, it has generated $211 million in economic activity, Moore said.
He concluded his presentation by noting that federal and state regulators expect to complete the Environmental Impact Statement (EIS) sometime in the spring of 2015. That review process would then be used as the basis for issuing the various permits needed – a process Moore said would likely conclude by the end of next year. Construction would likely take another 15 to 18 months, he said.
Anyone heard any info?
Just waiting to here if the company has heard anything back from their lawyers or SEC. Very interested to know what has been discussed.
Yes but it won't be easy.
http://www.wdio.com/article/stories/S3626803.shtml?cat=10363
Now that the 58,000 public comments for PolyMet's Supplemental Draft EIS have been categorized, regulators are working on addressing any issues brought up in those comments.
PolyMet is helping provide information and data to the state and federal agencies working on the Draft EIS.
They're also working on other things as well, including financing to pay for nearly $500 million dollars in construction costs, and maintaining the former LTV property, which is where the proposed processing plant will be.
Bruce Richardson, VP of Corporate Communications, said they have made tremendous progress over the past year. "And we wouldn't have made it this far, without the support of the people of Minnesota."
The Minnesota DNR has said they hope to have the final EIS out for the public to review in the spring. It's like a blueprint for the needed permits, and PolyMet will need almost two dozen.
Rule 15c2-11 has exemptions. There are ways to stay listed through these exemptions.
Anyone hear from the company?
Why so certain greys?
Now I'd really like to hear from Alan Sosa.
Welcome. I'm right there with you.
Solid week
CEO buying up shares, MYRY $$$ on the move