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Help put a stop to this corruption ...
Add your name to the ever-growing list of outraged investors ...
http://www.investigatethesec.com/
"... The failure of the SEC and other regulatory agencies in continuing to ignore the false accounting statements is in violation with the mandates of Congress to enforce the accuracy of the statements being presented to the investing public. The SEC is therefore facilitating in the fraud.
Section 20 of the securities Act of 1934 addresses the involvement of those that aid and abet in the facilitation of securities fraud.
e. Prosecution of persons who aid and abet violations
For purposes of any action brought by the Commission under paragraph (1) or (3) of section 21(d), any person that knowingly provides substantial assistance to another person in violation of a provision of this title, or of any rule or regulation issued under this title, shall be deemed to be in violation of such provision to the same extent as the person to whom such assistance is provided .....
http://investigatethesec.com/DavePatch7b.html
When the MMs manipulate the market -
- Who's Looking Out For You?
SEC Critics Seeking Investigation
by Mark Faulk
Editor's note: Up to now, the SEC has largely ignored the small investors and companies that have been brutally victimized in the naked short-selling scandal. However, in recent months, a groundswell of dissent has raised public awareness of the worldwide scandal, and the media has finally begun to cover the story on a regular basis. An online petition drive at http://www.investigatethesec.com/ which is asking for a congressional investigation into the SEC's actions has gained momentum in the past few weeks, and hundreds of individuals and small companies have joined a "stockgate activist" coalition aimed at bringing the fraud to the attention of the general public, major media, and government officials.
To Serve and Protect
The mission statement of the SEC is clearly worded and easy to understand: "The primary mission of the U.S. Securities and Exchange Commission (SEC) is to protect investors and maintain the integrity of the securities market."
Last Wednesday, they adopted new rules concerning short-selling that accomplished neither goal. Instead, they passed a watered-down version of their earlier proposed regulation SHO, a version that did absolutely nothing to "protect investors and maintain the integrity of the securities market". And unlike their mission statement, the new rules are neither clearly worded nor easy to understand. In fact, the only clear message was the "subliminable" one that the SEC sent to investors, which was, simply stated: "We don't care".
After over a decade of receiving complaints about the abusive practice of naked short-selling, which has reportedly cost investors and companies in excess of over $1 trillion (that's right, over $1,000,000,000,000.00), the SEC finally took a tentative step - backwards. Instead of tightening short selling restrictions, they approved a "pilot" program that will lift short-selling restrictions on 1,000 of the most heavily traded stocks in the Russell 3,000 index for a one-year period, and allow unrestricted short-selling in after-hours trades as well. Then, in an effort to take yet another step backwards, they effectively postponed what little reforms were passed until 2005.
In statements that made it clear where the loyalty of the SEC lies, Annette Nazareth repeatedly referred to "overwhelming comments from the industry" and said that "the industry believed that the results of a pilot program would cause us to reduce the scope of the short-sell rule". However, there was no mention of comments from the investors that the SEC is pledged to "serve and protect".
In summary, this is what the SEC did in their decade-long effort to "stop abusive naked short-selling practices": In addition to making it easier to short a third of the Russell 3000 Index stocks, and allowing unrestricted short selling after hours, they passed a rule that was basically the same as the NASD rule that went into effect three months ago (which was held up for years by the SEC, then postponed by the NASD for another month just for the hell of it). Then, for good measure, they voted that even this stripped-down version "will become effective 30 days after publication with a compliance date of January 3, 2005, to permit firms to make programming and procedural adjustments."
If that last part sounds familiar, this is why: the NASD originally planned to implement their version of the rule on February 20, then postponed it until April Fool's Day, stating that "some members need to make significant technological changes to their systems to comply with the new requirements". In other words, the same brokers that were given an extra month to update their systems by the NASD are getting another six months from the SEC - to update their systems.
At Wednesday's meeting, one of the commissioners said "we'll see if this cuts down on the abuse", but was contradicted by another, who stated that he was "not sure if naked shorting really exists". A day later, an email from a staffer of the House Financial Services stated "I was not denying that there were some serious problems and that SEC had not yet addressed them". And as for that real reform that the SEC has been promising investors since October, Nazareth told the Dow Jones Newswire that "We'll just defer these bigger changes". This is in sharp contrast to an editorial in the Wall Street Journal in 2001, when SEC Chairman Harvey Pitt stated "by now it is painfully clear that preventing problems is infinitely superior, and far less damaging, than acting after investor funds, retirement accounts or life savings are dissipated."
Opposition Gaining Momentum
For years, critics have questioned the SEC's lack of accountability on the naked short-selling issue, and many have signed an online petition at www.investigatethesec.com calling for an "independent Congressional investigation into the Securities and Exchange Commission's actions regarding the manipulative and abusive trading practice of naked short-selling." What began as a crusade by a few individuals and a handful of small companies to push for reforms in the stock market system has escalated in recent weeks into a major effort by small investors and companies to, in the words of one concerned investor, "return integrity and accountability to the stock market".
Dave Patch of investigatethesec.com has been lobbying the SEC (and anyone else who will listen) since 1998, and started his petition drive late last year. Although there has been considerable interest from the start, they have had a significant increase in both interest and petition signings in the past two months. "We have set a goal of at least 15,000 individual signatures and two to three hundred company signatures. When we reach those numbers we will submit the entire package to Congress for review. Congress has told me that one of the primary reasons that our issue has not seen the attention we seek is because a lack of visibility on the issue, and this petition will help to provide that visibility."
A vocal critic of both the SEC and the DTC, Patch believes that a congressional hearing is the only way to put a halt to the current stock market scandal. "Evidence of naked shorting financing organized crime dates back to 1996 or before, and the SEC is working with Federal Agencies tracking naked short-selling money to terrorism. More recently, the SEC, in their proposal presented last October, admitted that the abuse had resulted, in some cases, with settlement failure dilution exceeding the entire public float of some companies. This is clearly more than just a few isolated incidents of abuse, it indicates a systematic pattern of widespresd corruption."
Patch is not convinced that last week's regulations will have any positive effect on the problem. "In my opinion, on June 23, the SEC publically went out and said to the criminals, 'you robbed the bank; we caught you; we will let you keep the money but we will deter you from doing it again'. They violated the rights of the investor for the benefit of the abusers, and put the rights of the elite above those of the common man. Wall Street was aiding in the abuse by not forcing trade settlement and now the SEC is protecting them by not forcing a clean up."
Critics contend that the SEC in in violation of the Securities Exchange Act of 1934, which says, in part, "The prompt and accurate clearance and settlement of securities transactions, including the transfer of record ownership and the safeguarding of securities and funds related thereto, are necessary for the protection of investors and persons facilitating transactions by and acting on behalf of investors."
According to the SEC's own website, "The Securities Exchange Act of 1933 and the Securities Exchange Act of 1934 were designed to restore investor confidence in our capital markets by providing more structure and government oversight. The main purposes of these laws can reduced to two common-sense notions:
* Companies publically offering securities for investment dollars must tell the public the truth about their businesses, the securities they are selling, and the risks involved in investing.
* People who sell and trade securities- brokers, dealers, and exchanges - must treat investors fairly and honestly, putting investors' interests first.
Is The Stock Market Scandal A Political Landmine For Bush?
A recent CBSMarketwatch study revealed that "almost 50% of American households own stocks or mutual funds of some type, up from about 25 percent in 1990 and less than 6 percent in 1980." This increase has created what they refer to as "the rise of the investor-class voter", a constituency that could literally decide the election.
Many of the most vocal critics believe that one of the reasons that the SEC is dragging their feet on this is because of the damage it could cause President Bush in his campaign to get re-elected. According to Patch, "On April 1st White House staffers were briefed on this issue by small business leaders. What have they done since? Very little! The fact that the SEC is delaying implementation of Regulation SHO until after the election reeks of politics. The SEC needs to be investigated and investigated now."
A Commentary by Mark Faulk
The Faulking Truth
Commentary - Jun 7, 2004
- StockGate: A Call To Arms
by Mark Faulk
An Open Letter To All Those Concerned:
To The Perpetrators:
To the short sellers and those who control the offshore financial institutions: You are destroying your own country. As with any scam in which the victims are nameless and faceless, it is much easier to rob them blind when you don't have to look your victims in the eye. However, this is the truth: the Grandmother or Grandfather whose life savings you have wiped out by using fraud and manipulation to destroy the stock market could be your Grandparents. The hardworking employees who have lost their jobs because you forced their company into bankruptcy could be your sons, daughters, or your best friends. The company that is forced out of business because of your greed and dishonesty could be developing the cure to a disease that you might someday die from. Good riddance.
You are a traitor to your country, no better than Benedict Arnold or those who cause the loss of lives by selling national secrets. The wheels of justice might turn excruciatingly slow, but they are turning as we speak. In the end, you will be paraded in the town squares as the traitors and common criminals that you are. You will have to face those whose lives you have ruined, look your victims in the eye, and explain yourselves.
To the companies that have taken advantage of the same loopholes to defraud their own shareholders: You are the worst type of criminal, the kind that robs the very people who have placed their trust in you. There are many honest companies out there trying to make our country a better place, and you are giving them all a bad name, and providing ammo to those who would paint all small companies with the same brush. You too will have to answer for your despicable crimes.
And to the foreign exchanges who are complicit in this scandal: You have taken part in the defrauding of America and Americans, and in the end, you will pay dearly. Enough said.
To The NASD, The Brokers and MMs, and the DTCC:
You are the true villains in this scandal. When I wrote about this scheme to defraud our country and called it "Financial Terrorism In America", make no mistake, you are the terrorists I was referring to. While it's true that the short sellers and offshore lending institutions might be flying the planes, you are providing the weapons of mass destruction that are ruining American lives.
To the DTCC: to say that you are "following the rules" does not exonerate you. You made those rules yourselves, and filled them full of loopholes large enough to drive a Brinks truck through. Loopholes that allow counterfeit electronic shares to be created out of thin air, and then used to destroy stockholders and the companies that they invest in. And sadly, that is exactly what has happened time and time again, unchecked and unabated for years. Shame on you.
To The SEC:
Why did you sit idly by while this scandal continued year after year? Why have the rules which could have put an end to this pillaging of America's wealth taken years to implement? When will you, as the so-called protector of the American investor, finally have the nerve to stand up and say "Enough!"? If you continue to sit on the sidelines while the financial markets are brought to ruin, then you are as guilty as those who actually committed the acts. Do the right thing, and do it now!
To The Paid Bashers:
You are the footsoldiers in this scandal. While your bosses are making the big haul by shorting the stocks that you are paid to bash, you are holding the innocent at gunpoint. While those at the top make millions in this scam, you are paid chump change, but when the house of cards collapses (and that time is nearing), you will share a cell with those who masterminded the entire scheme. Is it worth the price you will soon pay just to make a few dollars stealing from your family, friends, and neighbors? And even worse, you hear the desperation and feel the pain of those who are destroyed every day, and you mock them. How can you sleep at night?
To Raging Bull:
You are the Napster of this scandal. Although you may feign innocence by saying that you simply provide a forum for discussion about OTC stocks, and that you have no control over the content, that is simply bull (no pun intended). By allowing the systematic unsubstantiated bashing of every small company in America to continue unchecked for years, you are a party to this scandal as well.
Who are you, anyway? I have received information from a number of sources who claim that you are actually owned by a group of investors who have profited from this scandal. If in fact that is true, then you, too, deserve to be held accountable for your actions. Even if it isn't, the fact that you are providing a forum for those who will destroy our markets makes you an accomplice to this travesty.
To The Victims:
To the shareholders who have been robbed blind.
Speak out! Distribute articles like this one, and others that have been written about this scandal, to all corners of the Earth. Innundate Raging Bull, Yahoo, and the other stock message boards with the truth. Send these articles to other new sources and ask them to link them, or to write stories about this in their publications. Educate everyone.
I have received dozens of calls and emails about this issue, and a few brave souls have put themselves in the line of fire time and again to expose this fraud. Join them! If you have information that will aid in the fight, send it to me. I will be your mouthpiece. Call your congressman, call or email the SEC. Sign the petition at www.investigatethesec.com . Join together with other stockholders and demand that your brokers deliver your stock certificates to you. If they refuse, report them to the SEC (and again, email the information to me). Empower yourselves. Spread the word! You will have your day.
To the companies that have been robbed blind:
Speak out! Enough is enough. Contact your stockholders, band together, and call in your shares. If you demand that all shares be delivered, this will expose the crooks. If you have a contract with an offshore lender who is naked shorting your company into oblivion, sue them and refuse to give them any more shares.
Issue press releases exposing the fraud against you. Contact the press and tell them your story. Contact The Faulking Truth and tell us your story. Reprint articles about this issue on your websites, release them through your media outlets. Only by shining a light on this scandal will the public ever see it clearly.
There are hundreds of other companies just like you out there, join together with them and form a coalition to fight those who are defrauding you and your shareholders. Contact the SEC, as a group, and demand that they close the loopholes that allow this fraud to continue immediately, and that they take the necessary steps to repair the damage that has already been done. Demand that they force the Money Makers, brokers, and the DTCC to reveal how many trades are never settled, and in essence, how many counterfeit shares have been electronically created. What would happen if several hundred companies got together and demanded to be removed from the DTCC trading system altogether? I'd like to find out. Join one of the class action suits that have been filed, or file your own suit. Contact your congressmen. Contact Elliot Spitzer, the New York State Attorney General.
Many of you have spoken out against this fraud, but many more of you have remained on the sidelines. This is a battle for your very survival. If you don't join the fight, you have lost the war without firing a shot.
Fire the next shot, and don't stop firing until this scandal has been stopped dead in it's tracks. That, more than ever, is the faulking truth.
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Editor's note: If you would like to help us spread the word about this scandal, send us an email at info@faulkingtruth.com , asking to be added to our "Stockgate activist list". We will email you only when we have new articles dealing with this issue. Please link the articles everywhere you can, post them on stock message boards, and send them to the appropriate public entites. To enact positive changes requires positive actions.
Other articles on the stock market scandal:
"The Berlin Connection?"
www.faulkingtruth.com/article/?Investing101-*-1004
"Financial Terorism In America"
www.faulkingtruth.com/article/?Investing101-*-1001
"Is Canada Robbing America Blind?"
www.faulkingtruth.com/article/?Commentary-*-1001
http://www.faulkingtruth.com/article/?Commentary&1006
PROPOSAL 1 AMENDMENT TO ARTICLES OF INCORPORATION TO INCREASE AUTHORIZED CAPITAL
GENEMAX CORP filed this DEFA14A on 03/26/2004
Description of Securities
Common Stock
As of the date of this Proxy Statement, the Company is authorized to issue 50,000,000 shares of Common Stock, $0.001 par value, of which 20,103,875 were issued and outstanding at March 29, 2004. Holders of Common Stock are entitled to dividends, pro rata, when, as and if declared by the Board of Directors out of funds available therefor. Holders of Common Stock are entitled to cast one vote for each share held at all stockholder meetings for all purposes, including the election of directors. The holders of 33% of the Common Stock issued and outstanding and entitled to vote, present in person or by proxy, constitute a quorum at all meetings of stockholders. The vote of the holders of a majority of Common Stock present at such a meeting will decide any question brought before such meeting. Upon liquidation or dissolution, the holder of each outstanding share of Common Stock will be entitled to share equally in the assets of the Company legally available for distribution to such stockholder after payment of all liabilities. Holders of Common Stock are not granted any preemptive, subscription, redemption rights or registration rights. All outstanding shares of Common Stock are fully paid and non-assessable.
Preferred Stock
As of the date of this Proxy Statement, the Company is authorized to issue 5,000,000 shares of Preferred Stock, $0.001 par value, of which no shares are currently outstanding. Holders of Preferred Stock are not entitled to any voting rights.
Board of Director Approval and Authorization
Effective December 31, 2003, the Board of Directors of the Company unanimously approved the increase of authorized shares of Common Stock from 50,000,000 to 300,000,000 shares. The Company will, if approved by the Shareholders of the Company, file Articles of Amendment to amend the Articles of Incorporation increasing the authorized shares of Common Stock of the Company.
The Board of Directors approved the increase in the authorized number of shares of Common Stock to enable the Company to honor exercises of all currently existing Stock Options or other rights to acquire shares of Common Stock and to make available additional shares for issuance for general corporate purposes, including financing activities, without the requirement of further action by the Shareholders of the Company. The Board of Directors considered potential uses of additional authorized shares of Common Stock, which may include seeking of additional equity financing through public or private offerings, establishing additional employee or director equity compensation plans or arrangements, or for other general corporate purposes. Increasing the authorized number of shares of the Common Stock of the Company will provide the Company with greater flexibility and allow the issuance of additional shares of Common Stock in most cases without the expense of delay of seeking approval from the Shareholders. The Company is at all times investigating additional sources of financing which the Board of Directors believes will be in the Company's best interests and in the best interests of the Shareholders of the Company. The shares of Common Stock do not carry any pre-emptive rights to purchase additional shares. The adoption of the Amendment to the Articles of Incorporation will not of itself cause any changes in the Company's capital accounts.
Purpose of the Amendment to the Articles of Incorporation
Under the Company's Articles of Incorporation as presently in effect, the Company has 50,000,000 shares of authorized Common Stock. As of the mailing date of this Proxy Statement, 20,103,875 shares of the Company's Common Stock were issued and outstanding. There are approximately 6,493,191 Stock Options and warrants outstanding that are exercisable for an aggregate of 6,493,191 shares of Common Stock for which shares have not been reserved. The immediate purpose of the Amendment to increase the shares of authorized Common Stock is to make available a sufficient number of shares of Common Stock to permit the Company further latitude to negotiate and arrange larger scale funding initiatives under consideration.
The Company may also in the future enter into strategic joint ventures or other collaborative business arrangements with licensees, supplies, distributors and other parties with whom the Company may do business. Such transactions may involve an equity investment in the Company or the issuance of Stock Options, warrants or other securities convertible into or exercisable or exchangeable for shares of Common Stock. The Company may undertake additional equity financing through a public offering or private placement of Common Stock or other securities, including debt securities, convertible into or exercisable or exchangeable for shares of Common Stock. The authorization of additional shares of Common Stock pursuant to the Amendment will permit the Company to seek such additional equity financing when an if market conditions are advantageous without the delay and uncertain inherent in obtaining future shareholder approval for the authorization of additional shares of Common Stock in order to permit such financing. For example, the cost, prior notice requirement and delay involved in obtaining shareholder approval at the time that a transaction may become desirable could make it difficult or impossible to effect the transaction. The additional shares of Common Stock, together with other authorized and unissued shares, generally would be available for issuance without any requirement for further Shareholder approval, unless Shareholder action is required by applicable law or by the rules of the stock exchange on which the Company's securities may then be listed.
Effect of Amendment to Articles of Incorporation
The increase in the authorized shares of Common Stock will not have any immediate effect on the rights of existing Shareholders. However, the Board of Directors will have the authority to issue authorized shares of Common Stock without requiring future approval from the Shareholder of such issuances, except as may be required by applicable law or exchange regulations. To the extent that additional authorized shares of Common Stock are issued in the future, they will decrease the existing Shareholders' percentage equity ownership and, depending upon the price at which such shares of Common Stock are issued, could be dilutive to the existing Shareholders. Any such issuance of additional shares of Common Stock could have the effect of diluting the earnings per share and book value per share of outstanding shares of Common Stock.
One of the effects of the Amendment, if adopted, however, may be to enable the Board of Directors to render it more difficult to or discourage an attempt to obtain control of the Company by means of a merger, tender offer, proxy contest or otherwise, and thereby protect the continuity of present management. The Board of Directors would, unless prohibited by applicable law, have additional shares of Common Stock available to effect transactions (including private placements) in which the number of the Company's outstanding shares would be increased and would thereby dilute the interest of any party attempting to gain control of the Company. Such action, however, could discourage an acquisition of the Company which the Shareholders of the Company might view as desirable. In addition, since the Company's Shareholders have no preemptive rights to purchase additional shares of Common Stock issued, the issuance of such shares could dilute the interests of current Shareholders of the Company.
The proposed Articles of Amendment to Articles of Incorporation, attached hereto as Appendix A, will become effective when they are filed with the Nevada Secretary of State. The Company anticipates that such filing will occur after the increase in authorized capital is approved by the Shareholders.
OTHER MATTERS
Except for the above-noted matter, the Board of Directors does not intend to bring any other matters before the Special Meeting and does not know of any matters which will be brought before the Special Meeting by others.
IT IS IMPORTANT THAT PROXIES BE RETURNED PROMPTLY. THEREFORE, SHAREHODLERS ARE URGED TO VOTE, DATE, SIGN AND RETURN THE ENCLOSED PROXY.
DELIVERY OF DOCUMENTS TO SECURITY HOLDERS SHARING AN ADDRESS
Only one copy of this proxy statement will be delivered to multiple shareholders sharing an address unless we have received contrary instructions from one or more of the Shareholders.
Upon written or oral request, we will deliver a separate copy of this proxy statement to a Shareholder at a shared address to which a single copy of this proxy statement was delivered and provide instructions as to how a Shareholder can notify us that they wish to receive a separate copy of our proxy statement.
Should any Shareholder wish to receive a separate proxy statement or should Shareholders sharing an address wish to receive a single proxy statement in the future, please contact our President, Ronald L. Handford at 2004 at 1681 Chestnut Street, Suite 400, Vancouver, British Columbia, Canada V6J 4M6 (telephone no. 604.331.0400).
SHAREHOLDER PROPOSALS
If any shareholder of the Company intends to present a proposal for consideration at the Special Meeting of Shareholders and desires to have such proposal included in the Proxy Statement and form of proxy distributed by the Board of Directors with respect to such meeting, such proposal must be received at the Company's offices, 2004 at 1681 Chestnut Street, Suite 400, Vancouver, British Columbia, Canada V6J 4M6, Attn: President, no later than April 26, 2004.
YOUR VOTE IS IMPORTANT. ACCORDINGLY, YOU ARE ASKED TO MARK, DATE, SIGN AND RETURN THE ACCOMPANYING FORM OF PROXY WHETHER OR NOT YOU PLAN TO ATTEND THE SPECIAL MEETING. IF YOU PLAN TO ATTEND THE SPECIAL MEETING TO VOTE IN PERSON AND YOUR SHARES ARE REGISTERED WITH THE COMPANY'S TRANSFER AGENT (X-CLEARING CORPORATION) IN THE NAME OF A BROKER OR BANK, YOU MUST SECURE A PROXY FROM THE BROKER OR BANK ASSIGNING VOTING RIGHTS TO YOU FOR YOUR COMMON SHARES.
By Order of the Board of Directors
__________________________________
Ronald L. Handford, President and
Chief Executive Officer
Dated: March 29, 2004
APPENDIX A
CERTIFICATE OF AMENDMENT TO
ARTICLES OF INCORPORATION OF
GENEMAX CORP.
Pursuant to the provisions of NRS 78.385 and 78.390 Nevada Revised Statutes, GeneMax Corp., a Nevada corporation (the "Corporation") adopts the following articles of amendment to its articles of incorporation:
1. The Articles have been amended as follows (provide article numbers if available):
"ARTICLE IV. The aggregate number of shares which the Corporation shall have authority to issue is 305,000,000 shares. Three Hundred Million (300,000,000) shares shall be designated "Common Stock" and shall have a par value of $0.001, all of which Common Stock shall be of the same class common and shall have the same rights and
preferences. Five Million (5,000,000) shares shall be designated "Preferred Stock", and shall have a par value of $0.001. Fully paid stock of the Corporation shall not be liable to any further call or assessment. The Corporation may issue the shares of stock for such consideration as may be fixed by resolution by the board of directors."
2. The number of shares of the Corporation issued and outstanding and entititled to vote on an amendment to the Articles of Incorporation is 20,103,875 shares of common stock, par value $0.001; that the said change(s) and amendment have been consented to and approved by a majority vote of the stockholders holding at least a majority of
each class of stock outstanding and entitled to vote thereon.
3. Signatures
GENEMAX CORP.
By:_____________________________
Ronald Hanford, President and
Chief Executive Officer
This instrument was acknowledged before me on ____________, 2004 by
Ronald Handford, known or proved to be the person executing the
above instrument.
_________________________________
Notary Public
GENEMAX CORP.
1681 Chestnut Street, Suite 400
Vancouver, British Columbia
Canada V6J 4M6
PROXY
FOR THE SPECIAL MEETING OF SHAREHOLDERS TO BE HELD APRIL 30, 2004
THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS
The undersigned shareholder of GeneMax Corp., a Nevada corporation (The
"Company"), acknowledges receipt of the Notice of Special Meeting of
Shareholders and Proxy Statement dated March 26, 2004, and hereby appoints
Ronald Handford or failing him Grant Atkins and either of them as Proxies, each
with the power to appoint his substitute, and authorized them to represent and
to vote, as designated below, all of the shares of common stock of which the
undersigned is entitled to vote at the Special Meeting of Shareholders to be
held on April 30, 2004 at 2:00 p.m. (Pacific Standard Time) at 2004 at 1681
Chestnut Street, Suite 400, Vancouver, British Columbia, Canada V6J 4M6 and any
adjournments thereof, on the matters set forth below:
For Against Abstain
1. To approve the amendment to [ ] [ ] [ ] the Articles of Incorporation increasing the authorized capital from 50,000,000 shares of common stock to 300,000,000 shares of
common stock.
2. To act upon such other matters as may come before the Special Meeting or any adjounments thereof.
This proxy will be voted as directed or, if no direction is indicated, this proxy will be voted for every item listed above. In their discretion, the Proxies are authorized to vote upon such other business as may properly come before the Special Meeting of Shareholders.
Dated: __________________, 2004
SIGNATURE
Signature if shares held jointly
This proxy should be signed by the shareholder exactly as his/her/its name appears hereon. When shares are held jointly, both owners should sign. When signing as attorney, executor, administrator, trustee or guardian, please give full title as such. If a corporation, please sign in full corporate name by president or other authorized officer. If a partnership, please sign in partnership name by authorized person.
Please mark, sign, date and return proxy card promptly using the enclosed envelope.
Signature(s):
Read the March 22 edition of Fortune Magazine - Clifton Leaf's article is tailor made for Genemax.
Genemaxs' technology focuses on metastasis (the thing that kills people) .... Its competitive advantages include efficacy against metastasis, no restrictions on the genetics of the tumors or individuals, non-toxicity to normal cells, and being complementary and synergistic with other therapeutics.
----------------
America losing the war against cancer
By CHEAH UI-HOON
THE percentage of Americans dying from cancer is about the same as it was in 1970, reports Hodgkin's disease survivor Clifton Leaf, also Fortune magazine executive editor.
In a special groundbreaking investigative report by the magazine which will appear on the March 22 issue (on news stands on March 15) Fortune reveals systemic problems that makes cancer so difficult to defeat and recommends that it's time to overhaul the battle plan as America is losing the war on cancer.
Americans have spent - through taxes, donations, and private R&D - about US$200 billion to fight cancer since the war on cancer began in 1971. Yet, cancer's annual death toll has risen 73 per cent - over one and half times the growth of the US population. In contrast, deaths from heart disease and stroke have slowed dramatically.
In the last three decades researchers and scientists have amassed an enormous amount of knowledge essential to the war on cancer. But after three months of intensive meetings with leading cancer specialists and top officials throughout the country, Leaf reports that a dysfunctional 'cancer culture' has made the search for knowledge 'an end unto itself rather than a means to an end.'
The result is a research and grant culture focused on finding the tiniest improvements to treatment rather than genuine breakthroughs.
The most revealing example of this system-wide failure is cancer research's focus on shrinking tumours in fatally ill patients. The bulk of research money and energy is spent on this goal and not on understanding and arresting the process of metastasis - which kills an incredible 90 per cent of patients.
In fact, according to a Fortune examination of National Cancer Institute grants going back to 1972, less than 0.5 per cent of study proposals focused on metastasis. Of nearly 8,900 NCI grant proposals awarded last year, 92 per cent didn't even mention metastasis.
Consequently, Leaf reports, 'Pharma companies don't concentrate on solving the problem of metastasis (the thing that kills people); they focus on devising new drugs that shrink tumours (the things that don't).'
Leaf also points to the pre-clinical model for drug testing and development, which depends on lab mice, as another major flaw in the war on cancer. According to scientists, these models have very little predictive power for the treatment of human disease.
All these failures come to a head, says Leaf, in the clinical trial - a rigidly controlled, three-phase system for testing new drugs and other procedures in humans. 'The process remains the only way to get from research to drug approval - and yet it is hard to find anyone in the cancer community who isn't maddeningly frustrated by it,' he reports.
The Fortune report concludes with a proposal to transform the way the NCI funds research, a consolidation of the federal war chest into one bureaucracy, from five; and an overhaul of the FDA drug-testing and approval process.
'Science now has the knowledge and the tools; we need to act,' concludes Leaf.
http://business-times.asia1.com.sg/story/0,4567,110715,00.html
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GeneMax Cancer Therapy Patent Allowed.
http://www.library.ubc.ca/patscan/news/fall2001news.html
This article is about Wilfred Jefferies - his other research in addition to Genemax.
http://www.canada.com/vancouver/vancouversun/news/story.html?id=ebe61948-ced7-488a-88d3-1b82f9261f57
Scientists at the University of B.C. have discovered what may be an early warning sign of Alzheimer's disease that could allow doctors to treat patients decades sooner than was possible before.
Researchers have discovered that mice genetically modified to develop an Alzheimer's-like disease exhibit noticeable gaps in their blood-brain barrier long before they develop the plaques on the brain that are hallmarks of the disease.
Wilfred Jefferies, the principal researcher behind the study, cautioned that the tests have not yet been replicated in humans.
"[But] if it is applicable in humans, it could be used as an early-warning sign," he said. And he said it could lead the way to new methods of treating Alzheimer's disease in its early stages.
One of the things that makes the research so interesting is that the breakdown in the blood-brain barrier took place in the mice very early in the development of the disease.
The equivalent in humans, Jefferies said, would be the early 20s.
"We were surprised in the animal model that this feature exhibited so early in the disease," Jefferies said.
The delay between the breakdown of that barrier and the development of brain plaques took about six months in the mice, Jefferies said -- the equivalent of several decades in humans.
Amyloid plaques are one of the two brain abnormalities that define Alzheimer's disease. The other is neurofibrillary tangles.
Amyloid plaques are sticky buildups which accumulate outside nerve cells, or neurons. Amyloid is a protein that is normally found throughout the body. For reasons as yet unknown, in Alzheimer's disease, the protein divides improperly, creating a form called beta amyloid which is toxic to neurons in the brain.
Technically, an individual may display all the behavioral and cognitive symptoms of Alzheimer's, but if the brain does not contain the hallmark plaques and tangles, there is no diagnosis of Alzheimer's. The appearance of amyloid plaques in the brain can proceed the behavioral symptoms by years.
Jefferies, a professor at UBC's Biomedical Research Centre, said he is now working on a study of humans to see if similar blood-brain-barrier breakdowns exist.
He said he will also begin research to see if treatments can be found that would repair the barrier.
"We're looking at how we can correct this breach in the blood-brain barrier," Jefferies said.
The blood-brain barrier is a largely impermeable layer of cells that surrounds the brain, protecting it from the diseases and bacteria that afflict the rest of the body.
Protecting the brain from disease is important because brain cells do not regenerate themselves as quickly as other human tissue.
Jefferies stressed that while the research suggests a link between the barrier and Alzheimer's, he said that does not mean that everyone who has gaps in the barrier will get Alzheimer's.
He also said there is no widely available test yet that could identify if a patient's blood-brain barrier had deteriorated.
Jefferies, an expert in the blood-brain barrier, conducted the Alzheimer's study along with colleagues Maki Ujiie, Douglas Carlow and Dara Dickstein.
The research was published in the scientific journal Microcirculation.
Alzheimer's gradually robs its victims of their memory and mental faculties.
Already, more than 238,000 Canadians have the disease.
And as the population ages, that number is expected to grow to 750,000 by 2031.
About $5.5 billion is spent each year in Canada caring for people with Alzheimer's and related dementias.
cskelton@png.canwest.com
mtwain, I didn't see this article listed on the RGM site.
I references O'Quinn in numerous places, so you've probably read it.
"... O'Quinn and his top lawyer on these cases, James W. Christian, senior partner with Houston-based Christian, Smith & Jewell, claim that over the last three years billions of uncovered naked shares were sold; that market makers (and/or their clients) took profits after waiting for share prices to fall before buying in--if at all; and that brokerages allowed fictitious shares to be traded two, three and four times over, in possible violation of Securities & Exchange Commission rules.
"It's the perfect murder," says O'Quinn, who is quick to smell collusion. "We've got a situation where the cop can't arrest the suspect because it causes too many problems for the police department. ..."
http://www.prweb.com/printer.php?prid=92210
Clay9999,
... you posted this message with link attached.
"I did'nt sell... sorry for the other post.. I thought about it and held... here some good reading on MAGR...."
http://ragingbull.lycos.com/mboard/boards.cgi?board=MAGR&read=5145
Clay
When you provide a link to the RagingBull board, you can never be sure it will work - your link doesn't for me. RagingBull has deleted a large percentage of its posts for various unknown reasons usually upon the consideration of one individual.
A poster named DueDillinger is notorious on RB for getting people and their messages TOS'd if they don't meet his approval. He claims to be a person without special privileges on RB but the trail he's left suggests otherwise. He says he has access to and can read the entire contents of a message board into his relational database. How can he scan a database of a whole chat board into his PC unless he has ACCESS to that data base? And why would he care to delve into personalities in the first place, and own a program to do that?
I don't hesitate to provide a link to his posts because he wouldn't TOS himself, and I believe he's an RB insider with a stock bashing bias .. especially for MAGR. He claims to be an iconoclast who thrives on destruction.
http://ragingbull.lycos.com/mboard/boards.cgi?board=NXIA&read=45312
Unofficial MAGR site which includes link to official site and other neat investor tools.
http://home.cogeco.ca/~ljausten/magr.html
I don't mean to imply a gamble as much as a connection between MAGR and Bob Friedland's Turquoise Hill ... via Mr. Ming and Mr. Meredith.
They're both on the Board of Great Canadian Gaming Corporation. Well aquainted and share common interests, I would assume. Just my opinion.
Charles K. F. Ming
Mr. Ming is the Principal of Charles Ming & Associates, an architect and planning consultant company, since 1989; director of Great Canadian Casinos Inc., the Company's operating subsidiary, since July 1997.
Peter Meredith
Mr. Meredith is Chief Financial Officer of Ivanhoe Capital Corp. since 1996 and was a Partner of Deloitte & Touche, Chartered Accountants, 1976 to 1996.
http://
www.greatcanadiancasino.com/pr/june13_00.htm
*******
Ivanhoe Mines Turquoise Hill project in Mongolia.
Pierre Masse has been appointed Chief Financial Officer. Mr. Masse, a Chartered Accountant and mining engineer, has been Controller of Ivanhoe Mines for the past three years. Mr. Masse has more than 20 years' experience in senior financial positions with public mining and exploration companies. Mr. Masse succeeds Peter Meredith, who will now focus his activities on Ivanhoe Capital Corporation.
Gil Atzmon joins Ivanhoe Mines as Vice-President, Corporate Development. Mr. Atzmon has more than 15 years' experience in the mining industry as a mining executive, a portfolio manager and an investment banker, specializing in mining-project finance in emerging markets. Prior to joining Ivanhoe, Mr. Atzmon worked in the Global Energy and Mining group for BNP Paribas. Previous to that, he was the Chief Investment Strategist with U.S. Global Investors Inc.
"Turquoise Hill has the potential to be one of the most important mineral discoveries in recent history," Mr. Friedland said."These appointments add to the range of professional skills and international mining experience that
we have in place to successfully develop the project and to continue building a global mining company for the benefit of all stakeholder groups."
http://www.
findarticles.com/cf_0/m4PRN/2001_Nov_13/80003358/p1/article.jhtml
Has Cytogenix been hit by organized crime yet?
Good News for Dual Listed Companies
Author: Jim Sinclair
New Rules to End Using Canada as the Back Door For US Illegal Short Raiding
The Canadian brokers called this tactic "Naked Short Selling" but in truth is was a loophole used by less than ethical entities as a way to break the US law requiring up-ticks and borrowed shares before effecting short sales.
The work "Naked" is truthful but what the transaction is naked of is money. This allows under capitalized and in most cases crooked brokerage houses to assume large positions invisible to their Canadian regulators because as sales they create credits not debits. This is a transaction popular with organized crime on both sides of the border.
Lucrative - as it is called in the press - is a nice word to indicate huge ill-gotten gains that wreck havoc in their production. This tactic was used primarily against smaller and therefore generally defenseless companies.
The way it worked is that a short position is assumed quietly and when the operators are satisfied that they have enough sold short, they begin to hammer the shares lower by pounding the bids right and left, raining stock on the market, selling shares they do not own and have not borrowed.
Basically, they have no money in the transaction at all and are creating credits to their account by their illegal US selling. As the pounding of these little companies continues, long positions of course panic and turn sellers. It is running the long positions out that allows the illegal short sellers to cover.
It usually does not end there. Rumors of a negative nature are started on web sites and via brokers. Reports are made to regulatory bodies, claiming wrongdoing on the part of the company. Newspaper articles are placed saying negative things about the company. The reputation of the company is attacked as the share price is attacked. This is repeated and repeated until the small and usually defenseless company is driven into the dirt price-wise.
Those using this type of loophole to sell short without the required up-tick or having borrowed the stock have killed many small and promising companies because their stock action removed them from financing capacity. They killed them because their price action turned their stockholders into a group of very angry people opposed to management. They killed them because if you bust a company's stock you generally bust the company itself.
This new rule will make it a crime for the US counterparty to accept orders or OTC transactions in the US market from primarily Canadian or any non-US brokers unless there is evidence that the shares have been borrowed for the sale and are therefore identified as a short sale. It will in effect require the Canadian side to borrow the shares and where applicable sell only on an up-tick or unchanged up-tick. This takes the hammer and freebee out of the pure scam.
Canadian Exchanges speak loudly about the transparency requirement for their listed companies but still allow practices on their exchange floors that scream "no transparency" and therefore reflect slack governance on the part of the exchange itself.
An example is the ability of a buying or selling broker to hide from the public by identifying themselves in the transaction as anonymous. Therefore, the public and other brokers will not know who is the selling broker and who is the buying broker. However, they require companies listed on the exchange to keep an eye on the trading of their shares to identify improper activities on the part of insiders and others. The insider can easily hide behind another broker who uses the name "anonymous" rather than their own name on transactions in public view. That is totally wrong.
GeneMax Corp. Announces License for Technology Designed to Identify Small Molecule Regulators of Immune Response
Thursday February 19, 8:30 am ET
VANCOUVER, British Columbia, Feb. 19 /PRNewswire-FirstCall/ -- GeneMax Corp. (OTC Bulletin Board: GMXX; Frankfurt and Berlin: GX1) today announced that the Company's wholly owned subsidiary, GeneMax Pharmaceuticals Inc. has obtained the worldwide exclusive license from The University of British Columbia for a novel assay technology that can be used to screen and select new drugs that regulate immune responses. The technology was developed by Professor Wilfred Jefferies at the Biomedical Research Centre and Biotechnology Laboratory in Vancouver, Canada. The new technology has relevance to both cancers and viral diseases and in modulating transplant rejection and autoimmune diseases.
Ronald Handford, the Company's President remarked, "While our lead TAP technology has been engineered to treat a wide range of cancers, this novel assay technology should allow GeneMax to identify whole new classes of drugs to modify the immune system. Professor Jefferies and his team at the University have discovered a novel and exciting technology that could have a major impact on patient care. GeneMax is excited about the prospects of this invention identifying candidates to move rapidly into the clinic."
He further remarked, "As GeneMax is moving towards clinical trials of its TAP cancer vaccine technology, we are increasing our technology license base to complement this lead technology. GeneMax plans to add real value by building a product pipeline to attack diseases that can be addressed through immune-modulation. With this in mind GeneMax plans to establish a drug discovery division based on proprietary high-throughput screening assays in order to identify new drugs to increase and decrease immune responses."
GeneMax's lead therapeutic TAP product represents an immunotherapy for many forms of cancer including lung cancer, liver cancer, kidney cancer, head and neck cancer, breast cancer, melanoma, prostate cancer, colorectal cancer, and cervical cancer. These cancers are characterized by defects in the cellular, antigen presentation pathway, which results in the cancers becoming invisible to the immune system. GeneMax's lead TAP product is a therapeutic vaccine that enables a body's immune system to recognize the cancer cells as "foreign," kill them and thereby eliminate tumors from the body.
About GeneMax Corp.: GeneMax Corp. is a biotechnology company specializing in the discovery and development of immunotherapeutics aimed at the treatment and eradication of cancer, and therapies for infectious diseases, autoimmune disorders and transplant tissue rejection.
SAFE HARBOR STATEMENT
THIS NEWS RELEASE INCLUDES FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF SECTION 27A OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE UNITED STATES SECURITIES AND EXCHANGE ACT OF 1934, AS AMENDED. THESE STATEMENTS ARE MADE UNDER THE "SAFE HARBOR" PROVISIONS OF THE UNITED STATES PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. EXCEPT FOR THE HISTORICAL INFORMATION PRESENTED HEREIN, MATTERS DISCUSSED IN THIS PRESS RELEASE CONTAIN FORWARD-LOOKING STATEMENTS THAT ARE SUBJECT TO CERTAIN RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH STATEMENTS. STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS THAT ARE PRECEDED BY, FOLLOWED BY, OR THAT INCLUDE SUCH WORDS AS "ESTIMATE," "ANTICIPATE," "BELIEVE," "PLAN" OR "EXPECT" OR SIMILAR STATEMENTS ARE FORWARD-LOOKING STATEMENTS. RISKS AND UNCERTAINTIES FOR GENEMAX CORP. INCLUDE BUT ARE NOT LIMITED THE RISKS ASSOCIATED WITH PRODUCT DISCOVERY AND DEVELOPMENT AS WELL AS THE RISKS SHOWN IN GENEMAX'S MOST RECENT ANNUAL REPORT ON FORM 10-KSB AND ON FORM 10-QSB AND FROM TIME-TO-TIME IN OTHER PUBLICLY AVAILABLE INFORMATION REGARDING GENEMAX. OTHER RISKS INCLUDE RISKS ASSOCIATED WITH OBTAINING GOVERNMENT GRANTS, THE SUCCESS OF PRECLINICAL AND CLINICAL TRIALS, THE PROGRESS OF RESEARCH AND PRODUCT DEVELOPMENT PROGRAMS, THE REGULATORY APPROVAL PROCESS, COMPETITIVE PRODUCTS, FUTURE CAPITAL REQUIREMENTS, AND GENEMAX'S ABILITY AND LEVEL OF SUPPORT FOR ITS RESEARCH ACTIVITIES. THERE CAN BE NO ASSURANCE THAT GENEMAX'S DEVELOPMENT EFFORTS WILL SUCCEED, THAT SUCH PRODUCTS WILL RECEIVE REQUIRED REGULATORY CLEARANCE, OR THAT EVEN IF SUCH REGULATORY CLEARANCE WERE RECEIVED, THAT SUCH PRODUCTS WOULD ULTIMATELY ACHIEVE COMMERCIAL SUCCESS. GENEMAX DISCLAIMS ANY INTENT OR OBLIGATIONS TO UPDATE THESE FORWARD-LOOKING STATEMENTS.
Source: GeneMax Corp.
Vet, to answer your question, I applied for delivery of some of my GMXX shares in cert form from TDW on two occasions just to see how difficult it would be to get them. I was told they'd arrive in 10 business days, or 5 if I paid a premium. Each time it took a month and the orders were small, only 100 shares in the first case. They were trading around $4.50/share at that time.
Every excuse you could imagine was given to me for them being late. Eventually the transfer agent became involved and faxed TDW a very blunt letter telling them to quit lying because they had sufficient certs to cover my request. Apologies and a sob story soon followed together with my certs.
NASD and SEC must stop stock market fraud and not extend it for a further 5 weeks to April fools day.
Here's the crux of the matter …
It's not rocket science. More like musical chairs. It was inevitable that this problem would finally be exposed. It's securities fraud on a MASSIVE scale. IMO. And it has gone on since the birth of short selling. In the market there are 3 sets of buyers ...
1. Those whose buys are balanced by legitimate shares that make up part of the float.
2. Those who buy legitimate shorts. If you sell short legally, SOMEBODY buys the shares you have borrowed to sell short.
3. Those who buy illegal or 'naked' shorts.
If you are a buyer you have no way of telling which category you are in. On the counter side there are 2 sets of short sellers ...
A. Those who sell short legally, and
B. Those who sell without giving notice or without borrowing shares.
The B. people are selling counterfeit shares or account credits .. plain and simple. If a dividend or bonus is to be awarded to company shareholders, there are more shares (the total of 1, 2, and 3) out there than the company is aware of compared to the smaller total that the company has on their list of shares held by shareholders.
When the music stops, there are a lot of people who will not get the dividend. Jag Media (JGMHA) is leading the parade to expose this basic fundamental flaw in the market system .. which equates to fraud by those who own the system … THE BROKERS !!!!!!!!! I M O.
Burger ... this could be the week you're looking forward to.
Ignutz
Good news for "naked" short victims.
TSX-V firms Global, Union fail on shorting application
2004-02-10 21:22 ET - Street Wire
Also Street Wire (U-GMXX) GeneMax Corp
TSX Venture Exchange member firms Union Securities Ltd. and Global Securities Corp. have lost their bid to have a judge determine the legality of a practice known as "naked" short selling. The application was part of Union and Global's defence to a Sept. 4, 2002, suit filed by biotechnology promotion GeneMax Corp., traded on the U.S. OTC Bulletin Board. Mr. Justice Ian H. Pitfield, in a brief six-page decision, has determined that the matter would best be settled in the pending trial.
GeneMax's claim seeks damages from an alleged "unlawful trading scheme" carried out by defendants Union and Global. GeneMax claims that the defendants were short selling when they could not deliver the shares, because there was an insufficient number of free-trading shares to cover the short positions. This practice is referred to by the plaintiffs as "naked" short selling.
Union and Global, in their defence, claim that there is no law prohibiting "naked" short selling. Consequently, they say GeneMax's claim of damage from "unlawful" short selling was not valid, because the claim was based on the alleged illegality of naked short selling. They had requested that Mr. Justice Pitfield decide, ahead of the trial, if they were legally required to determine the deliverability of shares prior to executing a short sale.
Mr. Justice Pitfield greatly simplified the matter, stating that he only needs to determine if defining this point of law ahead of the trial would save time and costs, and if a decision would be better left to the trial judge. His decision favours leaving the matter for decision at trial. He places the onus on the trial judge, saying it will hinge on the evidence presented at trial. "In my opinion it is not appropriate to submit the question as framed by Global and Union to the court for determination in advance of trial."
He chastises the defendants for channeling too much effort into trying to determine the legality of short selling, and says the real issue to be determined at trial is whether damages were caused to GeneMax by the "naked" short sales. The fact that so-called "naked" short selling could be illegal may not the resolve the claim in favour of the brokerage houses, according to Mr. Justice Pitfield. Mr. Justice Pitfield asserts that the defendants could be held liable for harm caused by their naked short selling activities, legal or not. He said the substance of the claim is that the defendants did not determine whether shares they or clients were selling were available for delivery. They knew or ought to have known such shares were not available for delivery, and in proceeding as they did they knew or ought to have known that loss and damage would be caused to GeneMax.
Genemax now trades at 95 U.S. cents. When the company filed its statement of claim on Sept. 4, 2002, the stock traded at $4.82 (U.S.).
TSX-V firms Global, Union fail on shorting application
2004-02-10 21:22 ET - Street Wire
Also Street Wire (U-GMXX) GeneMax Corp
TSX Venture Exchange member firms Union Securities Ltd. and Global Securities Corp. have lost their bid to have a judge determine the legality of a practice known as "naked" short selling. The application was part of Union and Global's defence to a Sept. 4, 2002, suit filed by biotechnology promotion GeneMax Corp., traded on the U.S. OTC Bulletin Board. Mr. Justice Ian H. Pitfield, in a brief six-page decision, has determined that the matter would best be settled in the pending trial.
GeneMax's claim seeks damages from an alleged "unlawful trading scheme" carried out by defendants Union and Global. GeneMax claims that the defendants were short selling when they could not deliver the shares, because there was an insufficient number of free-trading shares to cover the short positions. This practice is referred to by the plaintiffs as "naked" short selling.
Union and Global, in their defence, claim that there is no law prohibiting "naked" short selling. Consequently, they say GeneMax's claim of damage from "unlawful" short selling was not valid, because the claim was based on the alleged illegality of naked short selling. They had requested that Mr. Justice Pitfield decide, ahead of the trial, if they were legally required to determine the deliverability of shares prior to executing a short sale.
Mr. Justice Pitfield greatly simplified the matter, stating that he only needs to determine if defining this point of law ahead of the trial would save time and costs, and if a decision would be better left to the trial judge. His decision favours leaving the matter for decision at trial. He places the onus on the trial judge, saying it will hinge on the evidence presented at trial. "In my opinion it is not appropriate to submit the question as framed by Global and Union to the court for determination in advance of trial."
He chastises the defendants for channeling too much effort into trying to determine the legality of short selling, and says the real issue to be determined at trial is whether damages were caused to GeneMax by the "naked" short sales. The fact that so-called "naked" short selling could be illegal may not the resolve the claim in favour of the brokerage houses, according to Mr. Justice Pitfield. Mr. Justice Pitfield asserts that the defendants could be held liable for harm caused by their naked short selling activities, legal or not. He said the substance of the claim is that the defendants did not determine whether shares they or clients were selling were available for delivery. They knew or ought to have known such shares were not available for delivery, and in proceeding as they did they knew or ought to have known that loss and damage would be caused to GeneMax.
Genemax now trades at 95 U.S. cents. When the company filed its statement of claim on Sept. 4, 2002, the stock traded at $4.82 (U.S.).
Is anyone watching this pure silver play hit its all time high today?
People must like what they're hearing -
http://www.stockscores.com/index.asp?page=getreport&component=&symbol=v.svl&reportFlag=r...
News
January 21, 2004 06:26 PM US Eastern Timezone
Exciting Gold-Silver Results Lead Intrepid to an Accelerated Gold-Silver Exploration Program
TORONTO--(BUSINESS WIRE)--Jan. 21, 2004--Intrepid Minerals Corporation (TSX Venture Exchange: IAU.CX) is pleased to announce a number of recent activities and transactions involving Intrepid's properties in El Salvador. Intrepid's exploration team has been actively sampling and mapping the 255 km2 San Cristobal property in eastern El Salvador. Also, Intrepid's joint venture partners have concluded their active exploration on Intrepid properties and remain shareholders of Intrepid. This release will cover the following:
-- New gold/Silver District has been identified in the northwest sector of San Cristobal.
-- Significant assay values from both the Gigante and Hormiguero targets.
-- A 1000m Drill Program set to begin on Gigante and Hormiguero next week.
-- Aldea Zapote is sold to SilverCrest Mines Inc. with a royalty to Intrepid, following Apex terminating its option
-- Intrepid retains 100% ownership of the Divisadero Mine, containing 350,000 oz gold and 18 million oz silver, following Bema terminating its option.
Encouraging assays have been returned from the recent sampling program on its San Cristobal property in eastern El Salvador. The first round of drilling is set to commence and will target the historical Gigante and Hormiguero districts which are low sulfidation, epithermal gold- and silver-bearing vein systems.
The Gigante vein system can be traced for at least 1.5 kilometres along strike. Intrepid conducted a sampling and mapping program over the known strike length of the Gigante district. Four trenches (1-4) were cut across the Gigante vein over a strike length of about 300 metres. Three trenches (5-7) were cut along the projected extension of the vein system. The results of the program are as follows:
Gigante Vein Trench Sampling Results
------------------------------------
Assay
-----
Trench Width Gold Silver
# (m) (g/t) (g/t)
-- -----------------------------------
1 5.30 2.15 83.30
-- -----------------------------------
2 3.90 3.29 341.30
-- -----------------------------------
3 3.20 3.85 113.70
-- -----------------------------------
4 3.80 1.24 91.30
-- -----------------------------------
5 8.4 0.13 14.00
-- -----------------------------------
6 1.3 0.48 33.50
-- -----------------------------------
7 2.90 1.14 5.20
-- -----------------------------------
The current drill program will focus on the southeast portion of the vein system to test continuity of grade along strike and down dip, where historical data show values up to 37 g/t gold. Historical data from underground work performed in 1935 indicate that the average grade of underground sampling was 5.33 g/t gold and 228 g/t silver, with gold assays ranging from trace to 37.32 g/t gold and silver values ranging from trace to 1023 g/t silver.
The Hormiguero district comprises four sub-parallel low sulfidation, epithermal gold- and silver-bearing veins striking north-northeast. Intrepid has initially focused on the eastern-most structure, the Guadalupe vein. This vein, which occupies a ridge for several hundred metres, is up to 11 metres wide and can be traced for over one kilometre. Vein textures, silicified wallrock and widespread barite suggest that the surface exposure represents the upper levels of a hydrothermal system. As such, high gold-silver values would not be anticipated. Notwithstanding, underground sampling across the vein has shown that gold values appear to increase with depth and barite is only observed locally, suggesting metal zonation and thus potentially a high grade, "bonanza zone" at depth. A 9.20 metre channel sample across the vein in a tunnel 30 metres below surface assayed 5.68 g/t gold and 27.8 g/t silver.
Drilling at Hormiguero will immediately follow the completion of the Gigante program. The program will test the down-dip extension of the Guadalupe Vein along two sections approximately 130 metres apart as gold values and vein thicknesses are shown to increase with depth.
Concurrent with the drilling programs at Gigante and Hormiguero, a trenching program will also be initiated on the Rio Seco prospect. In previous sampling 101 grab and channel samples returned an average grade of 1.44 g/t gold and 60.4 g/t silver (see press release 02-4). Nine trenches, up to 160 metres long, have been designed to better expose broad zones of sheeted quartz veins and stockwork hosting highly anomalous gold and silver values. It is anticipated that this program will culminate with drilling in the second quarter.
Oro Nuevo Norte is a new and exciting district that is punctuated by a large circular feature, greater than 2 kilometres in diameter, identified through satellite image interpretation. This feature could represent a caldera margin, maar or ring-type feature. In addition, the southern rim is intersected by a 2 kilometre north-south striking lineament which is underlain by favourable host rocks that are strongly silicified and clay altered over a width of up to 600 metres. The discovery zone is underlain by lacustrine sediments and water-lain tuffs which are strongly silicified and clay altered. This area is referred to as Oro Nuevo Norte. Reconnaissance sampling (125 samples) along the lineament has generated gold assays from trace to 7.5 g/t gold. Within the lineament, a large zone of pervasive, texture destructive silicification has been identified. This zone is at least 700 metres long and up to 200 metres wide. At this time, Intrepid has initiated a detailed mapping and sampling program to fully assess the extent of mineralization within the lineament.
The extreme southern expression of the north-south striking Oro Nuevo Lineament is demarcated by historic workings. Initial rock chip sampling of veins and old dumps at this location have generated gold values from trace to greater than 15 g/t gold and silver values from trace to greater than 850 g/t silver from 68 samples.
"A large, deep seated structural setting like this one, coupled with very permissive host rocks and strongly anomalous gold and silver assays make for a very compelling story," says Laurence Curtis, president and CEO of Intrepid. He adds, "This is something brand new that we had not previously seen anywhere else in the San Cristobal district. I am anxious to break some rocks there myself!" Intrepid plans to complete the initial mapping and rock chip sampling within six weeks. Drilling is tentatively scheduled to start in the third quarter.
At Divisadero, Bema Gold Corporation drilled 3,000 metres in 2003 to test deep targets below the established silver-gold stockwork zone centred on the Carolina Shaft. Although wide mineralization stockwork zones (10 - 20 metres true width) were intersected in all holes, higher grade gold-silver values were confined to 0.5 - 4 metre intervals. As a result Bema Gold Corporation has elected to terminate their option on the Divisadero concession.
Intrepid retains a 100% interest in the Divisadero mine. An historic resource estimate (Kents, 1980, Canadian Javelin)(a) calculated for the Carolina-Protectora shaft areas within the 2 kilometre Divisadero structure demonstrated that the stockwork zone above the 100 metre level in these two mines contains 238,600 ounces of gold and 15.1 million ounces of silver at an average grade of 171 g/t silver and 2.7 g/t gold (5.14 g/t gold equivalent at a gold:silver ratio of 70:1) over a true width of 21 metres.(b) In 2004 Intrepid anticipates drilling the stockwork zone both north and south of the Carolina shaft areas to increase the silver-gold resource.
In 2003, Intrepid, together with Apex Silver Mines Corporation (Apex), completed another 1,700 metres of drilling at Cerro Colorado and San Casimiro. This drilling indicated that Zapote could host a modest resource but probably would not reach the threshold of 50 million ounces of silver required by the joint venture. As a result, Apex has terminated their option but remains a shareholder of Intrepid. On Jan. 9, 2004, an Agreement in Principle was signed between Intrepid and SilverCrest Mines Inc. (SilverCrest) whereby SilverCrest will acquire Intrepid's wholly owned subsidiary Minera Atlas, S.A.de C.V. which holds the Zapote property. SilverCrest will be required to complete environmental and preliminary feasibility studies to satisfy concession work requirements. This agreement is subject to a 60-day due diligence period and regulatory approval. Intrepid will retain a sliding scale royalty of US $0.20 - US$0.60 per ounce of silver equivalent from any future mining operation at Zapote.
Management believes that 2004 will be a year of discovery and looks forward to confirming the San Cristobal property as a major gold-silver asset in the Company's portfolio.
Intrepid is a Tier 1 TSX Venture Exchange listed company with 39,966,840 shares outstanding.
Project maps are available at: http://www.intrepidminerals.com/Cristobal%20Historical.pdf and http://www.intrepidminerals.com/Cristobal%202004%20Targets.pdf.
(a) Note: Details of the historic preliminary resource estimate referenced in this text are disclosed within Intrepid's Form 43-101 filing for the San Cristobal project, authored by P. Pitman, QP (2002).
(b) Historical Resources were calculated prior to Policy 43-101 standards of disclosure. No economic considerations have been applied to inclusion of historical resources. These cannot be classified into current standards of reserves and resources until additional work has been completed.
The statements made in this press release may contain forward looking statements that may involve a number of risks and uncertainties.
Actual events or results could differ materially from the company's expectations and projections.
The TSX Venture Exchange has neither approved nor disapproved the information contained in this press release.
That's quite an impressive group of mining people running Silvercrest don't you think scion? Have you heard of any of them before? One of the SVL directors, William MacNeill is invested in a big way in a Saskatchewan diamond prospect. One of his sons, Ken is CEO of Shore Gold. SGF has stockpiled several thousand tonnes of kimberlite already and are calibrating the plant equipment as they get ready for a test run.
All, Please keep on topic.
SilverCrest Completes Third Side of the 'Silver Triangle'
VANCOUVER, British Columbia--(BUSINESS WIRE)--Jan. 13, 2004--SilverCrest Mines Inc. (TSX-V: "SVL") (the "Company") is pleased to announce that it has entered into an agreement in principle to acquire 100% of Minera Atlas, S.A. de C.V. ("Atlas"), a wholly owned El Salvador subsidiary of Intrepid Minerals Corporation (TSX-V "IAU") of Toronto, Ontario. The principal asset of Atlas is the 5000 hectare Aldea El Zapote Exploration Concession ("El Zapote") in the Department of Santa Ana in northern El Salvador, C.A.
The purchase price for Atlas is US$15,000 payable upon transfer of the registry of the shares to the name of the Company plus a royalty of US$0.20 per ounce silver equivalent produced from the Concession. The royalty will escalate to US$0.30, US$0.45 and US$0.60 per ounce silver equivalent when the price of silver reaches US$10, US$15 and US$ 20 per ounce respectively. The Company will be required to complete environmental impact and preliminary feasibility studies to satisfy concession work requirements. Completion of the transaction is subject to due diligence satisfactory to the Company, Board of Directors approval of both companies and all necessary regulatory approvals.
Acquisition of Atlas establishes SilverCrest's corporate presence in El Salvador and provides an advanced staged project that will add low cost silver resources to its current 30 million ounce silver resource in neighbouring Honduras. The exploration concession owned by Atlas in El Salvador is strategically located approximately 40 kilometres from the Company's El Ocote silver deposit in Honduras and 20 kilometres from its 150,000 hectare Concepcion Concession application in Guatemala. This newest acquisition provides the Company with further synergies in an area, the "Silver Triangle", having regional geology notable for undeveloped silver deposits.
As was the case with the Company's recently announced acquisition (January 5, 2004 Press Release) of the Silver Angel Concession in Mexico (11,000 hectares) and the Conception Concession in Guatemala, the El Zapote Project in El Salvador will be owned 100% by SilverCrest, be acquired at minimal cost with modest work commitments and have no third party payments other than the royalties payable from production.
These general criteria for acquisition are in keeping with the Company's goal of becoming a significant silver asset based company by acquiring high grade, low cost silver resources that may be expanded and properties with substantial exploration potential. The Company's immediate initiative is to acquire and develop substantial silver resources and ultimately to operate high grade silver mines throughout North, Central and South America.
This news release contains forward-looking statements that are subject to various risks and uncertainties. The Company's actual results could differ materially from those anticipated in such forward-looking statements as a result of numerous factors that may be beyond the Company's control. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made.
On Behalf of the Board of Directors of
SilverCrest Mines Inc.
J. Scott Drever, President
The TSX-V has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.
If the NASD and the SEC choose to ignore the preexisting "open positions" in excess of the Rule 11830 benchmarks, then those accusing the regulators of being in complicity with these naked short selling fraudsters right from the get go will have made their point.
U.S. INVESTORS HAVE BEEN BUYING NONEXISTENT ENTITIES FROM WALL STREET "PROFESSIONALS" TRYING TO HIDE BEHIND A RULE 3370 EXEMPTION FROM BORROWING THAT DOES NOT APPLY SINCE THEY WERE IN NOW WAY, SHAPE, OR FORM ACTING IN A BONA FIDE MARKET MAKING CAPACITY. THE 1934 SECURITIES EXCHANGE ACT HAS SEVERAL BUY-IN MANDATES THAT APPLY HERE. THE BANK ROBBERS HAVE BEEN CAUGHT AND THE PROCEEDS OF THE HEIST HAVE BEEN LOCATED. PLEASE ENFORCE THE 1934 EXCHANGE ACT YOU WERE SWORN IN TO UPHOLD NO MATTER HOW INTIMIDATING THE LARGEST FINANCIAL INSTITUTION ON EARTH, THE DTCC, CAN BE.
from Dr. J. DeCosta
http://www.sec.gov/rules/proposed/s72303/decosta122203.htm
Scion, are you here to invest or harass?
Looks obvious to me.
Is this the news release McBeanburger??
January 13, 2004 06:41 PM US Eastern Timezone
SilverCrest Completes Third Side of the 'Silver Triangle'
VANCOUVER, British Columbia--(BUSINESS WIRE)--Jan. 13, 2004--SilverCrest Mines Inc. (TSX-V: "SVL") (the "Company") is pleased to announce that it has entered into an agreement in principle to acquire 100% of Minera Atlas, S.A. de C.V. ("Atlas"), a wholly owned El Salvador subsidiary of Intrepid Minerals Corporation (TSX-V "IAU") of Toronto, Ontario. The principal asset of Atlas is the 5000 hectare Aldea El Zapote Exploration Concession ("El Zapote") in the Department of Santa Ana in northern El Salvador, C.A.
The purchase price for Atlas is US$15,000 payable upon transfer of the registry of the shares to the name of the Company plus a royalty of US$0.20 per ounce silver equivalent produced from the Concession. The royalty will escalate to US$0.30, US$0.45 and US$0.60 per ounce silver equivalent when the price of silver reaches US$10, US$15 and US$ 20 per ounce respectively. The Company will be required to complete environmental impact and preliminary feasibility studies to satisfy concession work requirements. Completion of the transaction is subject to due diligence satisfactory to the Company, Board of Directors approval of both companies and all necessary regulatory approvals.
Acquisition of Atlas establishes SilverCrest's corporate presence in El Salvador and provides an advanced staged project that will add low cost silver resources to its current 30 million ounce silver resource in neighbouring Honduras. The exploration concession owned by Atlas in El Salvador is strategically located approximately 40 kilometres from the Company's El Ocote silver deposit in Honduras and 20 kilometres from its 150,000 hectare Concepcion Concession application in Guatemala. This newest acquisition provides the Company with further synergies in an area, the "Silver Triangle", having regional geology notable for undeveloped silver deposits.
As was the case with the Company's recently announced acquisition (January 5, 2004 Press Release) of the Silver Angel Concession in Mexico (11,000 hectares) and the Conception Concession in Guatemala, the El Zapote Project in El Salvador will be owned 100% by SilverCrest, be acquired at minimal cost with modest work commitments and have no third party payments other than the royalties payable from production.
These general criteria for acquisition are in keeping with the Company's goal of becoming a significant silver asset based company by acquiring high grade, low cost silver resources that may be expanded and properties with substantial exploration potential. The Company's immediate initiative is to acquire and develop substantial silver resources and ultimately to operate high grade silver mines throughout North, Central and South America.
This news release contains forward-looking statements that are subject to various risks and uncertainties. The Company's actual results could differ materially from those anticipated in such forward-looking statements as a result of numerous factors that may be beyond the Company's control. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made.
On Behalf of the Board of Directors of
SilverCrest Mines Inc.
J. Scott Drever, President
The TSX-V has not reviewed and does not accept responsibility for the accuracy or adequacy of this release
Shouldn't this be Silvercrest Mines already ??
This company has a great future ahead of it based on aquired properties in Central America - then there's the silver spot approaching a 10 year high. Watch this one go.