Press Release Source: Mellon Research, Inc.
Mellon Research, Inc. Corrects Previous Press Releases
Friday February 4, 11:53 am ET
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Feb. 4, 2005--Mellon Research, Inc. (OTCBB: MLON.PK - News) is issuing this press release in order to provide corrections of information contained in previously issued press releases. The information contained in previously issued press releases should not be relied upon.
ADVERTISEMENT
Business Model and Services
Mellon Research's business model is to provide consulting and venture capital advisory services to microcap public and private companies. In this connection, it seeks to provide advice regarding corporate structure, financial and marketing to help its client companies position themselves to raise capital, go public or otherwise carry on their business plans. Mellon is not an investment banking firm or a registered broker-dealer and it does not provide securities brokerage services.
Securities and Exchange Commission (SEC) Investigation
The SEC is conducting a formal investigation of the Company. The Company and Mario Pino, its sole officer, director and a principal shareholder, intend to cooperate fully in such investigation. The SEC's investigation has recently commenced and the Company can offer no assurances or predictions regarding the outcome of such investigation.
Earnings Forecasts and Valuations
The Company has retained an independent public accountant, who is conducting an audit of its results for 2004. As a result, it will not know its operating results for fiscal 2004 until the audit is completed. Further, the Company will not issue any forecasts regarding its financial results for 2004 or 2005. It disclaims and withdraws any prior forecasts of operating results.
The foregoing policy of the Company not to forecast also pertains to any past announcement of levels of fees or the value of securities in companies received for consulting services or otherwise or received in exchange for stock of Mellon. The Company disclaims and withdraws any prior forecasts of the amount of fees received or to be received or the value of the stock positions that it holds in other companies, including, but not limited to, Intellective Communications, Inc., Pearl Asian Mining Industries, Inc., Wall Street Securities, Inc., Equity Retirement Distributors Canada, Ltd., Western Pacific Minerals, Ltd., and Riverbank Investment Corp.
Value of Mellon Research and Offers to Sell the Company
The Company is not engaged in a tender offer with any third party and it has never solicited a tender offer for the Company at any price per share from third parties. There have been no bona fide or written offers from any third party to make a tender offer for the Company at any price per share, including but not limited to $.05 or $.10 per share.
Dividends
Mellon Research is required to comply with both federal and state securities laws. These laws impose certain requirements relating to distributions or dividends to shareholders. These regulatory requirements apply to the shares of Wall Street Securities distributed to the Company's shareholders as a dividend. The shares of Wall Street Securities may not be traded in the public market until the Company satisfies such regulatory requirements. The Company is analyzing whether or not its business model of distributing shares of subsidiaries, such as Wall Street Securities, or other securities in its portfolio to its shareholders is feasible under present circumstances.
Transactions/Projects
The Company has terminated its relationships with the following companies without the rendering of any services or receiving of any compensation: SurfNet Media Group, Inc.; a client in Cabo San Lucas, Mexico relating to a real estate development; and Deal Flow Advisors, LLC. Further, it is not pursuing any acquisition, license or similar arrangement to obtain the Kidder, Peabody name. Neither the Company nor Club XTReme plans to open clubs or have online gambling or sports betting.
Financings for Mellon
The Company is not raising any significant investment capital from third parties nor has it done so. It is also not offering to sell positions in the Company to any third party, including major money center banks or other institutional investors. Specifically, the Company never received a bona fide or written offer from a third party to invest $10 million in the Company.
Share Buy-back Program
While the Company recently purchased approximately 70 million shares at or about market prices, it has suspended all buy-back activities at this time.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based largely on Mellon Research's expectations or forecasts of future events, can be affected by inaccurate assumptions and are subject to various business risks and known and unknown uncertainties, a number of which are beyond the Company's control. Therefore, actual results could be differ materially from the forward-looking statements contained herein. A wide variety of factors could cause or contribute to such differences and could adversely impact revenues, margins, profitability, cash flows and capital needs.
--------------------------------------------------------------------------------
Contact:
Morgan Phillips, Inc.
Ray Larson, 918-269-6366
Morgan-Phillips@cox.net
--------------------------------------------------------------------------------
Source: Mellon Research, Inc.
AI
