OMG! This all ties into the bogus press release by Composite Holdings!
"Composite Holdings, Inc., and Natvan, Inc., are emerging
growth conglomerates focused on infrastructure industries
with exceptional revenue and earnings growth opportunities.
CEO Merle Ferguson (26 years as a builder and developer),
leads the group of Company’s as the chief architect of
their rapid revenue and earnings growth through a
synergistic acquisition campaign.
Mr. Ferguson is currently finalizing the acquisition of
Composite Holdings, Inc. (OTC : COHIA) and its operating
subsidiaries by Natvan, Inc (OTC : NTVN) and its operating
subsidiaries.
In addition, two recent agreements to acquire APS, Inc.
(agreements to deliver in-flight entertainment with Alaska
Air, Southwest, Twentieth Century Fox, Paramount) and
Great Lakes Petroleum (GLP’s current annual revenues of
approximately $100M) add significantly to the Company’s
ability to attract investors due to the high-profile APS
airline and entertainment industry relationships as well
as GLP’s multi-hundred million revenue capability."
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Composite Holdings Announces a Retraction of the January 3, 2002 Press Release
LAS VEGAS, Nev., Jan 15, 2003 /PRNewswire-FirstCall via COMTEX/ -- Composite Holdings, Inc. ("Composite"), (OTC: COHIA) issued a press release dated January 3, 2002. While Composite believed this press release to be true and accurate, the Securities and Exchange Commission did not, and a civil action ensued in the U.S. District Court for the District of Nevada. The Court ordered Composite to withdraw the statements in the press release challenged by the SEC and to correct those statements. Accordingly, in order to comply with the Court's Order, this press release is being issued.
The January 3, 2002 press release stated that, "Tribal Electric has preliminary commitments from Stone and Webster, one of the oldest and largest engineering and construction firms." What Composite had was a 13-page detailed "proposal for the provision of engineering services during the engineering development phase of the Sherwood Valley, Rancheria Project" outlining Stone & Webster's "understanding of Tribal Electric's requirements recently discussed with Stone & Webster's Project Manager, Mr. W. Roy Roden, to support the development of the simple cycle power plant being considered for the project, located in Willits, California." The proposal stated that Stone & Webster were ready to begin work on the project immediately after notice to proceed. Under the heading "Validity of Proposal" was stated "This proposal will remain open for acceptance for a period of sixty days."
Composite described this 13-page proposal as a "preliminary commitment." The above description supercedes that earlier description.
The January 3, 2002 press release stated that Tribal Electric has a "preliminary operating and maintenance agreement with Stewart and Stevenson, a General Electric Subsidiary, and a commitment for two (2) LM6000 Simple-cycle Gas Turbine Generators from General Electric." What Tribal Electric had was a letter from Russ Stanley, Western Regional Manager for GE Aero Energy Products, stating: "I wanted to confirm that we at GE Aero Energy Products stand ready to support your project with gas turbine generators and other plant equipment as soon as you are ready with permits and financing. I'm sure also that GE Contractual Services will also be happy to produce an Operations and Maintenance contract for the plant at the appropriate time," and, "Meanwhile, please call for any technical assistance you may need as you proceed with project development."
The January 3, 2002 press release stated that "Revenues are projected at approximately $109.5 Million for the 3 plants per year. The Revenue of all 3 plants over a 10-year period, based on current market prices, will be approximately $1 Billion."
Composite based these projections upon certain data and information it developed prior to issuing the press release and which it believed and still believes were reasonable and a sufficient basis upon which to make these projections in its January 3, 2002 press release. However, Composite hereby withdraws those projections.
Regarding the current status of this project, Composite announces today that the project has been terminated. Composite has been unable to raise the necessary funding for the project and, therefore, the information contained herein and in the January 3, 2002 press release is moot.
Composite Holdings, Inc., through its two subsidiaries, World Homes and Affordable Homes of America, can provide revolutionary building techniques for the construction of affordable fireproof and earthquake-proof housing using the patented material Z MIX. The Corporation is engaged in the formation of compatible synergistic companies each designed to be horizontally and/or vertically integrated with each other.
For further information, please contact Rich Kaiser of Yes International Inc., 1-800-631-8127, for Composite Holdings, Inc.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1955: Certain information contained in this release contains forward- looking statements that involve risks and uncertainties, including but not limited to, those related to development and expansion activities, dependence on existing management, financing activities, domestic and global economic conditions, and market completion.
