Composite Technology Corporation (fka CPTQE)

[triplet_dad36]

Ashurst DD (links)

From 9/6/1996 Ashurst PR:
http://www.prne.com/cgi/release?id=44821

The shares of Ashurst Technology Ltd. trade on the Toronto Stock Exchange, the Alternative Investment Market of the London Stock Exchange and OTC in New York

Core technologies including aluminum-scandium and titanium alloys, metal matrix composites, energy storage devices, basalt fibre and novel coating technologies are being commercialised through licensing, joint development agreements, strategic partnerships and the sale of specialised materials



From 9/26/1996 Ashurst PR:
http://www.prne.com/cgi/release?id=10556

During the three months ended July 31, 1996, a loss of US $2,059,783 was incurred
Revenue of $1,103,452 was earned during the second quarter of 1996
As of July 31, 1996 the Company's cash balance was $17,637,212 compared to $9,633,711 for the same period in 1995

At the Company's Annual and General Meeting of Shareholders held in London on June 28, 1996, shareholders approved a change of name from "Emtech Ltd." to "Ashurst Technology Ltd." and from "Emtech Technology Corporation" to "Ashurst Technology Canada Inc

On June 26, 1996, the Company announced the signing of an important joint development and license option agreement with Easton Sports Inc. of Van Nuys, California USA. Under the terms of the agreement, Easton is using certain Ashurst technologies to improve and develop a number of sports equipment products. Easton has been granted the option to enter into an exclusive license to commercialize certain products specified in the agreement. The option will be open for a defined period to enable the completion of certain predefined technical milestones. Larry Carlson, Easton's Vice President of Research and Development, has reported that the performance of initial pilot production runs using Ashurst technology have exceeded Easton's expectations and indicated Easton's desire to move quickly to commercial production of specific products. Easton is the largest aluminum sporting goods manufacturer in the USA. Easton produces a wide range of products including bicycle tubing and accessories, baseball and softball bats, hockey sticks, golf shafts, tent poles, arrow shafts and a number of other sports and non-sports related products.On June 28, Ashurst announced the first commercial sale of the Company's aluminium-scandium alloy.
From 2/14/1997 Ashurst PR:
http://www.prne.com/cgi/release?id=45015

Ashurst announced today the signing of a commercialisation contract with Easton Sports, Inc. ("Easton") to manufacture and market baseball and softball bats using Ashurst's proprietary aluminum-scandium alloys

"Ashurst is pleased to be teamed with the leading aluminum bat company," said Benton Wilcoxon, Chairman and CEO of Ashurst. "We are very impressed with Easton's commitment to our alloys and this new product line. The launch of Redline C-Core bats marks the first commercial use of aluminum-scandium structural alloys outside the former Soviet Union. We wish Easton every success with Redline C-Core and look forward to the successful commercialisation of other products that are currently being developed by our two companies," said Wilcoxon.
"The success of Easton is built on innovating and developing new, better performing products," said Jim Easton, Easton's Chairman. "Our company considers the use of Ashurst's high strength aluminum-scandium alloys the most significant development in bat technology since we first introduced aluminum bats to the market in the early 1970's. We have been able to achieve unprecedented strength increases which has enabled our design engineers to produce bats with thinner walls, less weight, greater trampoline effect and simply better performance. It is fitting that the introduction of Redline C-Core bats represents the most significant product launch in Easton's history," commented Easton
Ashurst's near-term strategy is to penetrate sports equipment, aerospace, automotive and marine industries with aluminum-scandium alloys and metal matrix composites. Ashurst is also developing energy storage devices, fibers, novel coating systems and other light metal alloys including porous titanium and magnesium.


From 2/15/1997
http://www.briefing.net/search/wcp277/1012.html


Saturday 15 Feb 1997
Market report
The FT-SE 100 index closed 13.9 ahead at a new record high of 4,341 with an intra-day peak of 4,353.4.
Ashurst Technology, listed on AIM, put on 29.5p to 95p after a new US contract was announced.
In New York, the Dow fell 33.48 on profit taking to close at 6,988.96.
Page reference from newspaper [p. 30]
Information is available to registered readers in a variety of electronic formats including an automated clipping service to help you monitor your selected companies or business sectors. With its publishing partners, News Review is building a comprehensive overview of reporting on the UK business scene to include newspapers, trade magazines and European publications.


From 2/28/1997 Ashurst PR:
http://www.prninternational.com/cgi/news/release?id=58320

Ashurst has been involved in commercializing advanced materials and technologies from Ukraine through its joint ventures with the I.N. Fransevich Institute for Problems of Materials Science since 1991.
Ashurst is in the business of developing and commercializing North American and Ukrainian advanced materials and technologies
Ashurst is also developing novel coating systems
Ashurst said it is pleased to expand its resource activities to include the development of gold mining in Ukraine.

From 3/14/1997 Ashurst PR:
http://www.prne.com/cgi/release?id=46919

Ashurst Government Services, Inc. ("AGS") and United Technologies will participate in a U.S. government- sponsored program to develop ultra-lightweight, high temperature porous titanium structures for defense and commercial applications.

"We are pleased with this contract that supports our leading development of porous titanium through an ingot metallurgy process, which was formerly not thought possible," said Benton H. Wilcoxon, Chairman and CE0 of Ashurst. "We believe that our novel process technology can be used to fabricate low cost near net-shape castings that will find application in a number of aerospace, engine and transportation structures," said Wilcoxon.
From 6/11/1997 Ashurst PR:
http://www.prne.com/cgi/release?id=45019

announce Ashurst Resources International Ltd.'s participation in Congo Minerals, Inc. (Congo Minerals), a newly established private Canadian company that has been awarded two mining exploration licences in the Republic of Congo (Brazzaville).
The objective of Congo Minerals is to become a large, low cost producer of magnesium metal.
From 6/30/1997 Ashurst PR:
http://www.prne.com/cgi/release?id=12886

During the three months ended April 30, 1997, a loss of $2,041,372 was incurred
Revenue of $1,235,576 was earned during the first quarter of 1997
As at April 30, 1997, the Company's cash balance was $9,224,911 compared to $19,841,062 for the same period in 1996.

From 9/29/1997 Ashurst PR:
http://www.prnewswire.co.uk/cgi/news/release?id=57105


Ashurst Technology Ltd. (Toronto: ASH.UN; OTC Bulletin Board: AHRLF; London AIM: AHR
2nd Q 1997 (ending 7/31/97) results:
During the three months ended July 31, 1997, a loss of $2,907,373 was incurred
Revenue of $1,149,866--included sales of iron concentrate of $916,640
Expenses included iron concentrate production costs of $1,018,300
research and development costs of $1,419,077
administrative, selling and general expenses of $973,289
other non-cash expenses of $646,573

at July 31, 1997, the Company's cash and short-term investments balance was $5,305,515
compared to $9,224,911 as at April 30, 1997
and $17,637,212 as at July 31, 1996
Cash resources were used during the quarter to meet operating requirements, as well as to provide additional financing to the Ukrainian gold project and the development of the US micro powder technology

During the quarter, the Company's investment in affiliates increased by $1,437,813 to $3,312,813 as at July 31, 1997
comprised of $2,689,362 in relation to the gold project
and $623,451 for development of the micro powder technology through Superior Micro Powders LLC
The Company is currently evaluating its financing alternatives, including opportunities for debt and/or equity financing.

the Company continued to make progress with each of its scandium development contracts and generated new interest from a variety of new sports, aerospace and automotive companies
In June, the Company signed a license and distribution agreement with Indalco Alloys Inc. for the exclusive right to manufacture and sell scandium weld-wire in North America and Europe

the five gold projects and three exploration prospects situated in the Precambrian aged Ukrainian shield
one of the projects, Balka Shiroka, may not be economically feasible at this time. Therefore, underground development, including the sinking of a shaft, has been suspended pending a full review of this project, in accordance with the Company's request

During the quarter, further progress was made by Superior Micro Powders and Nanochem Research, two Albuquerque, New Mexico companies in which the Company holds a 20% interest that have developed a process technology capable of commercial production of micron and sub-micron size powders.

Superior has set up a production facility in Albuquerque scheduled to become fully operational during the third quarter of 1997.

the Company initiated a magnesium alloy development program in late 1996. In 1997, in conjunction with this program, the Company acquired 1.1 million shares of Magnesium Alloy Corporation (formerly Congo Minerals Inc.) for $209,000
Their objective is processing and the development and marketing of novel magnesium alloys
Ashurst intends to continue to assist the Magnesium Alloy Corporation in the development and marketing of these new magnesium alloys


From 10/17/1997 Ashurst PR:
http://72.14.203.104/search?q=cache:xhaAjXxm5ikJ:static.highbeam.com/p/prnewswire/october171997/ashu...

PR Newswire
October 17, 1997

HAMILTON, Bermuda, Oct. 17 /PRNewswire/ -- Ashurst Technology Ltd. (Toronto: ASH.UN; OTC Bulletin Board: AHRLF) ("the Company" or "Ashurst"), and Ashurst Technology Canada Inc., announce today the Company's immediate de-listing from the Alternative Investment Market ("AIM") of the London Stock Exchange. This was requested by the Company and has no effect on the Company's listing on the Toronto Stock Exchange ("TSE") or the Company's business.
"In the best interest of our shareholders and the Company, we strongly believe that de-listing from AIM was necessary," said Benton H Wilcoxon, Chairman and CEO of Ashurst. "Compliance and regulatory issues resulting from a dual listing, poor communication between AIM and our Nominated Advisor, and the overall ineffectiveness of AIM as a liquid trading market for our shares were our principal reasons," said Wilcoxon.
From Oct 18, 1997 The Times
http://www.news-review.co.uk/cgi-bin/gen5?runprog=wcpr&access=30865892900099&type=story&...

The Times
Saturday 18 Oct 1997
Commentary
Ashurst Technology's decision to quit AIM because of its modest but irksome rules is not surprising, given it was initially backed by ex-Deutsche Morgan Grenfell fund manager Peter Young. The shares have fallen from 88p to 40p this year.
From 10/24/1997 Baltimore Business Journal
http://www.bizjournals.com/baltimore/stories/1997/10/27/newscolumn6.html

From the October 24, 1997 print edition
Ashurst breaks ties with London exchange
Charles R. Wolpoff
Ashurst Technology Ltd. this week said good riddance to a London over-the-counter stock exchange.


The 6-year-old company, which maintains its administrative offices in Catonsville, took itself off the Alternative Investment Market (AIM) of the London Stock Exchange. The exchange "has regulatory problems and is dysfunctional for Ashurst and the needs of our investors," said Benton H. Wilcoxon, Ashurst's chairman and chief executive officer.
He cited compliance and regulatory issues, poor communication, and "the overall ineffectiveness of AIM as a liquid trading market for our shares."
Ashurst's stock also trades on the Toronto Stock Exchange and Nasdaq's over-the-counter exchange. The company, which develops metal alloys, hopped aboard the exchange 18 months ago since most of its shareholders lived in Europe.
But largely because its stock was priced much higher in London than on the other two exchanges, only 125,000 of its shares traded in London within the last year. In Canada, 13.7 million shares were traded.
From 11/13/1997 Ashurst PR:
http://www.prnewswire.dk/cgi/news/release?id=20653

Hamilton, Bermuda, November 13 - Ashurst Technology Ltd. (Toronto: ASH.UN; OTC Bulletin Board: AHRLF) ("Ashurst") and Ashurst Technology Canada Inc. announce today that the Ukrainian government has taken several steps toward restructuring the Ukrainian gold project.

It is anticipated that Mr. Benton H. Wilcoxon, Ashurst's Chairman and CEO, will be meeting with Mr. Gryshchenko in the very near future to make a joint announcement regarding the gold project.

Mr. Wilcoxon stated, "I am confident that the restructuring of the Ukrainian State's participation in the project will solve certain outstanding issues which have stalled the project since the summer. In particular, we have experienced delays in completing the Technical Audit Report on the project, undertaken by Kilborn and were forced to suspend our financing of the project. We are confident that these difficulties will be removed as a result of the will of the Ukrainian Government to proceed with the project in a reorganized form."

From 12/9/1997 Ashurst PR:
http://www.prnewswire.dk/cgi/news/release?id=15428

Mr. Benton H Wilcoxon has resigned as Chairman, Chief Executive Officer and as a Director of the Company, its subsidiaries and joint ventures.
Mr. William Burton, has been appointed Chairman of the Board and Mr. Dominic Majendie has assumed the role of Deputy Chairman.
Mr. Burton holds executive positions with several companies, including Magnesium Alloy Corporation
Mr. Majendie has been a Board member since 1994 and has held various positions including internal legal counsel and corporate secretary over the past 5 years.

The Office of the President will be responsible for implementing a comprehensive plan of cost cutting and rationalization which will enable the Company to concentrate more effectively on its core businesses
Both the Board and senior management believe that the Company will emerge as a stronger, more focused and less complex company as a result of these changes.

To assist in the implementation of its plans, the Company has recently retained the services of ICE Securities as its financial advisor
The company has offices in London
In November 1997, ICE published an independent research report on Ashurst.

From UK’s “Securities and Futures Authority” (SFA) (think UK’s SEC) Board Notice dated 10/10/2001

www.fsa.gov.uk/pubs/additional/600.pdf

In June 1999 SFA commenced proceedings against ICE Securities LTD which have now been concluded:
ICE has been severely reprimanded and fined 1M pounds.
ICE’s CFO was found “to be not fit” by reason of breaches of integrity and fair dealing and has been expelled from all SFA registers.



From 12/31/1997 Ashurst PR:

http://www.prnewswire.co.uk/cgi/news/release?id=25408

three months ended October 31, 1997, the Company reported a loss of US$2,346,818
revenues of US$1,163,976
For the first nine months of fiscal 1998, the Company reported a loss of US$7,295,563 on revenues

At October 31, 1997, the Company's cash and investments balance was US$5,615,389
Subsequent to October 31, 1997, the Company has requested the return of short-term investments of $5.5 million held in a trust account. As of this date these funds have not been returned. The Company is currently pursuing the return of these funds and is considering legal action to ensure their release.

During the quarter Ashurst signed a second licensing agreement with Easton Sports, Inc. for the manufacture and sale of mountain and road bicycle frame, tubes and various bicycle components
A supply agreement was also signed with STX Inc., providing STX with the exclusive right to purchase scandium lacrosse sticks from Ashurst for a period of two years.

From British Columbia Securities Commission – 7/31/1998 Cease Trade Order
http://72.14.203.104/search?q=cache:u4dGqiBPKQwJ:www.bcsc.bc.ca:8080/comdoc.nsf/comdoc.nsf/webpolici...




Subject: Re: Hello, and welcome!
Date: 09/07/01 at 1:23 PM
Posted by: Tim Boole
E-mail: [e-mail]
Message Posted:
In Reply to: Hello, and welcome! posted by Jostein Roslash;yset on 08/13/01 at 11:13 PM:
Hi
Could you help me with an enquiry I have?
Do you know what happened to a company called Ashurst Technology. I understand they were involved in the scandium alloy indutsry.
There doesn't seem to be any news about them since 1997.
Thanks
Tim
________________________________________
Follow Ups:

Re: Hello, and welcome! Tim Worstall Posted at: 09/10/01 (3)

Hello, and welcome! Hirak Karmaker Posted at: 05/11/03 (0)

Scandium Supply Andrew Gillies Posted at: 07/26/02 (1)

Re: Scandium Supply Audrey Hansen Posted at: 04/23/03 (0)
________________________________________

From 9/10/2001 post
http://www.industrycommunity.com/myforum/jostein_royset/messages/6.html



Subject: Re: Hello, and welcome!
Date: 09/10/01 at 11:34 AM
Posted by: Tim Worstall
E-mail: [e-mail]
Message Posted:
In Reply to: Re: Hello, and welcome! posted by Tim Boole on 09/07/01 at 1:23 PM:
Ashurst.....what an interesting company.
As far as scandium is concerned Ashurst did two things.
They took some of the Russian research into Al\ Sc alloys and commercialised it....they also got some patents on uses of Al\ Sc alloys.The baseball bats and bike frames from Easton, Lacrosse sticks from STX and such like came from their activities. Nothing wrong with their research . Many of the other sporting uses are from people following that lead.
They also tried to extract scandium from the Zhovty Vody mine in the Ukraine...as a by product of iron ore mining. This was hopelessly uneconomic
....their ScF3 method of making the Al\ Sc alloy was interesting but is not used by anyone else.
They raised a lot ( $ 20 million in a bond issue, more in equity ) of money from the markets and then lost it in one of the more stupid possible ways....one story I heard ( from within the company ) was that they ' invested ' in a fund to trade ' Prime Bank Guarantees ', something that doesn't actually exist.
There was also a huge scandal over their shares in London...a fund manager called Peter Young bought most of their issued stock in breach of his investment rules and Deutsche Morgan Grenfell ended up paying 160 million in compensation to investors....Young ended up attempting a self castration just before his sentencing from the criminal trial. Try searching a news engine archive for ' Peter Young ' in the Uk.
That's nothing directly to do with Ashurst, but just too juicy not to pass along.
So, Ashurst is now bankrupt, although there is still a small operation in the USA....there was nothing wrong with their science or metallurgy, and several of the people from that side of the business are still involved with Aluminium Scandium....but they were let down by some truly awful management and investment decisions...and this is why the market persists but Ashurst does not.
From Saskatchewan (Canada) Securities Commission – 2/19/2002 – Cease Trade Order

http://sfsc.gov.sk.ca/Scripts/ssc/files/contdisclenforders/ashursttechnologycanadaincceasetrade-feb1...

Ashurst has failed to file financial statements for the period ending 4/30/1999 forward.
It is ordered that all trading in securities of Ashurst cease.
Dated 2/19/2002