Alta Gold Co. Files Motion to Dismiss Chapter 11 Bankruptcy Proceeding.LAS VEGAS--(BUSINESS WIRE)--Aug. 4, 1999-- Alta Gold Co. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:ALTAQ) Wednesday announced that it has filed a Motion to Dismiss its Chapter 11 Bankruptcy proceeding presently pending in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. , District of Nevada. The basis for Alta's Motion is that it has received an offer from a potential investor to buy a 40 percent interest in the Olinghouse property for funds sufficient to satisfy in full, obligations owed by the company to its bankruptcy-affected creditors, which amount is estimated to be approximately $26 million. The sale of an interest in the Olinghouse property is subject to the completion of customary documentation and the satisfaction of certain pre-closing conditions, as well as a favorable determination by the United States Bankruptcy Court. Alta has petitioned the United States Bankruptcy Court to hold an expedited hearing regarding the Motion to Dismiss on, or before, Aug. 6, 1999. There is no guarantee that the Motion to Dismiss will be granted, or that the sale will be consummated. In the event that the sale does not take place as contemplated, there is also no guarantee that the company will be able to continue in operation. Additional information will be provided in future news releases, as it becomes available. This news release contains statements that may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, such as management's expectations regarding its ability to obtain approval of the Chapter 11 Bankruptcy Dismissal, to secure the above refinancing or to continue its business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets . Such forward-looking statements are inherently uncertain, and the actual results may differ from management's expectations. Further information on potential factors that could affect the financial condition and results of operations of Alta are included in the filings of Alta with the Securities and Exchange Commission, including, but not limited to, Alta's annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended Dec. 31, 1998, its report on Form 10-Q Form 10-Q See 10-Q. for the quarter ended March 31, 1999, and its report on Form 10-Q for the quarter ended June 30, 1999, yet to be issued. |
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