Argus Resources: Clarification.CHILLIWACK, BRITISH COLUMBIA--(BUSINESS WIRE)--May 22, 1997--ARGUS RES. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : AGSR) The Company wishes to respond to the news release of Nevada Manhattan of May 6, 1997 and the allegation made by Nevada Manhattan and its Vice President Jeffrey Kramer, that the Company has made false and misleading statements. The Company has recently announced that its shareholders should not be confused about Nevada Manhattan's claims that it owns 100 percent of the Nevada properties, including the White Cap Mine property. Pursuant to a 1995 agreement that the Company and Nevada Manhattan have signed, Nevada Manhattan could have increased its interest in these properties to 49 percent, however Nevada Manhattan has failed to pay what it was obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. to pay and its only interest in these claims is 24.5 percent. Nevada Manhattan has commenced legal action in Nevada to try to enforce a claim to an increased interest in the properties. By now claiming it has a 100 percent interest in these properties it appears, at the very least, to be inconsistent with the legal proceedings All actions that are authorized or sanctioned by law and instituted in a court or a tribunal for the acquisition of rights or the enforcement of remedies. it has commenced. The Company is unsure why Nevada Manhattan would now claim that it has a 100 percent interest in the property. The Company and its partners, including Nevada Manhattan, have been awaiting a final closing of the purchase from the property owner and the purchase proceeds have been in escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. for the past year. The property has not been transferred to the joint venture due to the inability of the vendor to deliver title free of other claims. The Company intends to investigate the statements made by Nevada Manhattan and if there has been any attempt to circumvent any of the Company's rights, the Company intends to pursue legal actions against those parties who are involved. The Company wishes to assure shareholders that it intends to protect its interest in the Nevada properties. ARGUS Argus (är`gəs) or Argos (är`gŏs, –gəs), in Greek mythology. 1 Many-eyed monster, also called Panoptes. He guarded Io after she had been changed into a heifer. RESOURCES INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . Per: Andrew Murray Andrew or Andy Murray may refer to:
CONTACT: Argus Resources Inc. Andrew Murray, 604/ 795-3683 |
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