1/7/2003 Casavant Mining Kimberlite International Announces LAS VEGAS--(BUSINESS WIRE)--Jan. 7, 2003
Casavant Mining Kimberlite International Inc. (OTCBB:CMKI)
announced today a series of corporate initiatives in advance of the
January 15, 2003 majority shareholder meeting to be held in Las
Vegas, NV.
First, CMKI is encouraging every shareholder to hold his shares in
certificate form and if the shares are held in street name to make
sure that he registers the shares in his own name to make sure the
shareholder is properly identified in the official shareholder's audit that
is being conducted by the Company and its Transfer Agent. The
purpose of the audit is to make sure that every shareholder of record
is identified for purposes of the CMKI's mandatory share and cash
dividend policy. The share and cash dividend policy is explained below
in fuller detail.
Second, CMKI will be contacting the broker-dealer and market maker
community to request their cooperation in the shareholder audit. In
this regard, CMKI has identified the following market-makers who are
active in the Company's shares based on information obtained on
January 6, 2003 at
www.otc.bb.com, as follows:
AGIS Aegis Capital Corp.
BAMM Brokerage America, Inc.
BMAS BMA Securities
BPAT Baird, Patrick & Co., Inc.
CLYN Carlin Equities Corp.
DOMS Domestic Securities, Inc.
FRAN Wm. V. Frankel & Co., Inc.
GNET Globenet Securities, Inc. (1)
GNLN Gunallen Financial, Inc.
GVRC GVR Company LLC
HILL Hill Thompson Magid, L.P.
JEFF Jeffries & Company, Inc.
LTCO Ladenburg, Thalman & Co., Inc.
MAYF May Financial Corporation
MHMY M. H. Meyerson & Co., Inc.
NAIB Global Partners Securities Inc.
NATL National Securities Corporation
NITE Knight Securities, L.P.
PGON Paragon Capital Markets, Inc.
PILL Phillip Louis Trading Corp.
PRGM Program Trading Corp.
PUGS Puglisi & Co.
QUIN Park Financial Group, Inc.
SCHB Schwab Capital Markets, L.P.
SEAB Seabord Securities, Inc.
TDCM T.D. Waterhouse Capital Markets
VFIN Vfinance Investments, Inc.
(1) Globenet Securities, Inc. was an active market maker during part
of the trading day on January 6, 2003, but later "excused" itself from
market making activities.
Third, CMKI has been informed that majority shareholders plan on
holding their shares in certificate form indefinitely if it helps the
Company combat "naked short selling". Under a naked short sale,
short positions are not declared, shares are not borrowed to cover
the short sale, and the shares are sold without delivering the stock to
the purchaser. Real shareholder ownership is undermined by naked
short sales of stock and failed deliveries of real certificates that
artificially inflate ownership and devalue the price of the securities.
Fourth, CMKI, as previously announced, plans on approving at its
majority shareholder meeting a mandatory share and cash dividend
policy. The share dividend policy reflects the Company's acquisition
strategy that identifies undervalued take-over targets in mineral
resource and related businesses. The Company is currently evaluating
7 companies each of whom will benefit from new managerial economic
assessment, asset appraisals, accounting peer review and legal
restructuring.
Fifth, CMKI believes that its shareholders and the targeted
company's shareholders will best benefit from a "cross-dividend"
policy. For example, if CMKI acquires a new target company in an
exchange of shares, CMKI will pay its shareholders a mandatory 8%
dividend of the total number of shares exchanged with the new target
company. The shareholders of the new target company will be
treated with the same fairness and therefore will be entitled to
receive a mandatory 8% dividend of the total number of CMKI shares
exchanged with the new target company. Since the mining and
mineral resources business is highly fragmented, CMKI believes that
its acquisition strategy will provide a way to leverage its assets into a
larger more diversified portfolio of companies.
Sixth, CMKI believes that its cross-dividend policy will result in share
dividends being issued in the 3Q03. The legal audit of its shareholders
of record will speed up this process. Further, CMKI has structured its
mandatory 10% cash dividend policy (which is based on its net
earnings) to benefit those shareholders of record on the declared
dividend date.
Seventh, CMKI believes that its acquisition strategy, spearheaded by
the Casavant Family, will require the addition of a seasoned
management team. Accordingly, the Board of Directors has nominated
Jay McFadden to become Vice-Chairman and Chief Executive Officer,
David Bending as President and Chief Operation Officer, and Rick Taulli
as Secretary. Messrs. McFadden, Bending and Taulli are currently
affiliated with Juina Mining Corporation. See
www.juinamining.com.
The Board of Directors has nominated David DeSorneau as Treasurer.
Mr. DeSorneau was previously a consultant to CMKI. See December 3,
2002 Press Release. The nominations will be voted upon by the
majority shareholders at the January 15, 2003 meeting.
Eighth, CMKI will be a featured guest on the news talk radio show
"Not for Widows and Orphans", hosted by international economist Mike
King at Princeton Research, Inc. The radio talk show is broadcast live
via the internet every Sunday evening. The talk show schedule is
available at
www.princetonresearch.com .
1/8/2003 Casavant Mining Kimberlite International Announces Slate of
Nominees to Be Approved at Majority Shareholders' Meeting LAS VEGAS--(BUSINESS WIRE)--Jan. 8, 2003
Casavant Mining Kimberlite International Inc. (OTCBB:CMKI)
announced today the slate of new Directors and Executive Officers to
be elected by the majority shareholders on January 15, 2003, as
follows:
Jay McFadden, Vice-Chairman and Chief Executive Officer.
Mr. McFadden is to be elected Vice-Chairman and will be appointed
as the Company's Chief Executive Officer. James McFadden serves as
CEO and Chairman of Juina Mining Corporation. Mr. McFadden is a
professional executive who attended Diablo Valley College, San
Francisco, California majoring in Business Administration. He was
recruited by Laughlin Associates, Inc. of Carson City, Nevada and
served as Vice President of Sales for seven years. During this time,
Mr. McFadden was responsible for developing strategic plans for
corporate infrastructure on hundreds of start-up companies. Prior to
being recruited by Laughlin Associates, Inc., Mr. McFadden was
involved in the real estate mortgage and finance industry. He is
married with two children and is very active in the community of
Gardnerville, Nevada.
David Bending, President and Chief Operating Officer.
Mr. Bending is to be appointed as the Company's President and Chief
Operating Officer. David A. Bending M.Sc., P.Geo. has 25 years of
experience in mineral exploration and mining worldwide with emphasis
on the Americas. He has a M.Sc. in Economic Geology and
Geochemistry from the University of Toronto and a B.Sc. (Geology)
from the University of Oregon. His career in exploration and
management includes three years with Texasgulf Exploration, fourteen
years with Homestake Mining Company and eight years in successful
consulting and management of junior mining companies. He has been
responsible for kimberlite and diamond discoveries in Canada and Brazil
and metallic mineral deposits throughout the Americas. He currently
manages a geological consulting practice based in Reno, Nevada, with
clients and projects throughout the Americas. He is fully conversant
in Portuguese, Spanish and French in addition to English and is familiar
with mining law, mining development trends and business practices
throughout the Americas. Mr. Bending will remain affiliated with Juina.
Rick Taulli, Secretary.
Mr. Taulli is to be appointed to act as the Company's corporate
Secretary. Mr. Taulli is an engineer who graduated from the University
of California, Riverside with Bachelor of Science Honors in 1976. He
has 28 years experience in the hydraulic engineering, mechanical
engineering and research and development fields, and has been
involved in the corporate environment, both professionally and
personally, for over 20 years. He is presently a director of MultiSoft
Internet International, Inc., Future Communications Group, Inc.,
Special Services, Inc., and Excelsior Management, LLC (Managing
General Partner). Mr. Taulli will remain affiliated with Juina.
David DeSorneau, Treasurer.
Mr. DeSorneau is to be appointed to act as the Company's Treasurer.
Mr. DeSorneau, 56, is a resident of Las Vegas and a 32 year veteran
of financial accounting systems. A graduate of New York University at
Albany in accountancy, Mr. DeSorneau was originally hired by the
Company as a financial systems consultant in December 2002.
Urban Casavant will continue to act as Chairman of the Company's
Board of Directors. Dr. Rupert Perrin, who was recently appointed as a
Director is nominated to a full term. Dr. Perrin's curriculum vitae has
been reported in an earlier press release. Dr. Perrin will also serve on
the Company's ethics committee responsible for the implementation of
"conflict free" diamond practices and policy implementation.
Urban Casavant stated that "Messrs. McFadden, Bending and Taulli
are dynamic individuals who have proven that they can work together
as a team. After acquiring Juina Mining Corporation, it became clear
to all of us at CMKI that these gentlemen were first team. I look
forward to working with them on all of our current mining projects and
acquisitions in the future."