CMKM Diamonds Updates Stockholders on the Status of the Upcoming Administrative Hearing [FCBNVHN]
LAS VEGAS--(Business Wire)--May 4, 2005--
CMKM Diamonds Inc. (Pink Sheets: CMKX) wishes to update
all stockholders on the status of the upcoming administrative hearing
set for Tuesday, May 10, 2005, as CMKX is preparing to present their
case via a public hearing as ordered by the commission.
CMKX has been diligently preparing for the administrative hearing
by gathering and coordinating the compilation of documentation
necessary to provide the administrative law judge with a status report
on its accounting and 12g reporting efforts. "We have been working to
assimilate a tremendous amount of documentation and gathering the
necessary witnesses to prove our case at the public hearing," stated
Urban Casavant, president of CMKX.
The Division of Enforcement has requested a ruling from Judge
Murray in advance of the hearing to prevent CMKX from discussing or
providing any evidence of naked shorting in the common stock of CMKX.
The Division of Enforcement contends that evidence of naked shorting
is immaterial and irrelevant, but CMKX considers it very relevant.
CMKX believes it is in the best interest of its stockholders to be
informed about the securities in which its stockholders invest and
CMKX acknowledges that all of its stockholders have a right to access
public information.
CMKX has been working with Bill Frizzell, counsel to the CMKX
Owners Group. CMKX and Frizzell have been working diligently together
in an attempt to achieve the best possible outcome for CMKX
stockholders at the hearing. Frizzell's assistance in this important
matter has been instrumental in moving CMKX closer in its goal of
investigating and resolving all possible issues relative to the
trading in CMKX's stock.
Additionally, CMKX management sincerely appreciates and
acknowledges the CMKX Owners Group for its efforts in demonstrating
loyal stockholder support for CMKX management's ongoing effort to
build stockholder value. Information about the owners group and their
current numbers can be obtained at their Web site
(www.cmkxownersgroup.com).
CMKX reminds its stockholders and the investing public that all
corporate updates will be made solely through press releases and/or
current reports on Form 8-K as and when they become available.
Forward-Looking Statements
This press release may contain statements that constitute
"forward-looking statements" as defined under U.S. federal securities
laws. Generally, the words "believe," "expect," "intend," "estimate,"
"anticipate," "establish," "project" and similar expressions identify
forward-looking statements, which generally are not historical in
nature. Forward-looking statements are based on current expectations
and assumptions that are subject to certain risks and uncertainties
that could cause actual results to differ materially from CMKX's
historical experience and its projections. Such forward-looking
statements are inherently uncertain, and actual results may differ
from those expressed or implied in the forward-looking statements.
Consequently, readers are cautioned not to place undue reliance on any
forward-looking statements, which speak only as of the date they are
made.
CMKX's actual results could differ materially from such
forward-looking statements because of factors such as: impact of the
results of the administrative hearing on CMKX's stock price; impact of
the hearing on CMKX's operations; CMKX's ability to continue to trade
on any platform; uncertain further regulatory scrutiny; the current
state of CMKX's operations; unavailability of documentation and
corporate records; the impact of potential naked short selling on
CMKX's stock price and its ability to prepare its 12g reports; the
impact of failing to meet 12g reporting requirements; the ability to
rebuild financial records; any actual or perceived benefits derived
from CMKX's cooperation with Frizzell and the CMKX Owners Group;
timing necessary to comply with reporting requirements; lack of
adequate internal controls; unforeseen capital deficiencies; changes
in the mining and metals environment, including actions of
competitors; the effectiveness of CMKX's development and drilling
programs; regulatory and legal changes; and other risks associated
with companies in similar industries. CMKX undertakes no obligation to
publicly update or revise any forward-looking statements to reflect
current events or circumstances after the date hereof or to reflect
the occurrence of unanticipated events.
04May05 15:49 GMT
Symbols:
us;CMKX
Source BW Business Wire
Categories:
MST/L/EN MST/R/NME MST/R/US MST/R/US/NV TGT/BWB
