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EXHIBIT 99
[LOGO OF SOLV-EX CORPORATION]
For Immediate Release
JOHN S. RENDALL RESIGNS AS CHAIRMAN OF THE BOARD OF DIRECTORS AND
CHIEF EXECUTIVE OFFICER OF SOLV-EX CORPORATION
SOLV-EX SUSPENDS ALL RESEARCH AND DEVELOPMENT ACTIVITIES
Albuquerque, N.M., November 2, 2000 -- Solv-Ex Corporation (OTC - SVXC) reported
that John S. Rendall resigned as the Chairman of the Board of Directors and
Chief Executive Officer of the Company effective November 1, 2000. The Company
also reported that Herbert M. Campbell, II had previously resigned as a
director.
Frank Ciotti, Chief Financial Officer of the Company, was then elected to the
position of Chief Executive Officer of the Company. Following the Board of
Directors' meeting held on November 1, 2000, all remaining outside directors of
the Company also resigned, leaving Mr. Ciotti as the remaining sole director of
the Company.
Mr. Ciotti stated, "Due to cash flow problems, the Company has suspended all
research and development activities. The Company is in the process of evaluating
its alternatives, which most likely will require the filing for protection under
the bankruptcy laws in order to attempt a restructuring of the Company." Mr.
Ciotti further stated that the Company has entered into an agreement with two of
its secured debenture holders, Altamira Management Ltd and ABN Amro Bank
(Switzerland) (together the "Debenture Holders"), which extends the due date on
their outstanding debt until December 29, 2000. If these obligations are not
paid by December 29, 2000, the Debenture Holders have the right to request the
appointment of a receiver and proceed with the liquidation of their collateral,
which includes the Company's buildings and equipment in Albuquerque, New Mexico.
The Company received a letter from the Securities and Exchange Commission
("SEC") dated October 18, 2000 requesting the filing of delinquent Forms 10-K
and 10-Q dating back to June 30, 1997, which precedes the date of the Company's
filing for bankruptcy protection under Chapter 11 in August 1997. The SEC stated
that failure to file the delinquent reports may result in appropriate
enforcement action at any time. The Company does not have the financial or
personnel resources to comply with the SEC request.
Solv-Ex Corporation is a research and development company headquartered in
Albuquerque, New Mexico. The statements in this press release concerning
predictions of economic performance and management's plans and objectives
constitute forward-looking statements made pursuant to the safe harbor
provisions of Section 21E of the Securities Exchange Act of 1934, as amended,
and Section 27A of the Securities Act of 1933, as amended. These statements
involve risks and uncertainties that could cause actual results to differ
materially from the forward-looking statements. Factors which could cause or
contribute to such differences include, but are not limited to: economic
downturns affecting the operations of the Company or any of its business
operations; the inability of the Company to restructure it operations; the
inability of the Company to obtain sufficient financing to conduct business
operations; enforcement or other actions by the Securities and Exchange
Commission; material litigation; the filing for protection under federal
bankruptcy laws; and default of the Company on outstanding obligations resulting
in the appointment of a receiver and possible liquidation of the Company. The
forward-looking statements contained in the press release speak only as of the
date hereof and the Company disclaims any intent or obligation to update these
forward-looking statements.
Solv-Ex contact:
Frank Ciotti, Chief Executive Officer - (505) 883-0331 (Fax) 883-0391
