EVCARCO, Inc. (OTC.BB:EVCA) would like to update you on some recent events and developments affecting the Company.
1. On August 25, 2010, for personal reasons, Mr. Dale Long resigned from the Board of Directors and his position of President/CEO. As part of the separation, the Company has retired 13,625,900 shares of common stock, or 17.62% of outstanding shares; and reduced current liabilities by approximately $70,000. Mr. Long will make every effort to continue the relationship and assist EVCARCO as an unaffiliated consultant.
2. EVCA board approved the creation of its Ambassador Sustainability Living Program aimed at creating significant links with Hollywood’s most eco-friendliest celebrities as well as major global influencers. The concept has been approved by the board and EVCARCO will proudly be announcing the first of the Hollywood celebrities to participate in the program soon. This initiative is poised to be a gain significant attention for EVCARCO’s green vehicles.
3. Along with the current program for putting environmentally friendly vehicles in governmental fleets, we are focusing more attention on building strategic alliances in order to develop technologies for military applications, to participate in contracts for Defense Vehicle Engineering Design, Development, Integration and Testing.
4. As part of continued expansion efforts, EVCARCO has initiated development of the following programs with the Governments of Columbia and Peru: Alternative Energy and fleet replacement, Federal Government support and Electric Vehicle Sales, Mass Transit Vehicle programs for large cities.
5. EVCARCO has approved a program to initiate market research in order to stimulate public market awareness regarding the corporation and its growth potential. The program will create stronger ties between the Company and the public markets by educating and providing key information to the investors.
6. EVCARCO is working to create additional networks of alternative energy vehicles. The enhancement of EVCARCO’s product line is anticipated to create stronger revenues in the fourth quarter of the current year.
NewMarket Corporation (NYSE:NEU) declared a quarterly dividend in the amount of 37.5 cents per share on the common stock of the Corporation. The dividend is payable October 1, 2010 to NewMarket shareholders of record at the close of business on September 15, 2010.
NewMarket Corporation purchased approximately $64.9 million of its outstanding common stock during the Second Quarter and completed the share repurchase program that was previously approved by the Board of Directors on July 31, 2008. The current outstanding number of NewMarket common stock shares is 14,388,651. The Board of Directors approved a new share repurchase program on July 21, 2010 and authorized management to repurchase up to $200 million of NewMarket�s outstanding common stock until December 31, 2012, as market conditions warrant and covenants under our existing agreements permit. NewMarket may conduct the share repurchases in the open market and in privately negotiated transactions. The repurchase program does not require NewMarket to acquire any specific number of shares and may be terminated or suspended at any time.
NewMarket Corporation, through its subsidiaries, Afton Chemical Corporation and Ethyl Corporation, develops, manufactures, blends, and delivers chemical additives that enhance the performance of petroleum products. From custom-formulated chemical blends to market-general additive components, the NewMarket family of companies provides the world with the technology to make fuels burn cleaner, engines run smoother and machines last longer.
Newmont Mining Corporation (NYSE: NEM) recently released information correcting a number of inaccurate claims by PT Pukuafu Indah (“PTPI”), an Indonesian shareholder in PT Newmont Nusa Tenggara (“PTNNT”). PTNNT owns and operates the Batu Hijau gold and copper mine on the island of Sumbawa.
Recently, PTPI issued public statements claiming the right to acquire previously divested shares in PTNNT. Newmont’s and Sumitomo Corporation’s subsidiaries divested these shares to another Indonesian company as required under PTNNT’s Contract of Work with the Indonesian Government and in accordance with a 2009 ruling of an international arbitration panel.
“PTPI has long wished to have a right to acquire the divestiture shares,” said Blake Rhodes, Vice President & Deputy General Counsel. “The Indonesian Government, however, has an explicit right of first refusal under the Contract of Work. PTPI’s claims are contrary to the Government’s priority rights.” The Contract of Work expressly provides that PTNNT “�shall ensure that its shares owned by the Foreign Investor(s) are offered either for sale or issue firstly, to the Government�.”
At all times relevant to fulfilling the divestiture obligations, PTPI did not, and presently does not, have any right of first refusal to acquire the divestiture shares. Furthermore, in fulfilling its divestiture requirements, Newmont did not breach any obligations to PTPI. Certain of PTPI’s public assertions � including that PTPI paid Newmont for some or all of the divestiture shares � are patently false as Newmont did not receive any such payments. If it had, the Company would have been required to disclose the payments.
n addition to its recent public assertions, PTPI has continued to pursue litigation in Indonesian courts against the Subsidiaries and other parties despite signing a full release and agreement to discontinue its proceedings. As a condition of providing financing to PTPI in late 2009 to enable PTPI to repay its third-party bonds, PTPI agreed to cease with claims contending that it had pre-emptive rights to acquire the divestiture shares and not to assert new claims. PTPI has breached its contractual obligations by failing to dismiss the legal proceedings and by commencing new ones, the first of which is expected to be decided by an Indonesian district court in September. The Company through its subsidiaries has taken a number of additional actions to protect its legal rights and enforce the release.
Newpark Resources, Inc. (NYSE: NR) will release its third quarter 2010 results on Thursday, October 28, 2010 after the market closes. In conjunction with the release, the Company has scheduled a conference call, which will be broadcast live over the Internet, for Friday, October 29, 2010 at 10:00 a.m. Eastern / 9:00 a.m. Central.
For those who cannot listen to the live call, a replay will be available through November 5, 2010 and may be accessed by dialing (303) 590-3030 and using pass code 4366142#. Also, an archive of the webcast will be available shortly after the call at Newpark’s website for 90 days.
Newpark Resources, Inc. is a worldwide provider of drilling fluids, temporary worksites and access roads for oilfield and other commercial markets, and environmental waste treatment solutions.
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